Truist Financial Corp Boosts Stake in Toast, Inc. $TOST

Truist Financial Corp lifted its holdings in shares of Toast, Inc. (NYSE:TOST) by 99.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 66,850 shares of the company’s stock after purchasing an additional 33,402 shares during the quarter. Truist Financial Corp’s holdings in Toast were worth $2,441,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Jennison Associates LLC lifted its position in Toast by 331.0% in the second quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock valued at $380,978,000 after buying an additional 6,606,245 shares during the last quarter. Norges Bank purchased a new stake in shares of Toast in the 2nd quarter valued at approximately $219,324,000. Marshall Wace LLP raised its stake in shares of Toast by 108.3% in the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock valued at $349,333,000 after acquiring an additional 4,100,104 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Toast by 35.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,517,216 shares of the company’s stock worth $274,454,000 after acquiring an additional 1,982,566 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its position in shares of Toast by 65.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 4,314,200 shares of the company’s stock worth $191,076,000 after purchasing an additional 1,701,900 shares during the period. 82.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TOST shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Toast in a research report on Monday, December 29th. DA Davidson dropped their price objective on Toast from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday. The Goldman Sachs Group cut their price objective on Toast from $51.00 to $41.00 and set a “neutral” rating on the stock in a report on Monday, October 13th. Truist Financial set a $42.00 target price on Toast in a report on Tuesday, January 20th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Toast in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.55.

Toast Price Performance

Shares of NYSE TOST opened at $27.71 on Friday. The company has a market cap of $14.27 billion, a price-to-earnings ratio of 64.44 and a beta of 1.93. The stock’s 50-day moving average is $34.24 and its two-hundred day moving average is $37.98. Toast, Inc. has a 1-year low of $26.92 and a 1-year high of $49.66.

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

Insider Buying and Selling

In related news, CRO Jonathan Vassil sold 66,390 shares of Toast stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $35.86, for a total value of $2,380,745.40. Following the completion of the transaction, the executive owned 84,589 shares in the company, valued at $3,033,361.54. The trade was a 43.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Elena Gomez sold 6,672 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $229,383.36. Following the completion of the sale, the chief financial officer directly owned 162,153 shares in the company, valued at approximately $5,574,820.14. This represents a 3.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 100,856 shares of company stock valued at $3,540,449 over the last ninety days. 12.14% of the stock is currently owned by corporate insiders.

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.