Perpetual Ltd Sells 671,030 Shares of Toast, Inc. $TOST

Key Points

• Perpetual Ltd significantly reduced its stake in Toast, Inc. by 35.5%, now owning approximately $54 million worth of shares after selling 671,030 shares.
• Several hedge funds, including Vanguard Group and Principal Financial Group, have increased their holdings in Toast, with institutional investors owning 82.91% of the stock.
• Analysts have raised price targets for Toast, with estimates ranging from $51.00 to $60.00, reflecting a generally positive outlook on the company's performance.

Perpetual Ltd lessened its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 35.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,219,234 shares of the company's stock after selling 671,030 shares during the period. Perpetual Ltd owned about 0.24% of Toast worth $54,000,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Wayfinding Financial LLC purchased a new position in shares of Toast in the first quarter worth about $34,000. Piscataqua Savings Bank increased its stake in shares of Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock worth $36,000 after purchasing an additional 400 shares in the last quarter. West Branch Capital LLC increased its stake in shares of Toast by 862.1% in the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock worth $37,000 after purchasing an additional 1,000 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in shares of Toast by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after purchasing an additional 284 shares in the last quarter. Finally, Signaturefd LLC increased its stake in shares of Toast by 227.1% in the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock worth $49,000 after purchasing an additional 1,022 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Insider Buying and Selling at Toast

In other Toast news, CFO Elena Gomez sold 2,006 shares of Toast stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $97,050.28. Following the completion of the sale, the chief financial officer directly owned 141,263 shares in the company, valued at $6,834,303.94. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul D. Bell sold 12,500 shares of Toast stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $42.38, for a total transaction of $529,750.00. Following the sale, the director owned 226,892 shares of the company's stock, valued at approximately $9,615,682.96. The trade was a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,342 shares of company stock valued at $3,804,710 over the last quarter. Company insiders own 12.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TOST shares. Morgan Stanley lifted their target price on shares of Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Wells Fargo & Company started coverage on shares of Toast in a research note on Wednesday, July 16th. They issued a "buy" rating for the company. Canaccord Genuity Group lifted their target price on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, DA Davidson raised their price objective on shares of Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Fifteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Toast presently has an average rating of "Moderate Buy" and a consensus price target of $46.65.

Toast Trading Down 1.5%

Shares of TOST stock traded down $0.60 during trading hours on Tuesday, reaching $38.32. The stock had a trading volume of 4,471,054 shares, compared to its average volume of 7,524,340. The stock's fifty day simple moving average is $44.14 and its 200 day simple moving average is $40.69. Toast, Inc. has a 12 month low of $26.75 and a 12 month high of $49.66. The firm has a market capitalization of $19.54 billion, a PE ratio of 112.92 and a beta of 2.00.

Toast (NYSE:TOST - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The firm 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 business posted $0.02 earnings per share. Toast's revenue was up 24.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast 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.