Commonwealth Equity Services LLC Cuts Stock Holdings in Toast, Inc. $TOST

Commonwealth Equity Services LLC trimmed its position in shares of Toast, Inc. (NYSE:TOST) by 13.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 146,667 shares of the company’s stock after selling 22,126 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Toast were worth $5,208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of TOST. Central Pacific Bank Trust Division boosted its holdings in Toast by 123.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock worth $33,000 after acquiring an additional 521 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Toast by 59.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,182 shares of the company’s stock worth $44,000 after acquiring an additional 439 shares during the last quarter. Cornerstone Planning Group LLC boosted its holdings in Toast by 8,807.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 1,247 shares of the company’s stock worth $44,000 after acquiring an additional 1,233 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Toast during the 4th quarter worth $45,000. Finally, Ankerstar Wealth LLC purchased a new position in Toast during the 4th quarter worth $49,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Sanford C. Bernstein set a $39.00 price target on shares of Toast in a report on Monday, February 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Toast in a report on Wednesday, May 20th. Mizuho cut their price target on shares of Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Truist Financial cut their price target on shares of Toast from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Finally, Loop Capital assumed coverage on shares of Toast in a report on Tuesday, March 31st. They issued 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 assigned a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $37.84.

Insider Buying and Selling at Toast

In other Toast news, President Stephen Fredette sold 7,289 shares of the company’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $190,898.91. Following the sale, the president directly owned 920,985 shares of the company’s stock, valued at $24,120,597.15. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Brian R. Elworthy sold 108,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.89, for a total transaction of $2,796,120.00. Following the sale, the general counsel directly owned 189,642 shares in the company, valued at approximately $4,909,831.38. This trade represents a 36.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 147,783 shares of company stock valued at $3,838,037. Insiders own 10.03% of the company’s stock.

Toast Stock Down 2.3%

NYSE TOST opened at $24.64 on Friday. The company has a market cap of $12.71 billion, a PE ratio of 37.91 and a beta of 1.76. Toast, Inc. has a 52 week low of $22.26 and a 52 week high of $49.66. The firm’s 50-day simple moving average is $26.13 and its two-hundred day simple moving average is $29.89.

Toast announced that its board has approved a stock buyback plan 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. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.