Toast, Inc. $TOST Shares Sold by Congress Asset Management Co.

Key Points

• Congress Asset Management trimmed its Toast stake by 36.1%, selling 439,377 shares and leaving 776,735 shares worth about $27.6 million.
• Toast reported Q (quarterly) EPS of $0.16, missing the $0.24 consensus by $0.08, while revenue rose 22% year-over-year to $1.63 billion.
• Company insiders sold a total of 100,856 shares (~$3.54 million) last quarter (including CFO and CRO sales), with insiders still owning 12.14% of the stock.

Congress Asset Management Co. trimmed its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 36.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 776,735 shares of the company's stock after selling 439,377 shares during the period. Congress Asset Management Co. owned 0.15% of Toast worth $27,582,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allianz Asset Management GmbH lifted its stake in Toast by 322.0% during the third quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company's stock worth $13,245,000 after purchasing an additional 276,803 shares during the last quarter. Candriam S.C.A. increased its stake in Toast by 10.9% in the third quarter. Candriam S.C.A. now owns 602,200 shares of the company's stock valued at $21,986,000 after purchasing an additional 59,045 shares during the last quarter. Nordea Investment Management AB increased its stake in Toast by 49.5% in the third quarter. Nordea Investment Management AB now owns 138,619 shares of the company's stock valued at $4,988,000 after purchasing an additional 45,898 shares during the last quarter. Citigroup Inc. raised its holdings in Toast by 17.2% during the third quarter. Citigroup Inc. now owns 1,042,102 shares of the company's stock worth $38,047,000 after purchasing an additional 152,807 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Toast during the third quarter worth approximately $2,891,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Toast Trading Down 3.4%

Shares of Toast stock opened at $26.63 on Wednesday. The company has a 50-day moving average of $29.31 and a two-hundred day moving average of $34.01. Toast, Inc. has a 12-month low of $24.35 and a 12-month high of $49.66. The stock has a market cap of $13.95 billion, a PE ratio of 49.31 and a beta of 1.95.

Toast (NYSE:TOST - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a return on equity of 18.14% and a net margin of 5.56%.The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period last year, the firm earned $0.05 EPS. The company's quarterly revenue was up 22.0% compared to the same quarter last year. On average, sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast announced that its Board of Directors has authorized a stock buyback program on Thursday, February 12th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Toast

In other Toast news, CFO Elena Gomez sold 6,672 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $229,383.36. Following the transaction, the chief financial officer owned 162,153 shares of the company's stock, valued at $5,574,820.14. This trade represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Jonathan Vassil sold 66,390 shares of Toast stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $35.86, for a total value of $2,380,745.40. Following the completion of the transaction, the executive owned 84,589 shares in the company, valued at $3,033,361.54. The trade was a 43.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 100,856 shares of company stock worth $3,540,449. Company insiders own 12.14% of the company's stock.

Analysts Set New Price Targets

TOST has been the subject of a number of research reports. BNP Paribas Exane raised shares of Toast from a "hold" rating to an "outperform" rating and set a $40.00 price target for the company in a research report on Monday, December 1st. The Goldman Sachs Group dropped their price objective on Toast from $43.00 to $31.00 and set a "neutral" rating on the stock in a report on Tuesday, February 17th. Oppenheimer cut their target price on Toast from $48.00 to $39.00 and set an "outperform" rating on the stock in a research report on Friday, February 13th. Citigroup reduced their target price on Toast from $51.00 to $42.00 and set a "buy" rating for the company in a report on Friday, February 13th. Finally, JPMorgan Chase & Co. raised Toast from a "neutral" rating to an "overweight" rating and set a $43.00 target price for the company in a research report on Thursday, December 4th. Seventeen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Toast currently has a consensus rating of "Moderate Buy" and an average price target of $40.46.

Toast Profile

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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