Reliant Investment Partners LLC Takes Position in Toast, Inc. $TOST

Reliant Investment Partners LLC purchased a new position in Toast, Inc. (NYSE:TOST) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,665 shares of the company’s stock, valued at approximately $472,000.

Several other hedge funds have also recently added to or reduced their stakes in TOST. Ameritas Advisory Services LLC acquired a new stake in Toast during the 2nd quarter worth $31,000. Wayfinding Financial LLC purchased a new position in shares of Toast in the first quarter worth about $34,000. REAP Financial Group LLC boosted its position in Toast by 173.3% during the second quarter. REAP Financial Group LLC now owns 798 shares of the company’s stock worth $35,000 after acquiring an additional 506 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in Toast by 29.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company’s stock worth $42,000 after acquiring an additional 284 shares during the last quarter. Finally, Cullen Frost Bankers Inc. grew its stake in Toast by 1,383.8% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,009 shares of the company’s stock valued at $45,000 after acquiring an additional 941 shares in the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Aman Narang sold 13,652 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $485,465.12. Following the sale, the chief executive officer owned 318,150 shares of the company’s stock, valued at approximately $11,313,414. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Elena Gomez sold 9,054 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $321,960.24. Following the completion of the transaction, the chief financial officer directly owned 149,572 shares of the company’s stock, valued at approximately $5,318,780.32. The trade was a 5.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 62,196 shares of company stock worth $2,398,513 in the last quarter. Insiders own 12.14% of the company’s stock.

Analyst Upgrades and Downgrades

TOST has been the topic of a number of research reports. DA Davidson raised their target price on shares of Toast from $40.00 to $46.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 29th. JPMorgan Chase & Co. lifted their price objective on Toast from $42.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 6th. Needham & Company LLC boosted their price objective on Toast from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Toast in a research note on Wednesday, October 8th. Finally, Barclays reiterated an “overweight” rating on shares of Toast in a report on Wednesday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.17.

Toast Stock Performance

NYSE:TOST opened at $38.94 on Tuesday. Toast, Inc. has a fifty-two week low of $28.12 and a fifty-two week high of $49.66. The company has a 50 day moving average price of $39.63 and a 200 day moving average price of $41.28. The stock has a market capitalization of $19.86 billion, a P/E ratio of 114.54 and a beta of 1.94.

Toast (NYSE:TOST) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the company earned $0.02 earnings per share. The firm’s revenue for the quarter was up 24.8% on a year-over-year basis. Research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal 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.