Toast, Inc. $TOST Holdings Lowered by Riverbridge Partners LLC

Riverbridge Partners LLC lowered its stake in shares of Toast, Inc. (NYSE:TOST) by 24.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 302,834 shares of the company’s stock after selling 96,658 shares during the quarter. Riverbridge Partners LLC owned approximately 0.06% of Toast worth $8,779,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in TOST. Lido Advisors LLC raised its holdings in Toast by 15.1% in the third quarter. Lido Advisors LLC now owns 155,652 shares of the company’s stock valued at $4,512,000 after acquiring an additional 20,391 shares in the last quarter. Keybank National Association OH boosted its stake in Toast by 84.6% during the 3rd quarter. Keybank National Association OH now owns 40,960 shares of the company’s stock valued at $1,187,000 after acquiring an additional 18,767 shares during the last quarter. Retirement Systems of Alabama grew its holdings in Toast by 57.4% during the 3rd quarter. Retirement Systems of Alabama now owns 764,579 shares of the company’s stock worth $22,165,000 after acquiring an additional 278,804 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Toast by 46.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 358,363 shares of the company’s stock worth $10,475,000 after acquiring an additional 113,993 shares in the last quarter. Finally, Hohimer Wealth Management LLC grew its holdings in Toast by 4.4% during the 3rd quarter. Hohimer Wealth Management LLC now owns 32,136 shares of the company’s stock worth $932,000 after acquiring an additional 1,356 shares in the last quarter. Institutional investors own 82.91% of the company’s stock.

Toast Stock Performance

Shares of NYSE:TOST opened at $34.60 on Wednesday. The stock has a market capitalization of $17.96 billion, a price-to-earnings ratio of 38.02 and a beta of 1.74. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $38.64. The company’s fifty day moving average is $31.85 and its two-hundred day moving average is $29.42.

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

Wall Street Analyst Weigh In

TOST has been the topic of a number of recent analyst reports. BNP Paribas Exane lowered shares of Toast from an “outperform” rating to a “neutral” rating and cut their target price for the company from $38.00 to $35.00 in a research note on Wednesday, September 2nd. Wall Street Zen downgraded Toast from a “buy” rating to a “hold” rating in a research note on Sunday, October 4th. Weiss Ratings upgraded Toast from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Truist Financial boosted their price objective on Toast from $38.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Bank of America assumed coverage on Toast in a report on Thursday, October 15th. They issued a “buy” rating and a $40.00 price objective for the company. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, Toast has a consensus rating of “Moderate Buy” and an average price target of $38.73.

Insider Activity

In related news, CFO Elena Gomez sold 11,886 shares of the stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $29.35, for a total transaction of $348,854.10. Following the sale, the chief financial officer owned 171,957 shares in the company, valued at $5,046,937.95. This represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Jonathan Vassil sold 4,600 shares of the firm’s stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $36.00, for a total transaction of $165,600.00. Following the completion of the transaction, the executive directly owned 77,424 shares in the company, valued at $2,787,264. This represents a 5.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 195,933 shares of company stock valued at $6,608,185 over the last quarter. Corporate insiders own 10.03% of the company’s stock.

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.