Toast, Inc. $TOST Shares Sold by Great Lakes Advisors LLC

Key Points

• Great Lakes Advisors LLC reduced its stake in Toast, Inc. by 7.5%, now holding 647,195 shares valued at approximately $21.47 million.
• Multiple institutional investors increased their stakes in Toast, contributing to a total ownership of 82.91% by institutional investors and hedge funds.
• Toast's quarterly earnings report revealed an EPS of $0.13, missing the expected $0.23, but reported a 24.8% year-over-year revenue increase.

Great Lakes Advisors LLC cut its stake in Toast, Inc. (NYSE:TOST - Free Report) by 7.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 647,195 shares of the company's stock after selling 52,284 shares during the quarter. Great Lakes Advisors LLC owned approximately 0.13% of Toast worth $21,467,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of TOST. Wayfinding Financial LLC acquired a new position in Toast in the first quarter valued at approximately $34,000. Piscataqua Savings Bank lifted its holdings in Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after acquiring an additional 400 shares during the period. West Branch Capital LLC lifted its holdings in Toast by 862.1% in the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock valued at $37,000 after acquiring an additional 1,000 shares during the period. SBI Securities Co. Ltd. lifted its holdings in Toast by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after acquiring an additional 284 shares during the period. Finally, Signaturefd LLC lifted its holdings in Toast by 227.1% in the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after acquiring an additional 1,022 shares during the period. 82.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, President Stephen Fredette sold 1,720 shares of the company's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $83,213.60. Following the transaction, the president owned 890,818 shares of the company's stock, valued at $43,097,774.84. This represents a 0.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Aman Narang sold 1,719 shares of the company'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 $83,165.22. Following the completion of the transaction, the chief executive officer directly owned 304,300 shares in the company, valued at approximately $14,722,034. This trade represents a 0.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,342 shares of company stock worth $3,804,710 over the last quarter. Corporate insiders own 12.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Needham & Company LLC boosted their price target on Toast from $50.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Citigroup restated a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. The Goldman Sachs Group boosted their price objective on Toast from $45.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price objective on Toast from $42.00 to $52.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group boosted their price objective on Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Fifteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $45.54.

Toast Trading Down 2.6%

NYSE:TOST traded down $1.08 during trading hours on Wednesday, hitting $39.84. The company had a trading volume of 10,767,254 shares, compared to its average volume of 7,799,813. The company has a 50-day moving average of $44.72 and a 200 day moving average of $40.41. The company has a market cap of $20.32 billion, a P/E ratio of 117.19 and a beta of 2.00. Toast, Inc. has a 1 year low of $23.06 and a 1 year high of $49.66.

Toast (NYSE:TOST - Get Free Report) last issued its earnings results 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). The company had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The firm's quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.02 earnings per share. On average, analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current year.

About Toast

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.