Nordea Investment Management AB Increases Stake in Toast, Inc. $TOST

Nordea Investment Management AB increased its position in shares of Toast, Inc. (NYSE:TOST) by 843.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,307,158 shares of the company’s stock after buying an additional 1,168,539 shares during the quarter. Nordea Investment Management AB’s holdings in Toast were worth $46,888,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division lifted its stake in Toast by 123.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock worth $33,000 after acquiring an additional 521 shares during the last quarter. Avior Wealth Management LLC increased its position in shares of Toast by 8.2% in the 4th quarter. Avior Wealth Management LLC now owns 7,068 shares of the company’s stock valued at $251,000 after purchasing an additional 533 shares during the last quarter. Union Bancaire Privee UBP SA increased its position in shares of Toast by 26.2% in the 4th quarter. Union Bancaire Privee UBP SA now owns 13,652 shares of the company’s stock valued at $498,000 after purchasing an additional 2,835 shares during the last quarter. Triumph Capital Management raised its holdings in shares of Toast by 15.8% in the 3rd quarter. Triumph Capital Management now owns 14,519 shares of the company’s stock valued at $530,000 after purchasing an additional 1,984 shares in the last quarter. Finally, Keel Point LLC lifted its position in shares of Toast by 3.2% during the 3rd quarter. Keel Point LLC now owns 13,531 shares of the company’s stock worth $494,000 after purchasing an additional 415 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Analysts Set New Price Targets

TOST has been the subject of a number of analyst reports. JPMorgan Chase & Co. upgraded shares of Toast from a “neutral” rating to an “overweight” rating and set a $43.00 target price for the company in a research note on Thursday, December 4th. Citigroup cut their price target on Toast from $51.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Jefferies Financial Group set a $35.00 price target on Toast in a report on Friday, February 13th. Wells Fargo & Company lowered their price objective on Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Finally, Mizuho dropped their price objective on Toast from $57.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, February 17th. Seventeen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, Toast currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.46.

Insiders Place Their Bets

In related news, CFO Elena Gomez sold 1,437 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $43,598.58. Following the transaction, the chief financial officer owned 164,629 shares in the company, valued at $4,994,843.86. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Stephen Fredette sold 1,060 shares of Toast stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total value of $32,160.40. Following the transaction, the president directly owned 913,067 shares in the company, valued at approximately $27,702,452.78. This trade represents a 0.12% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 100,856 shares of company stock worth $3,540,449. Corporate insiders own 12.14% of the company’s stock.

Toast Price Performance

Shares of NYSE:TOST opened at $27.60 on Tuesday. The company’s fifty day moving average price is $29.47 and its 200 day moving average price is $34.11. Toast, Inc. has a 12 month low of $24.35 and a 12 month high of $49.66. The firm has a market capitalization of $14.46 billion, a P/E ratio of 51.10 and a beta of 1.95.

Toast (NYSE:TOST) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.16 earnings per share (EPS) 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 analyst estimates of $1.62 billion. Toast had a net margin of 5.56% and a return on equity of 18.14%. The business’s revenue was up 22.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. On average, sell-side analysts anticipate that Toast, Inc. will post 0.39 EPS for the current year.

Toast declared that its Board of Directors has initiated a share repurchase program on Thursday, February 12th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.