Globeflex Capital L P Cuts Stake in Toast, Inc. $TOST

Globeflex Capital L P reduced its stake in Toast, Inc. (NYSE:TOST) by 15.9% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 123,446 shares of the company’s stock after selling 23,347 shares during the quarter. Globeflex Capital L P’s holdings in Toast were worth $4,384,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Central Pacific Bank Trust Division lifted its holdings in Toast by 123.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock valued at $33,000 after purchasing an additional 521 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Toast by 59.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,182 shares of the company’s stock valued at $44,000 after purchasing an additional 439 shares during the last quarter. Cornerstone Planning Group LLC lifted its holdings in Toast by 8,807.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 1,247 shares of the company’s stock valued at $44,000 after purchasing an additional 1,233 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in Toast during the fourth quarter valued at about $45,000. Finally, GHP Investment Advisors Inc. lifted its holdings in Toast by 40.0% during the fourth quarter. GHP Investment Advisors Inc. now owns 1,400 shares of the company’s stock valued at $50,000 after purchasing an additional 400 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors.

Insider Activity at Toast

In other news, General Counsel Brian R. Elworthy sold 108,000 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.89, for a total transaction of $2,796,120.00. Following the completion of the transaction, the general counsel owned 189,642 shares of the company’s stock, valued at approximately $4,909,831.38. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan Vassil sold 6,438 shares of the business’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $168,611.22. Following the transaction, the executive directly owned 146,618 shares of the company’s stock, valued at $3,839,925.42. The trade was a 4.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 147,783 shares of company stock valued at $3,838,037 in the last ninety days. Insiders own 10.03% of the company’s stock.

Toast Stock Up 0.4%

Shares of TOST opened at $25.18 on Friday. The business’s 50-day moving average price is $26.17 and its 200-day moving average price is $29.92. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The stock has a market cap of $12.99 billion, a PE ratio of 38.74 and a beta of 1.76.

Toast declared that its Board of Directors has approved a stock buyback program on Thursday, February 12th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Citigroup dropped their price objective on shares of Toast from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Needham & Company LLC dropped their price objective on shares of Toast from $60.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 13th. The Goldman Sachs Group dropped their price objective on shares of Toast from $43.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, February 17th. Jefferies Financial Group set a $35.00 price target on Toast in a research report on Friday, February 13th. Finally, Loop Capital assumed coverage on Toast in a research report on Tuesday, March 31st. They set a “hold” rating and a $26.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Toast currently has an average rating of “Moderate Buy” and a consensus price target of $37.84.

Toast Company Profile

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.