Pier 88 Investment Partners LLC Reduces Stake in Toast, Inc. (NYSE:TOST)

Pier 88 Investment Partners LLC decreased its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 28.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,590 shares of the company's stock after selling 18,030 shares during the period. Pier 88 Investment Partners LLC's holdings in Toast were worth $1,625,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Blue Trust Inc. boosted its holdings in shares of Toast by 120.4% in the fourth quarter. Blue Trust Inc. now owns 692 shares of the company's stock valued at $25,000 after purchasing an additional 378 shares during the period. Piscataqua Savings Bank purchased a new position in shares of Toast during the fourth quarter valued at $26,000. Stonebridge Financial Group LLC bought a new stake in shares of Toast in the fourth quarter valued at about $34,000. SBI Securities Co. Ltd. bought a new position in Toast during the 4th quarter worth about $35,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in shares of Toast in the 4th quarter valued at about $40,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Elena Gomez sold 2,052 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $39.63, for a total transaction of $81,320.76. Following the completion of the sale, the chief financial officer now owns 160,498 shares in the company, valued at $6,360,535.74. This represents a 1.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Brian R. Elworthy sold 653 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $39.63, for a total transaction of $25,878.39. Following the completion of the sale, the general counsel now directly owns 209,206 shares of the company's stock, valued at $8,290,833.78. The trade was a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 270,770 shares of company stock valued at $9,409,211. 13.32% of the stock is currently owned by insiders.

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Toast Trading Down 4.9 %

TOST traded down $1.60 during trading hours on Friday, hitting $31.06. 4,800,289 shares of the company's stock were exchanged, compared to its average volume of 6,743,139. The firm has a market cap of $15.34 billion, a P/E ratio of -3,106.89, a price-to-earnings-growth ratio of 2.16 and a beta of 1.99. Toast, Inc. has a 12-month low of $21.32 and a 12-month high of $44.12. The firm has a 50 day moving average of $37.33 and a 200 day moving average of $35.64.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.01). Toast had a net margin of 0.40% and a return on equity of 1.54%. The company had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.32 billion. As a group, research analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. BNP Paribas set a $37.00 price objective on shares of Toast and gave the company a "neutral" rating in a report on Wednesday, February 19th. DA Davidson restated a "neutral" rating and set a $38.00 price objective (down from $44.00) on shares of Toast in a research note on Thursday, December 5th. Needham & Company LLC restated a "buy" rating and issued a $50.00 price target on shares of Toast in a report on Thursday, February 20th. UBS Group boosted their price target on Toast from $41.00 to $47.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada increased their price objective on shares of Toast from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Thursday, February 20th. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $40.38.

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.