Perigon Wealth Management LLC Purchases Shares of 7,241 Toast, Inc. $TOST

Key Points

• Perigon Wealth Management LLC has acquired 7,241 shares of Toast, Inc. (NYSE: TOST) for approximately $321,000 in the second quarter of 2023.
• Toast reported a 24.8% year-over-year revenue increase for the quarter, with earnings per share of $0.13, missing expectations by $0.10.
• Institutional ownership of Toast is significant, with hedge funds and other institutional investors holding 82.91% of the stock.

Perigon Wealth Management LLC acquired a new stake in shares of Toast, Inc. (NYSE:TOST - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,241 shares of the company's stock, valued at approximately $321,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Toast by 3.5% during the first quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock valued at $1,457,675,000 after buying an additional 1,471,352 shares during the period. Price T Rowe Associates Inc. MD increased its position in Toast by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company's stock valued at $777,978,000 after purchasing an additional 3,490,686 shares during the period. T. Rowe Price Investment Management Inc. increased its position in Toast by 7.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 15,520,360 shares of the company's stock valued at $514,811,000 after purchasing an additional 1,082,958 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in Toast by 2.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,755,872 shares of the company's stock worth $190,922,000 after purchasing an additional 160,088 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Toast by 14,258.8% in the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock worth $181,587,000 after purchasing an additional 5,436,317 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Price Performance

TOST stock opened at $36.48 on Wednesday. The stock's fifty day moving average price is $43.04 and its 200-day moving average price is $40.78. The company has a market cap of $18.60 billion, a P/E ratio of 107.29 and a beta of 2.00. Toast, Inc. has a 1 year low of $26.91 and a 1 year high of $49.66.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the company earned $0.02 EPS. Toast's revenue for the quarter was up 24.8% on a year-over-year basis. As a group, analysts expect that Toast, Inc. will post 0.39 earnings per share for the current year.

Insider Transactions at Toast

In related news, Director Paul D. Bell sold 12,500 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $42.38, for a total transaction of $529,750.00. Following the completion of the transaction, the director directly owned 226,892 shares in the company, valued at approximately $9,615,682.96. The trade was a 5.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Aman Narang sold 1,719 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total transaction of $83,165.22. Following the sale, the chief executive officer owned 304,300 shares in the company, valued at approximately $14,722,034. The trade was a 0.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,423 shares of company stock worth $913,065 over the last three months. 12.14% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on TOST. Truist Financial raised their target price on Toast from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. The Goldman Sachs Group upped their target price on shares of Toast from $45.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Citigroup restated a "buy" rating on shares of Toast in a report on Wednesday, July 16th. Needham & Company LLC raised their price objective on Toast from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group boosted their target price on Toast from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Fifteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $46.65.

Toast Company Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.

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