Toast, Inc. $TOST Shares Acquired by Truist Financial Corp

Truist Financial Corp lifted its holdings in shares of Toast, Inc. (NYSE:TOST) by 99.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 66,850 shares of the company’s stock after buying an additional 33,402 shares during the period. Truist Financial Corp’s holdings in Toast were worth $2,441,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Quent Capital LLC purchased a new position in Toast in the third quarter valued at approximately $27,000. RiverPark Advisors LLC purchased a new stake in shares of Toast during the 2nd quarter worth approximately $30,000. Alpine Bank Wealth Management acquired a new position in shares of Toast in the 3rd quarter valued at $30,000. Ameritas Advisory Services LLC purchased a new position in shares of Toast in the 2nd quarter valued at $31,000. Finally, Wolff Wiese Magana LLC purchased a new position in shares of Toast in the 3rd quarter valued at $37,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Stock Up 2.4%

Shares of TOST stock opened at $27.71 on Friday. The stock’s 50-day moving average price is $34.24 and its 200 day moving average price is $37.98. The stock has a market capitalization of $14.27 billion, a PE ratio of 64.44 and a beta of 1.93. Toast, Inc. has a 52-week low of $26.92 and a 52-week high of $49.66.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on TOST. BNP Paribas Exane raised shares of Toast from a “hold” rating to an “outperform” rating and set a $40.00 price target for the company in a research report on Monday, December 1st. JPMorgan Chase & Co. upgraded Toast from a “neutral” rating to an “overweight” rating and set a $43.00 target price on the stock in a research report on Thursday, December 4th. Jefferies Financial Group reissued a “buy” rating on shares of Toast in a report on Tuesday. Morgan Stanley raised their price target on Toast from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Finally, Evercore upgraded Toast from an “in-line” rating to an “outperform” rating and set a $40.00 price objective for the company in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $45.55.

Insider Activity

In related news, General Counsel Brian R. Elworthy sold 3,303 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $113,557.14. Following the completion of the sale, the general counsel directly owned 235,757 shares of the company’s stock, valued at $8,105,325.66. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Elena Gomez sold 1,437 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total transaction of $43,598.58. Following the completion of the transaction, the chief financial officer directly owned 164,629 shares in the company, valued at $4,994,843.86. This represents a 0.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 100,856 shares of company stock valued at $3,540,449. 12.14% of the stock is currently owned by company insiders.

About Toast

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.