Toast, Inc. $TOST Stock Sold by Redmond Asset Management LLC

Redmond Asset Management LLC lessened its holdings in shares of Toast, Inc. (NYSE:TOST) by 38.6% during the 3rd quarter, Holdings Channel reports. The firm owned 41,972 shares of the company’s stock after selling 26,434 shares during the period. Redmond Asset Management LLC’s holdings in Toast were worth $1,217,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TOST. North Dakota State Investment Board increased its stake in Toast by 6.0% during the 3rd quarter. North Dakota State Investment Board now owns 14,595 shares of the company’s stock worth $423,000 after buying an additional 820 shares during the period. Arrow Financial Corp purchased a new position in Toast in the 3rd quarter valued at approximately $596,000. Asset Management One Co. Ltd. boosted its position in Toast by 25.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 219,395 shares of the company’s stock valued at $6,360,000 after buying an additional 44,245 shares during the period. Park Avenue Securities LLC boosted its position in Toast by 9.1% in the 3rd quarter. Park Avenue Securities LLC now owns 55,655 shares of the company’s stock valued at $1,613,000 after buying an additional 4,662 shares during the period. Finally, Verdence Capital Advisors LLC acquired a new position in shares of Toast in the third quarter worth $289,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insiders Place Their Bets

In related news, President Stephen Fredette sold 9,368 shares of the business’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $29.35, for a total transaction of $274,950.80. Following the completion of the transaction, the president owned 941,692 shares in the company, valued at approximately $27,638,660.20. The trade was a 0.99% 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, CRO Jonathan Vassil sold 7,623 shares of the business’s stock in a transaction on Monday, October 5th. The stock was sold at an average price of $30.19, for a total transaction of $230,138.37. Following the transaction, the executive owned 77,424 shares of the company’s stock, valued at approximately $2,337,430.56. The trade was a 8.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 534,830 shares of company stock worth $18,566,600. 10.03% of the stock is currently owned by insiders.

Toast Stock Up 0.6%

Shares of Toast stock opened at $31.95 on Thursday. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $39.67. The company has a 50 day moving average of $32.21 and a 200 day moving average of $29.44. The company has a market capitalization of $16.42 billion, a P/E ratio of 40.96 and a beta of 1.74.

Toast (NYSE:TOST) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.06). Toast had a return on equity of 23.90% and a net margin of 7.14%. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the firm earned $0.13 EPS. The company’s revenue was up 23.1% on a year-over-year basis. As a group, research analysts anticipate that Toast, Inc. will post 1.00 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TOST shares. Evercore reaffirmed an “outperform” rating on shares of Toast in a research report on Wednesday, August 5th. Piper Sandler increased their price objective on Toast from $32.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. BTIG Research reiterated a “neutral” rating on shares of Toast in a report on Thursday, August 27th. Citigroup boosted their target price on Toast from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Finally, Barclays upped their price target on Toast from $35.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Seventeen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.11.

About Toast

Toast, Inc (NYSE:TOST) provides a cloud-based technology platform designed for restaurants. Its integrated system combines point-of-sale software and hardware with payment processing, helping restaurants manage sales, orders, menus, guest interactions and day-to-day operations from a unified platform.

The company offers products and services including online ordering, delivery management, digital ordering and payment tools, restaurant websites, gift cards, loyalty programs, marketing, labor management, payroll, inventory management, reporting and analytics.