Delta Global Management LP Decreases Stake in Toast, Inc. $TOST

Delta Global Management LP cut its holdings in shares of Toast, Inc. (NYSE:TOST) by 3.6% during the third quarter, HoldingsChannel.com reports. The fund owned 1,045,801 shares of the company’s stock after selling 39,165 shares during the period. Toast accounts for about 2.8% of Delta Global Management LP’s holdings, making the stock its 12th largest holding. Delta Global Management LP’s holdings in Toast were worth $38,182,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Allianz Asset Management GmbH grew its position in shares of Toast by 322.0% in the third quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company’s stock valued at $13,245,000 after purchasing an additional 276,803 shares in the last quarter. Candriam S.C.A. lifted its position in Toast by 10.9% during the third quarter. Candriam S.C.A. now owns 602,200 shares of the company’s stock worth $21,986,000 after buying an additional 59,045 shares in the last quarter. Nordea Investment Management AB boosted its stake in Toast by 49.5% during the third quarter. Nordea Investment Management AB now owns 138,619 shares of the company’s stock worth $4,988,000 after buying an additional 45,898 shares during the last quarter. Citigroup Inc. boosted its stake in Toast by 17.2% during the third quarter. Citigroup Inc. now owns 1,042,102 shares of the company’s stock worth $38,047,000 after buying an additional 152,807 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Toast in the 3rd quarter valued at $2,891,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insider Buying and Selling at Toast

In other news, President Stephen Fredette sold 1,060 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total value of $32,160.40. Following the sale, the president directly owned 913,067 shares of the company’s stock, valued at approximately $27,702,452.78. The trade was a 0.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Brian R. Elworthy sold 3,303 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $113,557.14. Following the completion of the transaction, the general counsel owned 235,757 shares in the company, valued at approximately $8,105,325.66. This represents a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 100,856 shares of company stock valued at $3,540,449. 12.14% of the stock is currently owned by company insiders.

Toast Trading Down 0.2%

NYSE TOST opened at $27.54 on Monday. The stock has a fifty day simple moving average of $30.45 and a 200-day simple moving average of $34.79. The stock has a market cap of $14.43 billion, a PE ratio of 51.00 and a beta of 1.95. Toast, Inc. has a twelve month low of $24.35 and a twelve month high of $49.66.

Toast (NYSE:TOST) last issued its quarterly earnings data 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). Toast had a net margin of 5.56% and a return on equity of 18.14%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the firm posted $0.05 earnings per share. The firm’s quarterly revenue was up 22.0% on a year-over-year basis. Research analysts predict that Toast, Inc. will post 0.39 EPS for the current year.

Toast declared that its board has approved a stock repurchase program on Thursday, February 12th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TOST. Wells Fargo & Company cut their target price on Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Stephens set a $42.00 price objective on shares of Toast in a report on Friday, January 16th. Jefferies Financial Group set a $35.00 target price on shares of Toast in a research note on Friday, February 13th. Mizuho decreased their target price 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. Finally, UBS Group set a $40.00 price target on shares of Toast in a research note on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Toast has an average rating of “Moderate Buy” and a consensus price target of $40.46.

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.