Moran Wealth Management LLC Makes New Investment in Toast, Inc. $TOST

Moran Wealth Management LLC acquired a new stake in Toast, Inc. (NYSE:TOST) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 44,835 shares of the company’s stock, valued at approximately $1,189,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TOST. NewEdge Advisors LLC grew its stake in Toast by 1,555.5% in the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock valued at $578,000 after acquiring an additional 16,379 shares during the period. Cerity Partners LLC increased its holdings in Toast by 24.0% in the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock worth $3,613,000 after acquiring an additional 15,774 shares in the last quarter. State Street Corp raised its position in Toast by 2.7% during the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock worth $408,039,000 after acquiring an additional 245,276 shares during the period. Frontier Capital Management Co. LLC acquired a new position in Toast during the second quarter worth $4,479,000. Finally, Sei Investments Co. lifted its holdings in Toast by 24.6% during the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock valued at $45,619,000 after purchasing an additional 203,404 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CRO Jonathan Vassil sold 6,647 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $191,765.95. Following the completion of the sale, the executive directly owned 69,966 shares in the company, valued at $2,018,519.10. This represents a 8.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Brian R. Elworthy sold 108,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.89, for a total value of $2,796,120.00. Following the completion of the sale, the general counsel directly owned 189,642 shares of the company’s stock, valued at approximately $4,909,831.38. This represents a 36.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 156,115 shares of company stock valued at $4,184,238 in the last ninety days. 10.03% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on TOST. Weiss Ratings reiterated a “hold (c)” rating on shares of Toast in a research report on Wednesday, May 20th. Rothschild & Co Redburn reaffirmed a “neutral” rating and issued a $35.00 price target on shares of Toast in a research note on Tuesday, May 12th. BMO Capital Markets reiterated an “outperform” rating on shares of Toast in a report on Monday, June 1st. Zacks Research upgraded Toast from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 26th. Finally, UBS Group cut their price objective on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.62.

Toast Stock Up 1.2%

Shares of Toast stock traded up $0.34 during trading hours on Tuesday, reaching $29.82. 2,279,382 shares of the company’s stock were exchanged, compared to its average volume of 12,010,634. The business has a fifty day moving average of $25.67 and a two-hundred day moving average of $28.62. The company has a market capitalization of $15.39 billion, a P/E ratio of 45.80 and a beta of 1.74. Toast, Inc. has a 1 year low of $22.26 and a 1 year high of $49.66.

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.