SCS Capital Management LLC Sells 37,129 Shares of Toast, Inc. $TOST

SCS Capital Management LLC lowered its stake in Toast, Inc. (NYSE:TOST) by 11.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 299,501 shares of the company’s stock after selling 37,129 shares during the quarter. SCS Capital Management LLC owned approximately 0.06% of Toast worth $10,635,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in TOST. Alliancebernstein L.P. boosted its position in shares of Toast by 2,432.8% during the 3rd quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock valued at $299,957,000 after acquiring an additional 7,891,383 shares during the last quarter. Norges Bank bought a new stake in shares of Toast during the 4th quarter valued at about $202,808,000. ValueAct Holdings L.P. bought a new stake in shares of Toast during the 3rd quarter valued at about $124,032,000. Capital International Investors boosted its position in shares of Toast by 7.4% during the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock valued at $1,768,256,000 after acquiring an additional 3,351,545 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its position in shares of Toast by 343.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company’s stock valued at $79,377,000 after acquiring an additional 1,388,210 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Toast Trading Up 0.1%

Shares of NYSE TOST opened at $26.06 on Monday. The stock has a market cap of $13.45 billion, a price-to-earnings ratio of 40.10 and a beta of 1.76. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66. The stock’s 50-day moving average is $26.27 and its 200 day moving average is $30.23.

Toast declared that its Board of Directors has approved a share buyback program on Thursday, February 12th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. DA Davidson dropped their price target on Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Toast in a research report on Wednesday, May 20th. Morgan Stanley set a $45.00 price target on Toast in a research report on Friday, May 8th. The Goldman Sachs Group decreased their price objective on Toast from $43.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, February 17th. Finally, Wells Fargo & Company decreased their price objective on Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.84.

Insider Activity at Toast

In related news, CRO Jonathan Vassil sold 6,438 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $168,611.22. Following the transaction, the executive directly owned 146,618 shares of the company’s stock, valued at approximately $3,839,925.42. This trade represents a 4.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Elena Gomez sold 8,929 shares of Toast stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $233,850.51. Following the completion of the transaction, the chief financial officer directly owned 173,064 shares in the company, valued at $4,532,546.16. This trade represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 39,783 shares of company stock worth $1,041,917 in the last quarter. 10.03% of the stock is owned by company insiders.

Toast 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.