Toast, Inc. $TOST Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in shares of Toast, Inc. (NYSE:TOST) by 20.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 671,880 shares of the company’s stock after selling 177,043 shares during the quarter. California Public Employees Retirement System owned about 0.13% of Toast worth $17,812,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TOST. NewEdge Advisors LLC boosted its stake in Toast by 1,555.5% during the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock worth $578,000 after buying an additional 16,379 shares during the period. Cerity Partners LLC raised its stake in shares of Toast by 24.0% in the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after acquiring an additional 15,774 shares during the period. State Street Corp raised its stake in shares of Toast by 2.7% in the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after acquiring an additional 245,276 shares during the period. Frontier Capital Management Co. LLC acquired a new position in shares of Toast in the 2nd quarter worth approximately $4,479,000. Finally, Sei Investments Co. boosted its position in shares of Toast by 24.6% during the 2nd quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock worth $45,619,000 after purchasing an additional 203,404 shares during the period. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Price Performance

Shares of NYSE TOST opened at $28.38 on Friday. The stock’s 50-day moving average is $26.43 and its two-hundred day moving average is $28.04. The company has a market cap of $14.64 billion, a price-to-earnings ratio of 43.66 and a beta of 1.74. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66.

Toast (NYSE:TOST) last released its earnings results on Thursday, May 7th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.08). Toast had a return on equity of 20.86% and a net margin of 6.39%.The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company posted $0.09 earnings per share. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. Equities research analysts anticipate that Toast, Inc. will post 0.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Toast

In related news, CEO Aman Narang sold 14,365 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $414,430.25. Following the completion of the transaction, the chief executive officer owned 70,451 shares in the company, valued at approximately $2,032,511.35. The trade was a 16.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Stephen Fredette sold 9,146 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $263,862.10. Following the completion of the transaction, the president directly owned 931,449 shares in the company, valued at $26,872,303.65. This trade represents a 0.97% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TOST has been the subject of several research reports. Rothschild & Co Redburn reiterated a “neutral” rating and issued a $35.00 target price on shares of Toast in a report on Tuesday, May 12th. BMO Capital Markets restated an “outperform” rating on shares of Toast in a research report on Monday, June 1st. Morgan Stanley set a $45.00 price objective on Toast in a research note on Friday, May 8th. Barclays started coverage on Toast in a report on Tuesday, July 7th. They issued an “overweight” rating and a $35.00 price objective on the stock. Finally, Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.96.

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.