Cary Street Partners Financial LLC Buys 49,246 Shares of Toast, Inc. $TOST

Cary Street Partners Financial LLC lifted its position in Toast, Inc. (NYSE:TOST) by 393.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 61,756 shares of the company’s stock after purchasing an additional 49,246 shares during the period. Cary Street Partners Financial LLC’s holdings in Toast were worth $2,735,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TOST. IFM Investors Pty Ltd lifted its holdings in 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 buying an additional 18,950 shares during the period. K.J. Harrison & Partners Inc bought a new position in shares of Toast during the second quarter valued at approximately $1,329,000. Charles Schwab Investment Management Inc. lifted its stake in Toast by 5.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,092,210 shares of the company’s stock worth $102,569,000 after acquiring an additional 153,723 shares during the period. Comerica Bank increased its position in Toast by 122.9% during the 1st quarter. Comerica Bank now owns 76,644 shares of the company’s stock valued at $2,542,000 after purchasing an additional 42,266 shares during the period. Finally, Graham Capital Management L.P. increased its position in Toast by 373.5% during the 1st quarter. Graham Capital Management L.P. now owns 43,778 shares of the company’s stock valued at $1,452,000 after purchasing an additional 34,532 shares during the period. 82.91% of the stock is currently owned by institutional investors.

Toast Trading Down 3.1%

Shares of NYSE:TOST opened at $34.57 on Tuesday. The stock has a fifty day simple moving average of $36.05 and a two-hundred day simple moving average of $40.77. Toast, Inc. has a 12-month low of $28.12 and a 12-month high of $49.66. The stock has a market capitalization of $17.80 billion, a price-to-earnings ratio of 80.38 and a beta of 1.94.

Toast (NYSE:TOST) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.16 earnings per share (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 company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the firm earned $0.07 EPS. Toast’s revenue for the quarter was up 25.1% compared to the same quarter last year. As a group, equities research analysts predict that Toast, Inc. will post 0.39 EPS for the current year.

Insider Transactions at Toast

In other news, President Stephen Fredette sold 7,550 shares of the 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 $268,478.00. Following the sale, the president owned 898,475 shares in the company, valued at $31,949,771. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Aman Narang sold 13,652 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total transaction of $485,465.12. Following the completion of the transaction, the chief executive officer owned 318,150 shares of the company’s stock, valued at approximately $11,313,414. The trade was a 4.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 49,759 shares of company stock valued at $1,769,270. 12.14% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TOST. Wells Fargo & Company raised shares of Toast to a “strong-buy” rating in a research note on Wednesday, October 22nd. BNP Paribas Exane raised Toast from a “neutral” rating to an “outperform” rating and set a $40.00 price objective on the stock in a research report on Monday, December 1st. The Goldman Sachs Group decreased their target price on Toast from $51.00 to $41.00 and set a “neutral” rating for the company in a research report on Monday, October 13th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Toast in a research note on Monday, December 1st. Finally, Morgan Stanley increased their price objective on Toast from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.18.

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.