Swiss National Bank Sells 53,800 Shares of Toast, Inc. $TOST

Swiss National Bank decreased its stake in shares of Toast, Inc. (NYSE:TOST) by 4.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,292,000 shares of the company’s stock after selling 53,800 shares during the quarter. Swiss National Bank’s holdings in Toast were worth $47,171,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of TOST. Vanguard Group Inc. lifted its position in shares of Toast by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company’s stock valued at $1,634,339,000 after acquiring an additional 352,435 shares during the period. Jennison Associates LLC grew its holdings in Toast by 74.4% in the third quarter. Jennison Associates LLC now owns 15,000,561 shares of the company’s stock worth $547,670,000 after purchasing an additional 6,398,674 shares during the period. State Street Corp increased its stake in Toast by 2.7% in the second 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. Geode Capital Management LLC raised its holdings in shares of Toast by 2.8% during the second quarter. Geode Capital Management LLC now owns 7,902,519 shares of the company’s stock valued at $348,906,000 after purchasing an additional 218,537 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Toast by 108.3% during the second quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock valued at $349,333,000 after purchasing an additional 4,100,104 shares during the period. Institutional investors own 82.91% of the company’s stock.

Toast Stock Down 3.5%

TOST stock opened at $27.70 on Friday. The firm has a market cap of $14.52 billion, a PE ratio of 51.30 and a beta of 1.95. The business has a 50 day moving average of $30.57 and a 200-day moving average of $35.03. Toast, Inc. has a 12-month low of $24.35 and a 12-month high of $49.66.

Toast (NYSE:TOST) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 18.14% and a net margin of 5.56%.The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the business posted $0.05 earnings per share. The business’s revenue was up 22.0% compared to the same quarter last year. On average, research analysts expect that Toast, Inc. will post 0.39 earnings per share for the current year.

Toast declared that its board has authorized a share buyback plan on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CRO Jonathan Vassil sold 1,454 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total transaction of $44,114.36. Following the completion of the transaction, the executive owned 139,893 shares in the company, valued at approximately $4,244,353.62. This represents a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Stephen Fredette sold 1,060 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $32,160.40. Following the sale, the president owned 913,067 shares of the company’s stock, valued at $27,702,452.78. This trade represents a 0.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 100,856 shares of company stock worth $3,540,449. 12.14% of the stock is owned by insiders.

Analyst Ratings Changes

TOST has been the subject of several research reports. Oppenheimer reduced their target price on Toast from $48.00 to $39.00 and set an “outperform” rating for the company in a research note on Friday, February 13th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Toast in a research note on Monday, December 29th. Evercore upgraded Toast from an “in-line” rating to an “outperform” rating and set a $40.00 price target on the stock in a report on Tuesday, January 20th. Stephens set a $42.00 price objective on Toast in a research note on Friday, January 16th. Finally, Jefferies Financial Group set a $35.00 price objective on Toast in a report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Toast currently has a consensus rating of “Moderate Buy” and an average target price of $40.46.

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.