Prentice Wealth Management LLC Acquires Shares of 10,645 Toast, Inc. $TOST

Prentice Wealth Management LLC acquired a new stake in Toast, Inc. (NYSE:TOST) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 10,645 shares of the company’s stock, valued at approximately $471,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bleakley Financial Group LLC purchased a new position in Toast in the second quarter valued at $495,000. Ethic Inc. increased its holdings in Toast by 32.7% in the second quarter. Ethic Inc. now owns 28,820 shares of the company’s stock valued at $1,265,000 after buying an additional 7,101 shares in the last quarter. TFB Advisors LLC purchased a new position in Toast in the second quarter valued at $371,000. Cookson Peirce & Co. Inc. increased its holdings in Toast by 6.0% in the second quarter. Cookson Peirce & Co. Inc. now owns 264,285 shares of the company’s stock valued at $11,705,000 after buying an additional 15,071 shares in the last quarter. Finally, Cullen Frost Bankers Inc. increased its holdings in Toast by 1,383.8% in the second quarter. Cullen Frost Bankers Inc. now owns 1,009 shares of the company’s stock valued at $45,000 after buying an additional 941 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insider Activity at Toast

In related news, CRO Jonathan Vassil sold 6,530 shares of the company’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $232,206.80. Following the completion of the sale, the executive owned 69,932 shares of the company’s stock, valued at approximately $2,486,781.92. This represents a 8.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Aman Narang sold 13,652 shares of the company’s 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 directly owned 318,150 shares of the company’s stock, valued at approximately $11,313,414. This represents a 4.11% 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 90 days. 12.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TOST. Citigroup raised shares of Toast to a “strong-buy” rating in a report on Thursday. Jefferies Financial Group lifted their target price on shares of Toast from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Needham & Company LLC raised their price target on shares of Toast from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods lowered their price objective on Toast from $50.00 to $42.00 and set a “market perform” rating on the stock in a report on Wednesday, October 1st. Finally, Barclays reiterated an “overweight” rating on shares of Toast in a report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, Toast presently has an average rating of “Moderate Buy” and an average target price of $46.30.

Toast Trading Up 1.9%

Shares of NYSE TOST opened at $38.85 on Friday. Toast, Inc. has a 12-month low of $28.12 and a 12-month high of $49.66. The stock has a market cap of $19.81 billion, a PE ratio of 114.26 and a beta of 1.94. The company has a 50-day moving average of $39.79 and a 200 day moving average of $41.06.

Toast (NYSE:TOST) last announced 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 net margin of 4.07% and a return on equity of 14.19%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the company posted $0.02 EPS. The firm’s revenue was up 24.8% on a year-over-year basis. On average, sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast 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.