Cerity Partners LLC Decreases Stake in Toast, Inc. (NYSE:TOST)

Cerity Partners LLC reduced its position in Toast, Inc. (NYSE:TOST) by 11.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,800 shares of the company’s stock after selling 8,131 shares during the period. Cerity Partners LLC’s holdings in Toast were worth $2,183,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Alps Advisors Inc. purchased a new stake in Toast during the first quarter valued at approximately $342,000. MeadowBrook Investment Advisors LLC raised its position in Toast by 52.7% during the first quarter. MeadowBrook Investment Advisors LLC now owns 7,420 shares of the company’s stock valued at $246,000 after purchasing an additional 2,560 shares during the period. M&T Bank Corp raised its position in Toast by 10.5% during the first quarter. M&T Bank Corp now owns 38,399 shares of the company’s stock valued at $1,274,000 after purchasing an additional 3,637 shares during the period. Values First Advisors Inc. raised its position in Toast by 9.0% during the first quarter. Values First Advisors Inc. now owns 30,195 shares of the company’s stock valued at $1,003,000 after purchasing an additional 2,495 shares during the period. Finally, Lee Johnson Capital Management LLC purchased a new stake in Toast during the first quarter valued at approximately $3,799,000. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TOST has been the topic of several recent analyst reports. Evercore ISI initiated coverage on Toast in a report on Wednesday, April 9th. They issued an “in-line” rating and a $29.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Toast in a research note on Thursday. They issued a “buy” rating and a $54.00 price objective on the stock. Wolfe Research raised Toast from a “peer perform” rating to an “outperform” rating and set a $44.00 price objective on the stock in a research note on Wednesday, April 23rd. DA Davidson dropped their price objective on Toast from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. Finally, Jefferies Financial Group increased their price objective on Toast from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday. Twelve equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.17.

Toast Stock Down 0.1%

NYSE:TOST opened at $46.56 on Friday. Toast, Inc. has a 52 week low of $22.10 and a 52 week high of $47.50. The stock has a market capitalization of $23.19 billion, a PE ratio of 202.43 and a beta of 2.00. The stock’s 50-day moving average price is $43.43 and its 200-day moving average price is $38.90.

Insider Buying and Selling

In other news, CEO Aman Narang sold 13,829 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $588,977.11. Following the transaction, the chief executive officer directly owned 302,498 shares in the company, valued at $12,883,389.82. The trade was a 4.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Jonathan Vassil sold 6,592 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $280,753.28. Following the transaction, the executive owned 61,791 shares in the company, valued at approximately $2,631,678.69. This represents a 9.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 466,131 shares of company stock worth $20,048,851 in the last quarter. 13.32% of the stock is owned by insiders.

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.