Commonwealth Equity Services LLC Sells 22,126 Shares of Toast, Inc. $TOST

Commonwealth Equity Services LLC cut its stake in shares of Toast, Inc. (NYSE:TOST) by 13.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 146,667 shares of the company’s stock after selling 22,126 shares during the period. Commonwealth Equity Services LLC’s holdings in Toast were worth $5,208,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ankerstar Wealth LLC bought a new stake in shares of Toast during the fourth quarter valued at about $49,000. Renaissance Technologies LLC increased its position in shares of Toast by 40.4% during the fourth quarter. Renaissance Technologies LLC now owns 3,453,928 shares of the company’s stock valued at $122,649,000 after buying an additional 993,116 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Toast by 10.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,825 shares of the company’s stock valued at $51,887,000 after buying an additional 133,562 shares during the period. Counterpoint Mutual Funds LLC bought a new stake in shares of Toast during the fourth quarter valued at about $500,000. Finally, EntryPoint Capital LLC bought a new stake in shares of Toast during the fourth quarter valued at about $424,000. 82.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Aman Narang sold 13,463 shares of the company’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 $352,595.97. Following the transaction, the chief executive officer directly owned 54,013 shares in the company, valued at approximately $1,414,600.47. This represents a 19.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Elena Gomez sold 8,929 shares of the company’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 $233,850.51. Following the completion of the transaction, the chief financial officer owned 173,064 shares in the company, valued at approximately $4,532,546.16. This trade represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 147,783 shares of company stock valued at $3,838,037 in the last 90 days. 10.03% of the stock is owned by company insiders.

Toast Trading Down 2.3%

TOST stock opened at $24.64 on Friday. The company’s 50 day moving average is $26.13 and its 200 day moving average is $29.89. The stock has a market cap of $12.71 billion, a price-to-earnings ratio of 37.91 and a beta of 1.76. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66.

Toast declared that its Board of Directors has approved a share repurchase plan on Thursday, February 12th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

TOST has been the topic of several analyst reports. Loop Capital initiated coverage on Toast in a research report on Tuesday, March 31st. They set a “hold” rating and a $26.00 price target on the stock. Oppenheimer reiterated an “outperform” rating and set a $36.00 price target on shares of Toast in a research report on Friday, May 8th. DA Davidson decreased their price target on Toast from $33.00 to $28.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Zacks Research upgraded Toast from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 26th. Finally, Mizuho decreased their price objective on shares of Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.84.

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.