Toast, Inc. (NYSE:TOST) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC trimmed its holdings in shares of Toast, Inc. (NYSE:TOST) by 91.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,314 shares of the company’s stock after selling 45,291 shares during the period. Fred Alger Management LLC’s holdings in Toast were worth $111,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Meritage Group LP acquired a new position in shares of Toast in the 4th quarter valued at $70,270,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Toast in the 1st quarter valued at $5,078,000. Syon Capital LLC acquired a new position in shares of Toast in the 4th quarter valued at $377,000. WoodTrust Financial Corp acquired a new position in shares of Toast in the 1st quarter valued at $754,000. Finally, QRG Capital Management Inc. lifted its stake in shares of Toast by 39.7% in the 2nd quarter. QRG Capital Management Inc. now owns 84,967 shares of the company’s stock valued at $2,190,000 after purchasing an additional 24,164 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Toast

In related news, President Stephen Fredette sold 1,127 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $24.00, for a total value of $27,048.00. Following the completion of the sale, the president now owns 2,849,709 shares of the company’s stock, valued at $68,393,016. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Toast news, CRO Jonathan Vassil sold 4,712 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $25.64, for a total value of $120,815.68. Following the transaction, the executive now owns 31,919 shares of the company’s stock, valued at $818,403.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Stephen Fredette sold 1,127 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $24.00, for a total transaction of $27,048.00. Following the completion of the transaction, the president now directly owns 2,849,709 shares in the company, valued at approximately $68,393,016. The disclosure for this sale can be found here. Over the last quarter, insiders sold 804,707 shares of company stock valued at $20,382,344. 13.32% of the stock is owned by company insiders.

Toast Trading Up 2.4 %

Shares of TOST opened at $27.99 on Friday. Toast, Inc. has a 12-month low of $13.77 and a 12-month high of $29.92. The firm has a 50-day moving average price of $25.17 and a 200 day moving average price of $24.69. The firm has a market capitalization of $12.90 billion, a P/E ratio of -55.98 and a beta of 1.75.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TOST shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $29.00 target price on shares of Toast in a research note on Thursday, September 12th. Wedbush raised shares of Toast to a “strong-buy” rating in a report on Friday, September 6th. Morgan Stanley boosted their price target on shares of Toast from $29.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $27.00 price target on shares of Toast in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Toast from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average 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.