Rakuten Investment Management Inc. Purchases Shares of 25,465 Toast, Inc. $TOST

Rakuten Investment Management Inc. acquired a new stake in shares of Toast, Inc. (NYSE:TOST) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 25,465 shares of the company’s stock, valued at approximately $930,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Toast by 1.1% during the second quarter. Vanguard Group Inc. now owns 44,411,722 shares of the company’s stock valued at $1,966,995,000 after acquiring an additional 466,138 shares during the period. State Street Corp lifted its stake in shares of Toast by 2.7% in the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after purchasing an additional 245,276 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Toast by 331.0% during the 2nd quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock worth $380,978,000 after purchasing an additional 6,606,245 shares during the period. Geode Capital Management LLC increased its position in Toast by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 7,902,519 shares of the company’s stock worth $348,906,000 after purchasing an additional 218,537 shares in the last quarter. Finally, Marshall Wace LLP increased its position in Toast by 108.3% during the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock worth $349,333,000 after purchasing an additional 4,100,104 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TOST. Wall Street Zen upgraded shares of Toast from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. UBS Group restated a “buy” rating on shares of Toast in a report on Thursday, December 18th. Morgan Stanley increased their price target on Toast from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Oppenheimer cut their price objective on Toast from $49.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, January 12th. Finally, Keefe, Bruyette & Woods decreased their target price on Toast from $50.00 to $42.00 and set a “market perform” rating for the company in a research report on Wednesday, October 1st. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.82.

Toast Price Performance

Shares of TOST stock opened at $33.78 on Friday. The company’s fifty day moving average price is $34.91 and its two-hundred day moving average price is $38.98. The firm has a market capitalization of $17.40 billion, a P/E ratio of 78.56 and a beta of 1.93. Toast, Inc. has a 12 month low of $28.12 and a 12 month high of $49.66.

Toast (NYSE:TOST) last announced its earnings results on Tuesday, November 4th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 15.77% and a net margin of 4.68%.The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the firm posted $0.07 earnings per share. The firm’s revenue was up 25.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Toast, Inc. will post 0.39 EPS for the current year.

Insider Activity at Toast

In related news, General Counsel Brian R. Elworthy sold 3,303 shares of Toast stock in a transaction on Monday, January 5th. The shares were sold at an average price of $34.38, for a total value of $113,557.14. Following the completion of the sale, the general counsel owned 235,757 shares in the company, valued at approximately $8,105,325.66. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Aman Narang sold 8,591 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $295,358.58. Following the completion of the sale, the chief executive officer directly owned 338,850 shares in the company, valued at $11,649,663. This represents a 2.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 102,595 shares of company stock worth $3,634,737 over the last ninety days. Company insiders own 12.14% of the company’s stock.

Toast Company Profile

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.