QRG Capital Management Inc. Sells 42,420 Shares of Toast, Inc. $TOST

QRG Capital Management Inc. cut its holdings in Toast, Inc. (NYSE:TOST) by 40.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 63,625 shares of the company’s stock after selling 42,420 shares during the quarter. QRG Capital Management Inc.’s holdings in Toast were worth $2,323,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TOST. Quent Capital LLC bought a new stake in Toast during the 3rd quarter worth about $27,000. RiverPark Advisors LLC acquired a new position in shares of Toast during the second quarter worth approximately $30,000. Alpine Bank Wealth Management bought a new stake in shares of Toast during the third quarter valued at approximately $30,000. Ameritas Advisory Services LLC bought a new stake in shares of Toast during the second quarter valued at approximately $31,000. Finally, REAP Financial Group LLC increased its holdings in shares of Toast by 173.3% in the second quarter. REAP Financial Group LLC now owns 798 shares of the company’s stock valued at $35,000 after purchasing an additional 506 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Insiders Place Their Bets

In other Toast news, CEO Aman Narang sold 8,591 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $34.38, for a total value of $295,358.58. Following the completion of the transaction, the chief executive officer directly owned 338,850 shares of the company’s stock, valued at approximately $11,649,663. The trade was a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Brian R. Elworthy sold 3,303 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $34.38, for a total value of $113,557.14. Following the completion of the sale, the general counsel owned 235,757 shares of the company’s stock, valued at $8,105,325.66. This trade represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 102,595 shares of company stock worth $3,634,737 over the last 90 days. 12.14% of the stock is currently owned by corporate insiders.

Toast Price Performance

Shares of TOST stock opened at $33.60 on Tuesday. The stock has a market cap of $17.30 billion, a PE ratio of 78.14 and a beta of 1.93. The stock has a 50-day moving average of $35.20 and a 200-day moving average of $39.24. Toast, Inc. has a one year low of $28.12 and a one year high of $49.66.

Toast (NYSE:TOST) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.58 billion. Toast had a net margin of 4.68% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 25.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.07 EPS. As a group, research analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Toast in a report on Monday, December 29th. DA Davidson set a $42.00 target price on Toast in a research report on Wednesday, November 5th. UBS Group reiterated a “buy” rating on shares of Toast in a report on Thursday, December 18th. Royal Bank Of Canada set a $45.00 price objective on Toast in a research report on Wednesday, November 5th. Finally, The Goldman Sachs Group dropped their price objective on Toast from $51.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.13.

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.