98,164 Shares in Toast, Inc. (NYSE:TOST) Acquired by Permanent Capital Management LP

Permanent Capital Management LP bought a new position in Toast, Inc. (NYSE:TOST) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 98,164 shares of the company’s stock, valued at approximately $3,578,000. Toast comprises approximately 1.1% of Permanent Capital Management LP’s investment portfolio, making the stock its 13th biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in Toast by 50.5% in the third quarter. FMR LLC now owns 24,449,743 shares of the company’s stock worth $692,172,000 after purchasing an additional 8,205,053 shares during the last quarter. ValueAct Holdings L.P. bought a new position in Toast in the third quarter worth approximately $438,301,000. State Street Corp raised its position in Toast by 2.5% in the third quarter. State Street Corp now owns 8,325,292 shares of the company’s stock worth $235,689,000 after acquiring an additional 206,789 shares during the period. Geode Capital Management LLC raised its position in Toast by 2.3% in the third quarter. Geode Capital Management LLC now owns 6,865,934 shares of the company’s stock worth $193,992,000 after acquiring an additional 155,212 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Toast by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,938,487 shares of the company’s stock worth $107,108,000 after acquiring an additional 155,446 shares during the period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insiders Place Their Bets

In other Toast news, CFO Elena Gomez sold 2,052 shares of Toast stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $39.63, for a total value of $81,320.76. Following the completion of the transaction, the chief financial officer now directly owns 160,498 shares of the company’s stock, valued at $6,360,535.74. This trade represents a 1.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO Jonathan Vassil sold 1,006 shares of Toast stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $39.63, for a total transaction of $39,867.78. Following the completion of the transaction, the executive now directly owns 48,488 shares of the company’s stock, valued at $1,921,579.44. The trade was a 2.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 149,779 shares of company stock valued at $5,415,192 in the last three months. Corporate insiders own 13.32% of the company’s stock.

Toast Stock Performance

TOST opened at $34.77 on Friday. The stock has a market capitalization of $17.17 billion, a price-to-earnings ratio of -3,473.03, a PEG ratio of 2.16 and a beta of 1.99. The company has a fifty day moving average of $38.41 and a 200 day moving average of $34.22. Toast, Inc. has a fifty-two week low of $21.32 and a fifty-two week high of $44.12.

Toast (NYSE:TOST) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Toast had a return on equity of 1.54% and a net margin of 0.40%. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.32 billion. On average, equities research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current year.

Wall Street Analyst Weigh In

TOST has been the topic of several recent research reports. DA Davidson reiterated a “neutral” rating and issued a $38.00 price target (down from $44.00) on shares of Toast in a research report on Thursday, December 5th. Royal Bank of Canada increased their price target on shares of Toast from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 20th. BMO Capital Markets increased their price target on shares of Toast from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Robert W. Baird increased their price target on shares of Toast from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Finally, Piper Sandler increased their price target on shares of Toast from $25.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $40.48.

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.