Toast, Inc. (NYSE:TOST) Position Trimmed by Summit Trail Advisors LLC

Summit Trail Advisors LLC trimmed its holdings in shares of Toast, Inc. (NYSE:TOST) by 48.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,626 shares of the company’s stock after selling 48,745 shares during the period. Summit Trail Advisors LLC’s holdings in Toast were worth $1,330,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Meritage Group LP bought a new stake in Toast during the fourth quarter worth approximately $70,270,000. Susquehanna Fundamental Investments LLC acquired a new position in Toast in the 1st quarter worth approximately $5,078,000. Syon Capital LLC acquired a new position in Toast in the 4th quarter worth approximately $377,000. WoodTrust Financial Corp acquired a new position in Toast in the 1st quarter worth approximately $754,000. Finally, QRG Capital Management Inc. boosted its stake in Toast by 39.7% in the 2nd quarter. QRG Capital Management Inc. now owns 84,967 shares of the company’s stock worth $2,190,000 after purchasing an additional 24,164 shares during the period. 82.91% of the stock is currently owned by institutional investors.

Toast Trading Up 2.8 %

NYSE:TOST opened at $27.71 on Friday. Toast, Inc. has a 1 year low of $13.77 and a 1 year high of $27.90. The firm’s fifty day simple moving average is $25.08 and its 200 day simple moving average is $24.59. The firm has a market capitalization of $12.55 billion, a PE ratio of -55.42 and a beta of 1.75.

Toast (NYSE:TOST) last posted its earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. Toast had a negative net margin of 3.10% and a negative return on equity of 11.27%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the business posted ($0.19) EPS. Toast’s revenue was up 27.0% compared to the same quarter last year. As a group, analysts anticipate that Toast, Inc. will post -0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

TOST has been the subject of a number of recent analyst reports. Wedbush raised shares of Toast to a “strong-buy” rating in a research note on Friday, September 6th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $26.00 price objective on shares of Toast in a research note on Wednesday, May 29th. Morgan Stanley raised their price objective on shares of Toast from $29.00 to $30.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Toast from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, Mizuho upgraded shares of Toast from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $21.00 to $33.00 in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Toast presently has an average rating of “Moderate Buy” and an average price target of $28.33.

Insider Activity at Toast

In other news, CFO Elena Gomez sold 12,500 shares of Toast stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $25.43, for a total transaction of $317,875.00. Following the sale, the chief financial officer now owns 200,561 shares of the company’s stock, valued at approximately $5,100,266.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Elena Gomez sold 12,500 shares of Toast stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $25.43, for a total transaction of $317,875.00. Following the sale, the chief financial officer now owns 200,561 shares of the company’s stock, valued at approximately $5,100,266.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Stephen Fredette sold 3,810 shares of Toast stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total value of $97,688.40. Following the sale, the president now directly owns 2,847,315 shares in the company, valued at approximately $73,005,156.60. The disclosure for this sale can be found here. Insiders have sold 652,412 shares of company stock worth $16,213,120 over the last three months. Company insiders own 13.32% of the company’s stock.

About Toast

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.