Toast, Inc. $TOST Shares Purchased by AXQ Capital LP

AXQ Capital LP raised its position in Toast, Inc. (NYSE:TOST) by 380.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 27,084 shares of the company’s stock after purchasing an additional 21,444 shares during the period. AXQ Capital LP’s holdings in Toast were worth $962,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Alliancebernstein L.P. boosted its position in Toast by 2,432.8% during the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock worth $299,957,000 after acquiring an additional 7,891,383 shares during the last quarter. Norges Bank acquired a new stake in Toast in the 4th quarter valued at about $202,808,000. ValueAct Holdings L.P. purchased a new position in Toast in the 3rd quarter worth approximately $124,032,000. Capital International Investors lifted its stake in Toast by 7.4% in the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after purchasing an additional 3,351,545 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its holdings in shares of Toast by 343.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company’s stock worth $79,377,000 after purchasing an additional 1,388,210 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Stock Down 4.8%

NYSE:TOST opened at $26.40 on Wednesday. The stock has a market capitalization of $13.62 billion, a price-to-earnings ratio of 40.61 and a beta of 1.76. Toast, Inc. has a 52 week low of $22.26 and a 52 week high of $49.66. The stock’s fifty day moving average is $26.28 and its two-hundred day moving average is $30.16.

Toast announced that its board has authorized a share buyback program on Thursday, February 12th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Toast news, CRO Jonathan Vassil sold 6,438 shares of Toast stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $168,611.22. Following the completion of the transaction, the executive directly owned 146,618 shares of the company’s stock, valued at $3,839,925.42. The trade was a 4.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Aman Narang sold 13,463 shares of the stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $352,595.97. Following the sale, the chief executive officer directly owned 54,013 shares in the company, valued at $1,414,600.47. This represents a 19.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 147,783 shares of company stock worth $3,838,037 over the last 90 days. 10.03% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company dropped their price target on Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Truist Financial lowered their price objective on Toast from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Jefferies Financial Group set a $35.00 target price on Toast in a report on Friday, February 13th. Sanford C. Bernstein set a $39.00 target price on Toast in a research note on Monday, February 16th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Toast in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.84.

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.