Toast, Inc. $TOST Position Cut by Riverbridge Partners LLC

Riverbridge Partners LLC trimmed its stake in Toast, Inc. (NYSE:TOST) by 24.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 302,834 shares of the company’s stock after selling 96,658 shares during the quarter. Riverbridge Partners LLC’s holdings in Toast were worth $8,779,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of TOST. Armstrong Advisory Group Inc. bought a new position in shares of Toast during the third quarter worth about $26,000. Ancora Advisors LLC bought a new stake in Toast in the 2nd quarter valued at about $31,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Toast in the 3rd quarter valued at about $32,000. Harbor Investment Advisory LLC boosted its stake in Toast by 213.6% during the 2nd quarter. Harbor Investment Advisory LLC now owns 1,568 shares of the company’s stock valued at $44,000 after purchasing an additional 1,068 shares during the period. Finally, Heritage Family Offices LLP acquired a new position in Toast during the 3rd quarter valued at about $75,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Stock Performance

Shares of NYSE TOST opened at $34.60 on Wednesday. Toast, Inc. has a 1 year low of $22.26 and a 1 year high of $38.64. The firm has a market cap of $17.96 billion, a P/E ratio of 38.02 and a beta of 1.74. The stock has a fifty day moving average price of $31.85 and a two-hundred day moving average price of $29.42.

Toast (NYSE:TOST) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.08). The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. Toast had a return on equity of 26.39% and a net margin of 7.69%. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. On average, research analysts predict that Toast, Inc. will post 1.08 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Brian Elworthy sold 6,507 shares of Toast stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $29.35, for a total transaction of $190,980.45. Following the transaction, the general counsel directly owned 204,023 shares of the company’s stock, valued at $5,988,075.05. The trade was a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Elena Gomez sold 11,886 shares of the business’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $29.35, for a total transaction of $348,854.10. Following the completion of the sale, the chief financial officer owned 171,957 shares in the company, valued at approximately $5,046,937.95. This trade represents a 6.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 195,933 shares of company stock valued at $6,608,185 over the last quarter. Insiders own 10.03% of the company’s stock.

Analyst Ratings Changes

TOST has been the subject of several recent analyst reports. BNP Paribas Exane cut shares of Toast from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $38.00 to $35.00 in a research report on Wednesday, September 2nd. Evercore reaffirmed an “outperform” rating on shares of Toast in a report on Wednesday, August 5th. Jefferies Financial Group set a $40.00 price objective on Toast in a research report on Wednesday, August 5th. Canaccord Genuity Group set a $40.00 price objective on Toast in a research report on Wednesday, August 5th. Finally, Morgan Stanley decreased their price objective on Toast from $45.00 to $42.00 and set an “overweight” rating for the company in a report on Wednesday, November 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.73.

About Toast

Toast, Inc. provides a cloud-based technology platform designed for restaurants. Its products combine point-of-sale software and hardware with payment processing, helping restaurants manage in-person transactions and day-to-day operations. The platform includes tools for online ordering, delivery, marketing, customer loyalty, payroll, and team management, alongside features for managing menus and restaurant operations. Restaurants can use Toast’s products together or select services to fit their needs.