Pier 88 Investment Partners LLC Cuts Position in Toast, Inc. (NYSE:TOST)

Pier 88 Investment Partners LLC lowered its stake in Toast, Inc. (NYSE:TOST) by 12.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 62,620 shares of the company’s stock after selling 8,930 shares during the period. Pier 88 Investment Partners LLC’s holdings in Toast were worth $1,773,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Capital International Investors grew its holdings in shares of Toast by 12.2% during the first quarter. Capital International Investors now owns 32,924,082 shares of the company’s stock valued at $820,468,000 after buying an additional 3,574,397 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Toast by 21.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 19,524,700 shares of the company’s stock worth $486,557,000 after purchasing an additional 3,445,788 shares during the last quarter. Champlain Investment Partners LLC grew its position in Toast by 9.1% in the 1st quarter. Champlain Investment Partners LLC now owns 9,976,356 shares of the company’s stock worth $248,611,000 after purchasing an additional 833,390 shares during the period. Whale Rock Capital Management LLC purchased a new stake in Toast during the 1st quarter valued at $179,111,000. Finally, Meritage Group LP lifted its holdings in shares of Toast by 37.3% during the 1st quarter. Meritage Group LP now owns 5,284,811 shares of the company’s stock valued at $131,697,000 after buying an additional 1,436,494 shares during the period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insider Activity at Toast

In other news, President Stephen Fredette sold 211,686 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $23.57, for a total value of $4,989,439.02. Following the sale, the president now directly owns 2,638,023 shares in the company, valued at $62,178,202.11. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, President Stephen Fredette sold 211,686 shares of Toast stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total value of $4,989,439.02. Following the completion of the transaction, the president now owns 2,638,023 shares in the company, valued at approximately $62,178,202.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Kent Bennett sold 100,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $36.67, for a total value of $3,667,000.00. Following the completion of the sale, the director now owns 418,591 shares of the company’s stock, valued at approximately $15,349,731.97. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,575,651 shares of company stock valued at $45,472,212 over the last 90 days. 13.32% of the stock is owned by corporate insiders.

Toast Price Performance

NYSE:TOST opened at $39.92 on Thursday. The company has a market cap of $18.80 billion, a price-to-earnings ratio of -307.08 and a beta of 1.74. Toast, Inc. has a 1 year low of $13.77 and a 1 year high of $40.53. The stock’s 50 day simple moving average is $29.08 and its two-hundred day simple moving average is $26.32.

Analysts Set New Price Targets

Several analysts recently commented on the company. Bank of America lifted their price objective on Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, September 17th. Piper Sandler boosted their price target on Toast from $25.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday. Royal Bank of Canada increased their price objective on shares of Toast from $27.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Wells Fargo & Company boosted their target price on shares of Toast from $23.00 to $25.00 and gave the company an “underweight” rating in a research report on Friday, November 8th. Finally, Wedbush lifted their price target on shares of Toast from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Toast presently has a consensus rating of “Hold” and a consensus target price of $32.75.

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.