Vanguard Group Inc. Acquires 1,598,248 Shares of Toast, Inc. (NYSE:TOST)

Vanguard Group Inc. grew its holdings in shares of Toast, Inc. (NYSE:TOST) by 4.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,677,371 shares of the company’s stock after buying an additional 1,598,248 shares during the period. Vanguard Group Inc. owned approximately 8.39% of Toast worth $669,729,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of TOST. Morgan Stanley boosted its stake in Toast by 149.3% during the third quarter. Morgan Stanley now owns 12,007,286 shares of the company’s stock worth $224,896,000 after acquiring an additional 7,191,595 shares in the last quarter. Norges Bank acquired a new position in Toast during the 4th quarter worth approximately $76,699,000. Meritage Group LP bought a new position in Toast in the fourth quarter worth approximately $70,270,000. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Toast by 69.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,600,377 shares of the company’s stock valued at $120,523,000 after acquiring an additional 2,708,597 shares during the period. Finally, Nikko Asset Management Americas Inc. increased its holdings in shares of Toast by 82.7% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 5,974,664 shares of the company’s stock valued at $109,097,000 after acquiring an additional 2,704,039 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price target on shares of Toast in a research report on Thursday, May 30th. Evercore ISI assumed coverage on shares of Toast in a research report on Monday, March 4th. They issued an “outperform” rating and a $32.00 price target on the stock. UBS Group boosted their price objective on Toast from $22.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, March 28th. Wedbush restated an “outperform” rating and issued a $30.00 target price on shares of Toast in a report on Thursday, May 30th. Finally, Royal Bank of Canada upped their price target on Toast from $23.00 to $27.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $26.14.

Insider Activity at Toast

In other Toast news, President Stephen Fredette sold 2,272 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total transaction of $53,164.80. Following the sale, the president now owns 2,835,759 shares in the company, valued at $66,356,760.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider James Michael Matlock sold 1,205 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $23.40, for a total transaction of $28,197.00. Following the sale, the insider now owns 40,954 shares of the company’s stock, valued at approximately $958,323.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Stephen Fredette sold 2,272 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $23.40, for a total transaction of $53,164.80. Following the completion of the transaction, the president now directly owns 2,835,759 shares of the company’s stock, valued at $66,356,760.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 142,223 shares of company stock worth $3,458,694. Corporate insiders own 13.32% of the company’s stock.

Toast Stock Performance

TOST stock opened at $25.54 on Monday. The stock has a fifty day moving average of $24.17 and a 200-day moving average of $21.72. Toast, Inc. has a fifty-two week low of $13.77 and a fifty-two week high of $27.90. The company has a market capitalization of $11.57 billion, a price-to-earnings ratio of -51.08 and a beta of 1.75.

Toast (NYSE:TOST) last issued its earnings results on Tuesday, May 7th. The company reported ($0.15) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.15). Toast had a negative net margin of 6.02% and a negative return on equity of 21.45%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the business earned ($0.16) earnings per share. The company’s quarterly revenue was up 31.3% on a year-over-year basis. Equities analysts predict that Toast, Inc. will post -0.14 EPS for the current year.

Toast Company 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.