Meiji Yasuda Life Insurance Co Reduces Stock Holdings in Toast, Inc. (NYSE:TOST)

Meiji Yasuda Life Insurance Co lowered its stake in Toast, Inc. (NYSE:TOST) by 13.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,000 shares of the company’s stock after selling 2,900 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Toast were worth $490,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TOST. Principal Securities Inc. purchased a new stake in shares of Toast in the 4th quarter worth about $30,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Toast by 5.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,985 shares of the company’s stock worth $255,000 after buying an additional 774 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Toast by 8,092.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 69,386 shares of the company’s stock valued at $1,267,000 after acquiring an additional 68,539 shares in the last quarter. Norges Bank purchased a new position in shares of Toast during the 4th quarter worth approximately $76,699,000. Finally, Dynamic Technology Lab Private Ltd raised its position in shares of Toast by 65.5% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 47,523 shares of the company’s stock worth $868,000 after acquiring an additional 18,808 shares in the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Toast Price Performance

Shares of NYSE:TOST opened at $26.31 on Thursday. Toast, Inc. has a 1 year low of $13.77 and a 1 year high of $27.90. The stock’s fifty day moving average price is $24.98 and its 200-day moving average price is $24.54. The company has a market cap of $12.13 billion, a P/E ratio of -52.62 and a beta of 1.75.

Toast (NYSE:TOST) last posted its earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the business earned ($0.19) EPS. The business’s revenue for the quarter was up 27.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Toast, Inc. will post -0.1 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price objective on Toast from $29.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target on shares of Toast in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $26.00 price objective on shares of Toast in a research note on Wednesday, May 29th. JPMorgan Chase & Co. raised their target price on shares of Toast from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, Bank of America lifted their target price on shares of Toast from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.33.

Insiders Place Their Bets

In other news, President Stephen Fredette sold 101,574 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $25.73, for a total transaction of $2,613,499.02. Following the transaction, the president now directly owns 2,395,685 shares of the company’s stock, valued at approximately $61,640,975.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Christopher P. Comparato sold 90,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $26.54, for a total value of $2,388,600.00. Following the transaction, the director now owns 112,282 shares of the company’s stock, valued at $2,979,964.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Stephen Fredette sold 101,574 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $25.73, for a total transaction of $2,613,499.02. Following the sale, the president now directly owns 2,395,685 shares of the company’s stock, valued at $61,640,975.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 651,612 shares of company stock valued at $16,191,520. Company insiders own 13.32% of the company’s stock.

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.