SCS Capital Management LLC Decreases Stake in Toast, Inc. $TOST

SCS Capital Management LLC reduced its stake in Toast, Inc. (NYSE:TOST) by 11.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 299,501 shares of the company’s stock after selling 37,129 shares during the period. SCS Capital Management LLC’s holdings in Toast were worth $10,635,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Central Pacific Bank Trust Division increased its stake in Toast by 123.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock worth $33,000 after purchasing an additional 521 shares during the period. Smartleaf Asset Management LLC increased its stake in Toast by 59.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,182 shares of the company’s stock worth $44,000 after purchasing an additional 439 shares during the period. Cornerstone Planning Group LLC increased its stake in Toast by 8,807.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 1,247 shares of the company’s stock worth $44,000 after purchasing an additional 1,233 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Toast during the fourth quarter valued at approximately $45,000. Finally, GHP Investment Advisors Inc. increased its stake in shares of Toast by 40.0% during the fourth quarter. GHP Investment Advisors Inc. now owns 1,400 shares of the company’s stock valued at $50,000 after buying an additional 400 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Toast

In related news, CEO Aman Narang sold 13,463 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $352,595.97. Following the completion of the transaction, the chief executive officer owned 54,013 shares of the company’s stock, valued at $1,414,600.47. This trade represents a 19.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Elena Gomez sold 8,929 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $233,850.51. Following the transaction, the chief financial officer directly owned 173,064 shares of the company’s stock, valued at approximately $4,532,546.16. This trade represents a 4.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 39,783 shares of company stock valued at $1,041,917 over the last ninety days. Insiders own 10.03% of the company’s stock.

Wall Street Analyst Weigh In

TOST has been the topic of several research analyst reports. Canaccord Genuity Group set a $37.00 target price on Toast in a research note on Friday, February 13th. Needham & Company LLC reduced their target price on Toast from $60.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Mizuho reduced their target price on Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Jefferies Financial Group set a $35.00 price target on Toast in a research report on Friday, February 13th. Finally, Wells Fargo & Company dropped their price target on Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.84.

Toast Stock Up 0.1%

NYSE TOST opened at $26.06 on Monday. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The firm has a market capitalization of $13.45 billion, a PE ratio of 40.10 and a beta of 1.76. The stock’s 50 day moving average is $26.27 and its 200 day moving average is $30.23.

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 repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.