State of New Jersey Common Pension Fund D Reduces Stake in Toast, Inc. (NYSE:TOST)

State of New Jersey Common Pension Fund D lowered its stake in Toast, Inc. (NYSE:TOST) by 32.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,723 shares of the company’s stock after selling 64,500 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Toast were worth $3,472,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. West Branch Capital LLC purchased a new position in Toast in the second quarter worth about $26,000. LRI Investments LLC purchased a new position in Toast in the first quarter worth about $27,000. Principal Securities Inc. purchased a new position in shares of Toast during the fourth quarter valued at approximately $30,000. Cape Investment Advisory Inc. purchased a new position in shares of Toast during the fourth quarter valued at approximately $31,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Toast during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Stock Up 0.7 %

Shares of NYSE:TOST opened at $26.75 on Wednesday. The company has a market capitalization of $12.12 billion, a price-to-earnings ratio of -53.50 and a beta of 1.75. Toast, Inc. has a 52 week low of $13.77 and a 52 week high of $27.90. The firm has a 50 day moving average of $24.93 and a 200 day moving average of $24.53.

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

Insider Transactions at Toast

In other news, CFO Elena Gomez sold 12,500 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $25.43, for a total transaction of $317,875.00. Following the transaction, the chief financial officer now directly owns 200,561 shares of the company’s stock, valued at $5,100,266.23. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Elena Gomez sold 12,500 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $25.43, for a total value of $317,875.00. Following the transaction, the chief financial officer now directly owns 200,561 shares of the company’s stock, valued at approximately $5,100,266.23. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Stephen Fredette sold 3,810 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $25.64, for a total value of $97,688.40. Following the completion of the transaction, the president now directly owns 2,847,315 shares in the company, valued at $73,005,156.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 651,612 shares of company stock valued at $16,191,520. Corporate insiders own 13.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TOST. JPMorgan Chase & Co. boosted their target price on Toast from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Robert W. Baird lowered Toast from an “outperform” rating to a “neutral” rating and set a $28.00 target price for the company. in a research report on Tuesday, May 21st. Wedbush upgraded Toast to a “strong-buy” rating in a research report on Friday, September 6th. Needham & Company LLC restated a “buy” rating and set a $30.00 target price on shares of Toast in a research report on Wednesday, August 7th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $26.00 target price on shares of Toast in a research report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.33.

Toast Profile

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.