Seaport Global Advisors LLC Reduces Stock Holdings in Toast, Inc. (NYSE:TOST)

Seaport Global Advisors LLC lessened its holdings in Toast, Inc. (NYSE:TOST) by 18.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,666 shares of the company’s stock after selling 7,619 shares during the quarter. Toast comprises 3.0% of Seaport Global Advisors LLC’s portfolio, making the stock its 9th largest position. Seaport Global Advisors LLC’s holdings in Toast were worth $842,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. West Branch Capital LLC bought a new position in shares of Toast during the second quarter valued at $26,000. LRI Investments LLC purchased a new stake in Toast during the 1st quarter valued at about $27,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Toast during the 2nd quarter valued at about $33,000. 1620 Investment Advisors Inc. purchased a new position in Toast in the second quarter worth about $34,000. Finally, Harbor Investment Advisory LLC bought a new position in shares of Toast in the first quarter worth approximately $37,000. Institutional investors own 82.91% of the company’s stock.

Insider Transactions at Toast

In other Toast news, President Stephen Fredette sold 3,810 shares of Toast stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $25.64, for a total transaction of $97,688.40. Following the transaction, the president now owns 2,847,315 shares of the company’s stock, valued at $73,005,156.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Toast news, President Stephen Fredette sold 3,810 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total transaction of $97,688.40. Following the sale, the president now directly owns 2,847,315 shares of the company’s stock, valued at $73,005,156.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Brian R. Elworthy sold 2,573 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $25.64, for a total value of $65,971.72. Following the completion of the transaction, the general counsel now directly owns 170,531 shares of the company’s stock, valued at approximately $4,372,414.84. The disclosure for this sale can be found here. Insiders have sold 792,207 shares of company stock valued at $20,064,469 over the last quarter. 13.32% of the stock is currently owned by company insiders.

Toast Trading Up 2.5 %

Shares of TOST stock opened at $28.00 on Monday. Toast, Inc. has a 12 month low of $13.77 and a 12 month high of $29.92. The stock has a market cap of $12.68 billion, a P/E ratio of -56.00 and a beta of 1.75. The company has a 50 day simple moving average of $25.17 and a two-hundred day simple moving average of $24.68.

Toast (NYSE:TOST) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Toast had a negative return on equity of 11.27% and a negative net margin of 3.10%. Toast’s revenue was up 27.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.19) EPS. As a group, equities analysts forecast that Toast, Inc. will post -0.1 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on TOST. JPMorgan Chase & Co. raised their price target on shares of Toast from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Morgan Stanley lifted their target price on Toast from $29.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Bank of America boosted their price target on Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 17th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $29.00 price objective on shares of Toast in a research report on Thursday, September 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Toast in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

About Toast

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.