Raymond James Financial Inc. Purchases 18,213 Shares of Toast, Inc. $TOST

Key Points

• Raymond James Financial Inc. increased its stake in Toast, Inc. by 3.1%, acquiring over 18,000 additional shares, bringing its total holdings to $20.14 million.
• Toast, Inc. received multiple buy ratings from analysts, with an average target price of $45.54, indicating positive market sentiment for the company's stock.
• Insider trading activity includes a significant sale by General Counsel Brian R. Elworthy, who sold 300,000 shares for approximately $12.78 million, resulting in a 58.12% decrease in his ownership.

Raymond James Financial Inc. raised its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 607,094 shares of the company's stock after purchasing an additional 18,213 shares during the quarter. Raymond James Financial Inc. owned approximately 0.12% of Toast worth $20,137,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Procyon Advisors LLC bought a new position in Toast in the 1st quarter valued at $242,000. Wealth Enhancement Advisory Services LLC raised its position in Toast by 19.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock valued at $829,000 after purchasing an additional 3,713 shares during the last quarter. Yorktown Management & Research Co Inc bought a new position in Toast in the 1st quarter valued at $252,000. Principal Financial Group Inc. boosted its position in Toast by 14,258.8% in the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after buying an additional 5,436,317 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Toast by 5.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,092,210 shares of the company's stock valued at $102,569,000 after buying an additional 153,723 shares during the last quarter. Institutional investors own 82.91% of the company's stock.

Toast Price Performance

Shares of NYSE TOST traded up $0.21 during midday trading on Friday, reaching $45.16. 4,185,696 shares of the stock were exchanged, compared to its average volume of 8,509,199. The business has a 50-day simple moving average of $44.94 and a two-hundred day simple moving average of $40.32. Toast, Inc. has a 12 month low of $22.91 and a 12 month high of $49.66. The company has a market capitalization of $23.03 billion, a price-to-earnings ratio of 128.43 and a beta of 2.01.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) 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 company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the company earned $0.02 EPS. The firm's revenue was up 24.8% on a year-over-year basis. Equities research analysts expect that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TOST has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their target price on Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Truist Financial boosted their target price on Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Citigroup restated a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft assumed coverage on Toast in a research report on Thursday, July 17th. They set a "buy" rating and a $54.00 target price for the company. Finally, BMO Capital Markets raised their price objective on shares of Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Monday, May 12th. Fifteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.54.

Insider Activity at Toast

In other news, CFO Elena Gomez sold 2,006 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $48.38, for a total value of $97,050.28. Following the sale, the chief financial officer owned 141,263 shares of the company's stock, 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 can be accessed through the SEC website. Also, President Stephen Fredette sold 1,720 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $48.38, for a total transaction of $83,213.60. Following the completion of the sale, the president directly owned 890,818 shares in the company, valued at approximately $43,097,774.84. This represents a 0.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 405,554 shares of company stock valued at $17,333,686 over the last three months. Insiders own 12.14% of the company's stock.

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.