California Public Employees Retirement System Reduces Holdings in Toast, Inc. $TOST

California Public Employees Retirement System reduced its position in Toast, Inc. (NYSE:TOST) by 20.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 671,880 shares of the company’s stock after selling 177,043 shares during the period. California Public Employees Retirement System’s holdings in Toast were worth $17,812,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in Toast by 1,555.5% during the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock worth $578,000 after buying an additional 16,379 shares during the period. Cerity Partners LLC lifted its stake in Toast by 24.0% in the second quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after buying an additional 15,774 shares during the last quarter. State Street Corp boosted its holdings in shares of Toast by 2.7% in the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after acquiring an additional 245,276 shares during the period. Frontier Capital Management Co. LLC acquired a new stake in shares of Toast in the second quarter valued at approximately $4,479,000. Finally, Sei Investments Co. grew its position in shares of Toast by 24.6% during the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock worth $45,619,000 after acquiring an additional 203,404 shares during the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Trading Down 2.8%

NYSE:TOST opened at $28.38 on Friday. The firm has a market cap of $14.64 billion, a P/E ratio of 43.66 and a beta of 1.74. Toast, Inc. has a 12-month low of $22.26 and a 12-month high of $49.66. The stock’s 50 day simple moving average is $26.43 and its 200-day simple moving average is $28.04.

Toast (NYSE:TOST) last announced its quarterly earnings data 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 net margin of 6.39% and a return on equity of 20.86%. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $0.09 EPS. Toast’s revenue for the quarter was up 21.9% on a year-over-year basis. Research analysts forecast that Toast, Inc. will post 0.97 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Morgan Stanley set a $45.00 target price on shares of Toast in a report on Friday, May 8th. DA Davidson decreased their price target on shares of Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Robert W. Baird raised their price objective on shares of Toast from $30.00 to $33.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Piper Sandler started coverage on shares of Toast in a research note on Wednesday, June 10th. They issued an “overweight” rating and a $32.00 price objective on the stock. Finally, UBS Group reduced their target price on shares of Toast from $40.00 to $34.00 and set a “buy” rating for the company in a report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.96.

Insider Activity at Toast

In related news, CRO Jonathan Vassil sold 6,647 shares of Toast stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $191,765.95. Following the completion of the transaction, the executive directly owned 69,966 shares in the company, valued at $2,018,519.10. The trade was a 8.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Aman Narang sold 14,365 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $414,430.25. Following the completion of the sale, the chief executive officer directly owned 70,451 shares in the company, valued at approximately $2,032,511.35. The trade was a 16.94% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 159,265 shares of company stock valued at $4,278,832 in the last quarter. 10.03% of the stock is owned by corporate insiders.

Toast Company 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.