Orion Porfolio Solutions LLC Increases Position in Toast, Inc. $TOST

Orion Porfolio Solutions LLC grew its holdings in shares of Toast, Inc. (NYSE:TOST) by 399.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 40,041 shares of the company’s stock after purchasing an additional 32,028 shares during the period. Orion Porfolio Solutions LLC’s holdings in Toast were worth $1,773,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 1,059 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $35.54, for a total transaction of $37,636.86. Following the completion of the sale, the general counsel directly owned 229,017 shares in the company, valued at $8,139,264.18. The trade was a 0.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Elena Gomez sold 2,021 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $35.54, for a total transaction of $71,826.34. Following the completion of the transaction, the chief financial officer owned 151,463 shares in the company, valued at $5,382,995.02. This trade represents a 1.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 49,759 shares of company stock worth $1,769,270. 12.14% of the stock is owned by corporate insiders.

Toast Trading Down 1.1%

NYSE:TOST opened at $36.21 on Friday. The company has a market cap of $18.65 billion, a PE ratio of 84.21 and a beta of 1.94. The company has a 50 day simple moving average of $35.89 and a two-hundred day simple moving average of $40.34. Toast, Inc. has a 12 month low of $28.12 and a 12 month high of $49.66.

Toast (NYSE:TOST) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a net margin of 4.68% and a return on equity of 15.77%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the company earned $0.07 earnings per share. Toast’s quarterly revenue was up 25.1% compared to the same quarter last year. Research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. DA Davidson set a $42.00 price objective on shares of Toast in a research note on Wednesday, November 5th. JPMorgan Chase & Co. raised shares of Toast from a “neutral” rating to an “overweight” rating and set a $43.00 price target for the company in a research report on Thursday, December 4th. Wall Street Zen upgraded shares of Toast from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Keefe, Bruyette & Woods cut their target price on 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, Jefferies Financial Group decreased their price target on Toast from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Two 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $45.18.

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.