Allspring Global Investments Holdings LLC acquired a new position in shares of Toast, Inc. (NYSE:TOST – Get Rating) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 18,086 shares of the company’s stock, valued at approximately $302,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in Toast by 0.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 40,755,189 shares of the company’s stock worth $527,372,000 after acquiring an additional 110,917 shares during the last quarter. Altimeter Capital Management LP raised its holdings in Toast by 3,508.4% during the 1st quarter. Altimeter Capital Management LP now owns 18,041,796 shares of the company’s stock worth $3,933,007,000 after buying an additional 17,541,796 shares during the period. Capital International Investors raised its holdings in Toast by 13.6% during the 1st quarter. Capital International Investors now owns 9,032,309 shares of the company’s stock worth $196,272,000 after buying an additional 1,081,510 shares during the period. FMR LLC raised its holdings in Toast by 3.0% during the 2nd quarter. FMR LLC now owns 6,012,834 shares of the company’s stock worth $77,805,000 after buying an additional 173,943 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Toast during the 2nd quarter worth approximately $52,118,000. Institutional investors own 50.82% of the company’s stock.
Insider Activity
In related news, major shareholder Bessemer Venture Partners Ix L sold 546,190 shares of the company’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $18.50, for a total value of $10,104,515.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, COO Aman Narang sold 583,091 shares of the stock in a transaction on Wednesday, December 28th. The stock was sold at an average price of $16.93, for a total value of $9,871,730.63. Following the completion of the sale, the chief operating officer now directly owns 16,909 shares of the company’s stock, valued at approximately $286,269.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bessemer Venture Partners Ix L sold 546,190 shares of the firm’s stock in a transaction on Friday, November 18th. The shares were sold at an average price of $18.50, for a total value of $10,104,515.00. The disclosure for this sale can be found here. Insiders sold 9,356,016 shares of company stock valued at $169,711,840 over the last quarter. 20.16% of the stock is owned by company insiders.
Analyst Ratings Changes
Several brokerages have commented on TOST. Wolfe Research began coverage on shares of Toast in a report on Tuesday, November 29th. They set a “peer perform” rating and a $18.00 target price on the stock. Piper Sandler dropped their target price on shares of Toast from $26.00 to $22.00 and set an “overweight” rating on the stock in a report on Monday, January 9th. Needham & Company LLC raised their target price on shares of Toast from $27.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, November 11th. DA Davidson initiated coverage on shares of Toast in a report on Tuesday. They issued a “buy” rating on the stock. Finally, Credit Suisse Group lifted their price objective on shares of Toast to $21.50 in a report on Wednesday, November 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $23.50.
Toast Trading Down 3.9 %
Shares of TOST opened at $21.46 on Wednesday. The company has a market cap of $10.98 billion, a price-to-earnings ratio of -29.40 and a beta of 1.58. Toast, Inc. has a 1-year low of $11.91 and a 1-year high of $30.60. The company’s fifty day simple moving average is $18.55 and its 200 day simple moving average is $18.35.
Toast (NYSE:TOST – Get Rating) last issued its earnings results on Thursday, November 10th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.03. The business had revenue of $752.00 million for the quarter, compared to the consensus estimate of $714.61 million. Toast had a negative net margin of 6.99% and a negative return on equity of 25.85%. As a group, research analysts forecast that Toast, Inc. will post -0.52 earnings per share for the current year.
About Toast
Toast, Inc operates a cloud-based and digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast Point of Sale (POS), a hardware product; Toast Order & Pay, which allows guests to order and pay from their mobile devices; Toast Flex that is used for on-counter order and pay, as well as used as a server station, guest kiosk, kitchen display system, or order fulfillment station; Toast Go, a handheld POS device that enhances the table turn times through tableside ordering and payment acceptance; and Toast Tap, a card reader.
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