Raymond James & Associates Acquires 18,871 Shares of Toast, Inc. (NYSE:TOST)

Raymond James & Associates raised its holdings in shares of Toast, Inc. (NYSE:TOST) by 37.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,882 shares of the company’s stock after purchasing an additional 18,871 shares during the quarter. Raymond James & Associates’ holdings in Toast were worth $1,577,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Whittier Trust Co. increased its position in shares of Toast by 365.0% during the 1st quarter. Whittier Trust Co. now owns 1,660 shares of the company’s stock valued at $29,000 after purchasing an additional 1,303 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Toast by 277.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,710 shares of the company’s stock worth $31,000 after buying an additional 1,257 shares during the period. Spire Wealth Management grew its holdings in shares of Toast by 2,196.0% in the first quarter. Spire Wealth Management now owns 2,296 shares of the company’s stock worth $41,000 after purchasing an additional 2,196 shares during the last quarter. CWM LLC increased its stake in Toast by 95.1% in the 1st quarter. CWM LLC now owns 2,641 shares of the company’s stock worth $47,000 after buying an additional 1,287 shares during the period. Finally, Ossiam purchased a new position in Toast in the 1st quarter worth about $57,000. 60.29% of the stock is owned by hedge funds and other institutional investors.

Toast Trading Up 1.4 %

Shares of Toast stock opened at $16.21 on Thursday. The firm has a market capitalization of $8.68 billion, a price-to-earnings ratio of -22.21 and a beta of 1.75. The firm’s 50 day simple moving average is $19.02 and its two-hundred day simple moving average is $20.52. Toast, Inc. has a 12-month low of $15.52 and a 12-month high of $27.00.

Toast (NYSE:TOST) last released its earnings results on Tuesday, August 8th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.05). Toast had a negative return on equity of 34.23% and a negative net margin of 11.33%. The firm had revenue of $978.00 million for the quarter, compared to analyst estimates of $943.06 million. During the same period last year, the firm earned ($0.11) EPS. The company’s revenue for the quarter was up 44.9% compared to the same quarter last year. On average, sell-side analysts predict that Toast, Inc. will post -0.57 EPS for the current fiscal year.

Insider Buying and Selling at Toast

In other news, insider Stephen Fredette sold 2,282 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $17.51, for a total value of $39,957.82. Following the sale, the insider now owns 2,821,144 shares in the company, valued at $49,398,231.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Toast news, COO Aman Narang sold 248,509 shares of Toast stock in a transaction on Monday, September 18th. The shares were sold at an average price of $20.41, for a total value of $5,072,068.69. Following the completion of the transaction, the chief operating officer now owns 1,143,549 shares of the company’s stock, valued at $23,339,835.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen Fredette sold 2,282 shares of the stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $17.51, for a total transaction of $39,957.82. Following the sale, the insider now directly owns 2,821,144 shares in the company, valued at $49,398,231.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 453,421 shares of company stock worth $9,170,367. Insiders own 13.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on TOST. Needham & Company LLC raised their target price on shares of Toast from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Mizuho downgraded Toast from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $16.00 in a research report on Monday, October 2nd. Jefferies Financial Group started coverage on Toast in a research note on Tuesday, July 11th. They set a “buy” rating and a $28.00 price target on the stock. DA Davidson upped their price objective on shares of Toast from $25.00 to $27.00 in a research note on Friday, August 11th. Finally, The Goldman Sachs Group cut their target price on shares of Toast from $26.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Toast presently has an average rating of “Hold” and a consensus price target of $23.11.

Toast Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast POS, a software module that integrates payment processing with point of sale functionality; Toast Invoicing that allows restaurants to send invoices and collect payment; Toast Mobile Order & Pay, which allows guests to scan a QR code to browse the menu, order, and pay from mobile; Kitchen Display System software that connects the house with the kitchen staff; and Multi-Location Management, a tool to manage operations and configure menus across multiple locations and channels.