Westover Capital Advisors LLC Acquires New Stake in Toast, Inc. $TOST

Westover Capital Advisors LLC acquired a new stake in Toast, Inc. (NYSE:TOST) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,820 shares of the company’s stock, valued at approximately $258,000.

A number of other large investors have also modified their holdings of TOST. Nomura Asset Management Co. Ltd. boosted its position in Toast by 20.4% during the second quarter. Nomura Asset Management Co. Ltd. now owns 135,800 shares of the company’s stock worth $6,015,000 after acquiring an additional 23,000 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Toast by 35.3% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 91,208 shares of the company’s stock worth $4,040,000 after purchasing an additional 23,793 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new position in shares of Toast during the 2nd quarter worth approximately $316,000. Intech Investment Management LLC grew its position in shares of Toast by 11.5% in the second quarter. Intech Investment Management LLC now owns 458,261 shares of the company’s stock valued at $20,296,000 after purchasing an additional 47,220 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Toast by 40.5% in the second quarter. Cetera Investment Advisers now owns 91,295 shares of the company’s stock valued at $4,043,000 after purchasing an additional 26,300 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. 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 research note on Wednesday, October 1st. Wolfe Research restated an “outperform” rating and set a $48.00 price objective on shares of Toast in a research report on Wednesday, November 5th. The Goldman Sachs Group decreased their target price on shares of Toast from $51.00 to $41.00 and set a “neutral” rating on the stock in a report on Monday, October 13th. Wall Street Zen upgraded shares of Toast from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Royal Bank Of Canada set a $45.00 price objective on Toast in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.45.

Insider Activity

In other Toast news, CFO Elena Gomez sold 9,054 shares of Toast stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value 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 $5,318,780.32. The trade was a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Aman Narang sold 13,652 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was 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 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. Insiders have sold 62,259 shares of company stock worth $2,299,020 in the last quarter. Insiders own 12.14% of the company’s stock.

Toast Stock Performance

Shares of TOST stock opened at $34.72 on Tuesday. The firm has a market cap of $17.88 billion, a P/E ratio of 80.74 and a beta of 1.94. The firm’s 50 day moving average price is $37.66 and its 200-day moving average price is $41.51. Toast, Inc. has a one year low of $28.12 and a one year high of $49.66.

Toast (NYSE:TOST) last announced its earnings results on Tuesday, November 4th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a net margin of 4.68% and a return on equity of 15.77%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the firm earned $0.07 EPS. The firm’s revenue for the quarter was up 25.1% compared to the same quarter last year. As a group, research analysts predict 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.