Bleakley Financial Group LLC Invests $2.40 Million in Toast, Inc. $TOST

Bleakley Financial Group LLC purchased a new position in shares of Toast, Inc. (NYSE:TOST) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 90,722 shares of the company’s stock, valued at approximately $2,405,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in Toast by 36.0% in the 1st quarter. Principal Financial Group Inc. now owns 7,977,244 shares of the company’s stock valued at $211,478,000 after purchasing an additional 2,111,009 shares in the last quarter. J. Safra Sarasin Holding AG boosted its stake in Toast by 20.3% during the 1st quarter. J. Safra Sarasin Holding AG now owns 12,782 shares of the company’s stock worth $338,000 after purchasing an additional 2,154 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Toast by 48.9% during the first quarter. International Assets Investment Management LLC now owns 6,481 shares of the company’s stock worth $169,000 after buying an additional 2,129 shares in the last quarter. Gables Capital Management Inc. purchased a new stake in shares of Toast during the first quarter worth $58,000. Finally, Fifth Third Bancorp raised its position in shares of Toast by 9,989.0% in the first quarter. Fifth Third Bancorp now owns 30,166 shares of the company’s stock valued at $800,000 after buying an additional 29,867 shares during the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Stock Performance

Toast stock opened at $30.31 on Friday. The company has a market capitalization of $15.64 billion, a PE ratio of 46.64 and a beta of 1.74. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $49.66. The firm has a 50 day moving average price of $25.81 and a 200 day moving average price of $28.24.

Toast (NYSE:TOST) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.08). Toast had a return on equity of 20.86% and a net margin of 6.39%.The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the company earned $0.09 earnings per share. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. As a group, equities research analysts forecast that Toast, Inc. will post 0.97 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TOST shares. BMO Capital Markets reissued an “outperform” rating on shares of Toast in a research note on Monday, June 1st. UBS Group dropped their price objective on shares of Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Robert W. Baird increased their price objective on shares of Toast from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Morgan Stanley set a $45.00 target price on shares of Toast in a research note on Friday, May 8th. Finally, Citigroup lowered their target price on Toast from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.96.

Insiders Place Their Bets

In related news, CFO Elena Gomez sold 11,605 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $334,804.25. Following the transaction, the chief financial officer owned 185,150 shares of the company’s stock, valued at approximately $5,341,577.50. This represents a 5.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Jonathan Vassil sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $30.03, for a total value of $94,594.50. Following the transaction, the executive owned 69,966 shares of the company’s stock, valued at $2,101,078.98. This trade represents a 4.31% 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. In the last three months, insiders sold 159,265 shares of company stock valued at $4,278,832. Insiders own 10.03% of the company’s stock.

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.