State of New Jersey Common Pension Fund D Increases Holdings in Toast, Inc. (NYSE:TOST)

State of New Jersey Common Pension Fund D grew its holdings in shares of Toast, Inc. (NYSE:TOST) by 6.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 199,223 shares of the company’s stock after purchasing an additional 11,929 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Toast were worth $3,638,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Toast by 11.1% during the 3rd quarter. Vanguard Group Inc. now owns 35,079,123 shares of the company’s stock worth $657,032,000 after acquiring an additional 3,494,579 shares during the period. Morgan Stanley boosted its stake in Toast by 149.3% in the 3rd quarter. Morgan Stanley now owns 12,007,286 shares of the company’s stock worth $224,896,000 after purchasing an additional 7,191,595 shares during the period. Abdiel Capital Advisors LP boosted its stake in Toast by 0.8% in the 3rd quarter. Abdiel Capital Advisors LP now owns 10,876,373 shares of the company’s stock worth $203,714,000 after purchasing an additional 86,536 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Toast by 69.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,600,377 shares of the company’s stock worth $120,523,000 after purchasing an additional 2,708,597 shares during the period. Finally, Eventide Asset Management LLC boosted its stake in Toast by 82.4% in the 3rd quarter. Eventide Asset Management LLC now owns 2,926,074 shares of the company’s stock worth $54,805,000 after purchasing an additional 1,322,208 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Toast

In related news, insider James Michael Matlock sold 1,205 shares of Toast stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total transaction of $28,197.00. Following the sale, the insider now directly owns 40,954 shares in the company, valued at $958,323.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider James Michael Matlock sold 1,205 shares of Toast stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total transaction of $28,197.00. Following the sale, the insider now directly owns 40,954 shares in the company, valued at $958,323.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Brian R. Elworthy sold 224,900 shares of Toast stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $18.37, for a total value of $4,131,413.00. Following the sale, the general counsel now owns 160,340 shares in the company, valued at $2,945,445.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 414,486 shares of company stock worth $8,662,487. 13.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Redburn Atlantic upgraded Toast from a “neutral” rating to a “buy” rating and set a $28.00 price target for the company in a research report on Wednesday, February 7th. Piper Sandler lifted their price target on Toast from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $23.00 price target on shares of Toast in a research report on Thursday, April 11th. BNP Paribas raised Toast from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a report on Thursday, March 7th. Finally, Mizuho reissued a “neutral” rating and set a $17.00 price objective on shares of Toast in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $24.32.

Toast Stock Performance

Shares of TOST stock opened at $23.91 on Friday. The firm has a market cap of $10.79 billion, a P/E ratio of -46.88 and a beta of 1.79. Toast, Inc. has a fifty-two week low of $13.77 and a fifty-two week high of $27.00. The business’s 50 day moving average price is $23.36 and its 200-day moving average price is $19.23.

Toast (NYSE:TOST) last issued its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Toast had a negative return on equity of 21.77% and a negative net margin of 6.36%. The business’s quarterly revenue was up 34.7% compared to the same quarter last year. During the same period last year, the company earned ($0.19) EPS. As a group, equities analysts predict that Toast, Inc. will post -0.22 EPS for the current year.

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.