Ridgecrest Wealth Partners LLC Takes Position in Toast, Inc. $TOST

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Toast by 1.1% in the second quarter. Vanguard Group Inc. now owns 44,411,722 shares of the company’s stock worth $1,966,995,000 after acquiring an additional 466,138 shares in the last quarter. State Street Corp increased its holdings in shares of Toast by 2.7% in the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after purchasing an additional 245,276 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Toast by 331.0% in the second quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock valued at $380,978,000 after purchasing an additional 6,606,245 shares during the period. Geode Capital Management LLC boosted its holdings in Toast by 2.8% during the second quarter. Geode Capital Management LLC now owns 7,902,519 shares of the company’s stock worth $348,906,000 after buying an additional 218,537 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Toast by 108.3% during the second quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock worth $349,333,000 after buying an additional 4,100,104 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TOST shares. Wells Fargo & Company upgraded Toast to a “strong-buy” rating in a report on Wednesday, October 22nd. UBS Group restated a “buy” rating on shares of Toast in a research report on Thursday. Citigroup upgraded shares of Toast to a “strong-buy” rating in a research report on Thursday, October 23rd. Keefe, Bruyette & Woods lowered their price objective on shares of Toast from $50.00 to $42.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 1st. Finally, BNP Paribas upgraded shares of Toast from a “hold” rating to an “outperform” rating and set a $40.00 target price for the company in a research report on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.18.

Toast Stock Up 2.7%

Shares of Toast stock opened at $37.21 on Tuesday. The business’s fifty day moving average is $35.92 and its two-hundred day 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. The firm has a market cap of $19.16 billion, a PE ratio of 86.53 and a beta of 1.94.

Toast (NYSE:TOST) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.16 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 company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the company earned $0.07 EPS. The company’s revenue was up 25.1% compared to the same quarter last year. Equities research analysts anticipate that Toast, Inc. will post 0.39 EPS for the current year.

Insider Activity at Toast

In other news, General Counsel Brian R. Elworthy sold 4,987 shares of the company’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 $177,337.72. Following the completion of the sale, the general counsel directly owned 227,924 shares in the company, valued at $8,104,977.44. This represents a 2.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Elena Gomez sold 9,054 shares of the stock in a transaction on 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 in the company, valued at $5,318,780.32. This trade represents a 5.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 49,759 shares of company stock valued at $1,769,270 over the last 90 days. 12.14% of the stock is currently owned by 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.