Fifth Third Bancorp Purchases 29,867 Shares of Toast, Inc. $TOST

Fifth Third Bancorp increased its position in Toast, Inc. (NYSE:TOST) by 9,989.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 30,166 shares of the company’s stock after purchasing an additional 29,867 shares during the quarter. Fifth Third Bancorp’s holdings in Toast were worth $800,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TOST. Sequoia Financial Advisors LLC increased its position in Toast by 14.7% during the first quarter. Sequoia Financial Advisors LLC now owns 16,289 shares of the company’s stock worth $432,000 after buying an additional 2,089 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of Toast by 56.9% during the 1st quarter. Hsbc Holdings PLC now owns 284,510 shares of the company’s stock worth $7,539,000 after acquiring an additional 103,139 shares during the period. Graetz Wealth LLC bought a new position in shares of Toast during the 1st quarter worth approximately $239,000. Kestra Advisory Services LLC increased its holdings in shares of Toast by 19.0% during the 1st quarter. Kestra Advisory Services LLC now owns 24,096 shares of the company’s stock worth $639,000 after acquiring an additional 3,840 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV increased its holdings in shares of Toast by 53.3% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 50,773 shares of the company’s stock worth $1,346,000 after acquiring an additional 17,653 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Toast Stock Up 6.2%

TOST opened at $30.83 on Tuesday. The stock has a market capitalization of $15.91 billion, a price-to-earnings ratio of 47.43 and a beta of 1.74. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The company has a 50-day simple moving average of $26.72 and a 200 day simple moving average of $27.96.

Toast (NYSE:TOST) last released its earnings results on Thursday, May 7th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.08). The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Toast had a net margin of 6.39% and a return on equity of 20.86%. Toast’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 earnings per share. Sell-side analysts anticipate that Toast, Inc. will post 0.97 EPS for the current fiscal year.

Insider Buying and Selling at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 6,352 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $183,255.20. Following the completion of the transaction, the general counsel directly owned 196,909 shares in the company, valued at $5,680,824.65. The trade was a 3.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Elena Gomez sold 11,605 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $334,804.25. Following the sale, the chief financial officer owned 185,150 shares of the company’s stock, valued at $5,341,577.50. The trade was a 5.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 159,265 shares of company stock worth $4,278,832 in the last three months. Company insiders own 10.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Truist Financial raised their price target on Toast from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday. Zacks Research downgraded shares of Toast from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Toast in a research report on Wednesday, May 20th. Robert W. Baird increased their price objective on shares of Toast from $30.00 to $33.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Finally, DA Davidson cut their target price on shares of Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Toast currently has a consensus rating of “Moderate Buy” and an average target price of $37.08.

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.