Public Employees Retirement System of Ohio Makes New Investment in Toast, Inc. $TOST

Key Points

• Public Employees Retirement System of Ohio acquired 137,285 Toast shares in the second quarter, worth approximately $3.8 million. Institutional investors collectively own 82.91% of the company.
• Analyst sentiment is positive, with Toast receiving a “Moderate Buy” consensus rating and an average price target of $39.12; recent targets range as high as $45.
• Toast reported 23.1% year-over-year revenue growth to $1.91 billion, though quarterly EPS of $0.26 fell short of the $0.32 consensus estimate. Meanwhile, insiders have sold 508,253 shares worth about $17.7 million over the past 90 days.

Public Employees Retirement System of Ohio acquired a new stake in Toast, Inc. (NYSE:TOST - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 137,285 shares of the company's stock, valued at approximately $3,819,000.

A number of other large investors have also recently made changes to their positions in TOST. BOKF NA increased its position in shares of Toast by 4.5% in the 3rd quarter. BOKF NA now owns 8,023 shares of the company's stock valued at $293,000 after purchasing an additional 345 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Toast by 0.5% during the first quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company's stock worth $1,800,000 after purchasing an additional 358 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Toast by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company's stock worth $1,012,000 after buying an additional 380 shares during the last quarter. Seven Mile Advisory boosted its holdings in shares of Toast by 3.1% in the 3rd quarter. Seven Mile Advisory now owns 12,689 shares of the company's stock valued at $463,000 after buying an additional 381 shares in the last quarter. Finally, HM Payson & Co. grew its position in shares of Toast by 6.2% in the 4th quarter. HM Payson & Co. now owns 6,742 shares of the company's stock valued at $239,000 after buying an additional 392 shares during the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Citigroup raised their price objective on Toast from $36.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Wall Street Zen raised Toast from a "hold" rating to a "buy" rating in a report on Saturday, August 29th. Canaccord Genuity Group set a $40.00 target price on Toast in a research report on Wednesday, August 5th. Weiss Ratings restated a "hold (c)" rating on shares of Toast in a research note on Monday, August 17th. Finally, Sanford C. Bernstein lifted their price target on Toast from $39.00 to $45.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Toast currently has an average rating of "Moderate Buy" and an average target price of $39.12.

Insider Activity

In other news, CRO Jonathan Vassil sold 85,280 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $36.34, for a total transaction of $3,099,075.20. Following the completion of the sale, the executive owned 69,966 shares in the company, valued at $2,542,564.44. This represents a 54.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Elena Gomez sold 16,176 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $35.29, for a total value of $570,851.04. Following the sale, the chief financial officer directly owned 168,974 shares of the company's stock, valued at approximately $5,963,092.46. This represents a 8.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 508,253 shares of company stock valued at $17,688,694. Company insiders own 10.03% of the company's stock.

Toast Stock Performance

Shares of NYSE:TOST opened at $33.86 on Friday. Toast, Inc. has a one year low of $22.26 and a one year high of $42.62. The stock has a market capitalization of $17.40 billion, a price-to-earnings ratio of 43.41 and a beta of 1.72. The company has a 50-day simple moving average of $32.27 and a 200-day simple moving average of $28.50.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.06). The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.87 billion. Toast had a net margin of 7.14% and a return on equity of 23.90%. The business's revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.13 EPS. As a group, research analysts forecast that Toast, Inc. will post 1 EPS for the current fiscal year.

About Toast

Toast, Inc NYSE: TOST is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast's product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.

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