Night Squared LP Sells 53,485 Shares of Toast, Inc. $TOST

Night Squared LP lowered its stake in shares of Toast, Inc. (NYSE:TOST) by 28.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 135,749 shares of the company’s stock after selling 53,485 shares during the period. Toast makes up approximately 1.8% of Night Squared LP’s portfolio, making the stock its 28th biggest holding. Night Squared LP’s holdings in Toast were worth $4,956,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Jennison Associates LLC raised its stake in shares of Toast by 74.4% in the third quarter. Jennison Associates LLC now owns 15,000,561 shares of the company’s stock worth $547,670,000 after purchasing an additional 6,398,674 shares during the last quarter. Norges Bank purchased a new position in shares of Toast during the second quarter valued at approximately $219,324,000. Marshall Wace LLP grew its holdings in Toast by 108.3% during the second quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock worth $349,333,000 after buying an additional 4,100,104 shares in the last quarter. Capital International Investors grew its holdings in Toast by 7.4% during the third quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after buying an additional 3,351,545 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Toast by 35.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,517,216 shares of the company’s stock valued at $274,454,000 after buying an additional 1,982,566 shares during the last quarter. 82.91% of the stock is owned by institutional investors.

Insider Activity at Toast

In other Toast news, President Stephen Fredette sold 4,866 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total value of $167,293.08. Following the transaction, the president directly owned 910,606 shares in the company, valued at $31,306,634.28. The trade was a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Elena Gomez sold 6,672 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $229,383.36. Following the completion of the transaction, the chief financial officer owned 162,153 shares in the company, valued at approximately $5,574,820.14. The trade was a 3.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 100,856 shares of company stock valued at $3,540,449 in the last 90 days. 12.14% of the stock is currently owned by company insiders.

Toast Trading Down 0.2%

TOST stock opened at $27.54 on Friday. The stock has a market cap of $14.43 billion, a P/E ratio of 51.00 and a beta of 1.95. The stock’s fifty day simple moving average is $30.45 and its two-hundred day simple moving average is $34.92. Toast, Inc. has a 1-year low of $24.35 and a 1-year high of $49.66.

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

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TOST. Canaccord Genuity Group set a $37.00 price objective on Toast in a research note on Friday, February 13th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Toast in a research note on Monday, December 29th. Citigroup lowered their target price on shares of Toast from $51.00 to $42.00 and set a “buy” rating for the company in a report on Friday, February 13th. Jefferies Financial Group set a $35.00 price target on shares of Toast in a research report on Friday, February 13th. Finally, Mizuho cut their price target on shares of Toast from $57.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, February 17th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.46.

About Toast

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.