Toast, Inc. (NYSE:TOST) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC trimmed its stake in shares of Toast, Inc. (NYSE:TOST) by 3.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,223,027 shares of the company’s stock after selling 44,838 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 0.27% of Toast worth $31,517,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TOST. West Branch Capital LLC purchased a new stake in Toast during the second quarter valued at about $26,000. LRI Investments LLC acquired a new position in Toast in the 1st quarter worth approximately $27,000. Principal Securities Inc. purchased a new position in Toast during the 4th quarter worth approximately $30,000. Cape Investment Advisory Inc. acquired a new stake in Toast during the 4th quarter valued at $31,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Toast during the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Insider Buying and Selling

In other Toast news, President Stephen Fredette sold 211,686 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $23.57, for a total transaction of $4,989,439.02. Following the completion of the sale, the president now directly owns 2,638,023 shares in the company, valued at $62,178,202.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CRO Jonathan Vassil sold 1,541 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $24.00, for a total value of $36,984.00. Following the completion of the sale, the executive now owns 33,312 shares in the company, valued at $799,488. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Stephen Fredette sold 211,686 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $23.57, for a total value of $4,989,439.02. Following the transaction, the president now owns 2,638,023 shares in the company, valued at $62,178,202.11. The disclosure for this sale can be found here. Insiders have sold 652,412 shares of company stock worth $16,213,120 in the last quarter. 13.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Wedbush upgraded Toast to a “strong-buy” rating in a report on Friday, September 6th. The Goldman Sachs Group reiterated a “buy” rating and issued a $29.00 target price on shares of Toast in a report on Thursday, September 12th. Bank of America raised their price target on shares of Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, September 17th. Morgan Stanley upped their price objective on shares of Toast from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Toast from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Toast Stock Performance

Shares of TOST stock opened at $27.71 on Friday. The stock’s 50 day simple moving average is $25.08 and its 200 day simple moving average is $24.59. Toast, Inc. has a twelve month low of $13.77 and a twelve month high of $27.90. The company has a market capitalization of $12.55 billion, a price-to-earnings ratio of -55.42 and a beta of 1.75.

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

Toast Profile

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.