Sei Investments Co. Has $9.27 Million Position in Toast, Inc. $TOST

Key Points

• Sei Investments cut its Toast stake by 55.1% in the first quarter, selling 429,582 shares and retaining 349,515 shares worth approximately $9.27 million. Institutional investors collectively own 82.91% of Toast.
• Toast reported quarterly revenue of $1.63 billion, up 21.9% year over year, but earnings per share of $0.20 fell short of the $0.28 analyst consensus. The stock opened at $32.38, with a 52-week range of $22.26 to $49.66.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $37.15 target price. Meanwhile, company insiders sold 159,265 shares worth about $4.28 million over the past 90 days.

Sei Investments Co. lowered its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 55.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 349,515 shares of the company's stock after selling 429,582 shares during the quarter. Sei Investments Co. owned about 0.07% of Toast worth $9,266,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bayban acquired a new stake in shares of Toast in the fourth quarter worth $25,000. SHP Wealth Management acquired a new position in Toast in the 4th quarter valued at $29,000. Strive Financial Group LLC acquired a new position in Toast in the 4th quarter valued at $29,000. Silicon Valley Capital Partners bought a new position in Toast in the 4th quarter worth $36,000. Finally, Quadrant Capital Group LLC raised its holdings in Toast by 2,083.3% in the 4th quarter. Quadrant Capital Group LLC now owns 1,048 shares of the company's stock worth $37,000 after acquiring an additional 1,000 shares during the period. Institutional investors and hedge funds own 82.91% of the company's stock.

Toast Stock Performance

NYSE:TOST opened at $32.38 on Friday. The firm's 50-day moving average is $27.47 and its 200-day moving average is $27.92. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $49.66. The company has a market cap of $16.71 billion, a price-to-earnings ratio of 49.82 and a beta of 1.74.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.08). Toast had a net margin of 6.39% and a return on equity of 20.86%. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company posted $0.09 EPS. The firm's quarterly revenue was up 21.9% on a year-over-year basis. Equities analysts predict that Toast, Inc. will post 0.97 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Truist Financial upped their price target on shares of Toast from $30.00 to $33.00 and gave the company a "buy" rating in a report on Friday, July 24th. Mizuho cut their price objective on Toast from $45.00 to $38.00 and set an "outperform" rating for the company in a research report on Tuesday, May 12th. The Goldman Sachs Group upgraded Toast from a "neutral" rating to a "buy" rating and set a $36.00 target price for the company in a research note on Thursday, July 9th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Toast in a report on Monday, June 1st. Finally, Wall Street Zen downgraded Toast from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $37.15.

Insider Activity

In related news, General Counsel Brian R. Elworthy sold 108,000 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.89, for a total transaction of $2,796,120.00. Following the transaction, the general counsel directly owned 189,642 shares in the company, valued at $4,909,831.38. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aman Narang sold 14,365 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $414,430.25. Following the completion of the transaction, the chief executive officer directly owned 70,451 shares of the company's stock, valued at approximately $2,032,511.35. This trade represents a 16.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 159,265 shares of company stock valued at $4,278,832. Corporate insiders own 10.03% of the company's stock.

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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