Ridgecrest Wealth Partners LLC Invests $914,000 in Toast, Inc. $TOST

Ridgecrest Wealth Partners LLC bought a new position in shares of Toast, Inc. (NYSE:TOST) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 25,030 shares of the company’s stock, valued at approximately $914,000.

Several other hedge funds have also recently bought and sold shares of the business. IFM Investors Pty Ltd increased its position in shares of Toast by 29.2% in the 2nd quarter. IFM Investors Pty Ltd now owns 83,803 shares of the company’s stock worth $3,712,000 after purchasing an additional 18,950 shares during the last quarter. K.J. Harrison & Partners Inc acquired a new position in Toast in the second quarter worth about $1,329,000. Comerica Bank increased its holdings in Toast by 122.9% in the first quarter. Comerica Bank now owns 76,644 shares of the company’s stock valued at $2,542,000 after buying an additional 42,266 shares during the last quarter. Graham Capital Management L.P. raised its stake in Toast by 373.5% during the first quarter. Graham Capital Management L.P. now owns 43,778 shares of the company’s stock valued at $1,452,000 after buying an additional 34,532 shares in the last quarter. Finally, Reliant Investment Partners LLC bought a new position in Toast during the 2nd quarter worth approximately $472,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on TOST shares. Royal Bank Of Canada set a $45.00 price target on Toast in a report on Wednesday, November 5th. Robert W. Baird lowered their target price on shares of Toast from $48.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, October 6th. Jefferies Financial Group reduced their price target on shares of Toast from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. BNP Paribas Exane raised shares of Toast from a “neutral” rating to an “outperform” rating and set a $40.00 price objective for the company in a research report on Monday, December 1st. Finally, Truist Financial cut their target price on shares of Toast from $47.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.18.

Toast Stock Up 2.7%

TOST stock opened at $37.21 on Tuesday. The stock has a market cap of $19.16 billion, a PE ratio of 86.53 and a beta of 1.94. The firm’s 50-day simple moving average is $35.92 and its 200 day simple moving average is $40.29. Toast, Inc. has a fifty-two week low of $28.12 and a fifty-two week high of $49.66.

Toast (NYSE:TOST) last posted its earnings results on Tuesday, November 4th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a return on equity of 15.77% and a net margin of 4.68%.The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the company posted $0.07 EPS. Toast’s revenue for the quarter was up 25.1% on a year-over-year basis. Equities analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other Toast news, CRO Jonathan Vassil sold 6,530 shares of the business’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total transaction of $232,206.80. Following the completion of the transaction, the executive owned 69,932 shares in the company, valued at approximately $2,486,781.92. The trade was a 8.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Aman Narang sold 13,652 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $485,465.12. Following the transaction, the chief executive officer directly owned 318,150 shares in the company, valued at $11,313,414. This trade represents a 4.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 49,759 shares of company stock worth $1,769,270. 12.14% of the stock is owned by company insiders.

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.