Champlain Investment Partners LLC Sells 477,777 Shares of Toast, Inc. $TOST

Champlain Investment Partners LLC cut its holdings in Toast, Inc. (NYSE:TOST) by 16.4% in the third quarter, HoldingsChannel reports. The firm owned 2,436,695 shares of the company’s stock after selling 477,777 shares during the quarter. Champlain Investment Partners LLC’s holdings in Toast were worth $88,964,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Quent Capital LLC bought a new position in Toast during the third quarter valued at $27,000. RiverPark Advisors LLC bought a new position in shares of Toast in the 2nd quarter valued at about $30,000. Alpine Bank Wealth Management purchased a new position in Toast in the third quarter worth about $30,000. Wolff Wiese Magana LLC purchased a new position in Toast in the third quarter worth about $37,000. Finally, Loomis Sayles & Co. L P bought a new stake in Toast during the second quarter worth approximately $42,000. Institutional investors own 82.91% of the company’s stock.

Toast Price Performance

Shares of TOST opened at $27.57 on Tuesday. The firm has a market capitalization of $14.45 billion, a price-to-earnings ratio of 51.06 and a beta of 1.93. Toast, Inc. has a 1-year low of $24.35 and a 1-year high of $49.66. The company has a 50-day moving average of $31.68 and a 200 day moving average of $35.68.

Toast (NYSE:TOST) last issued its earnings results on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 18.14% and a net margin of 5.56%.The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the company earned $0.05 earnings per share. Toast’s revenue was up 22.0% on a year-over-year basis. On average, equities analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast declared that its Board of Directors has initiated a stock buyback program on Thursday, February 12th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TOST. Weiss Ratings restated a “hold (c-)” rating on shares of Toast in a report on Monday, December 29th. Canaccord Genuity Group set a $37.00 target price on shares of Toast in a research note on Friday, February 13th. Mizuho lowered their target price on shares of Toast from $57.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, February 17th. Jefferies Financial Group set a $35.00 price target on shares of Toast in a report on Friday, February 13th. Finally, Truist Financial set a $36.00 price objective on shares of Toast in a research note on Wednesday, February 25th. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.46.

Insider Buying and Selling

In other Toast news, President Stephen Fredette sold 4,866 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $34.38, for a total value of $167,293.08. Following the completion of the sale, the president directly owned 910,606 shares in the company, valued at approximately $31,306,634.28. This represents a 0.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Jonathan Vassil sold 66,390 shares of the firm’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $35.86, for a total value of $2,380,745.40. Following the transaction, the executive owned 84,589 shares in the company, valued at approximately $3,033,361.54. This represents a 43.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 100,856 shares of company stock valued at $3,540,449 over the last 90 days. 12.14% of the stock is owned by insiders.

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.