State of Michigan Retirement System Takes Position in Toast, Inc. $TOST

State of Michigan Retirement System purchased a new position in Toast, Inc. (NYSE:TOST) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 183,000 shares of the company’s stock, valued at approximately $6,681,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of TOST. Cim LLC lifted its stake in Toast by 0.7% during the second quarter. Cim LLC now owns 38,302 shares of the company’s stock worth $1,696,000 after purchasing an additional 273 shares during the last quarter. Trinity Financial Advisors LLC lifted its position in Toast by 2.5% in the 3rd quarter. Trinity Financial Advisors LLC now owns 12,094 shares of the company’s stock valued at $442,000 after purchasing an additional 296 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Toast by 4.6% during the second quarter. Parkside Financial Bank & Trust now owns 6,921 shares of the company’s stock valued at $307,000 after buying an additional 306 shares during the last quarter. Purus Wealth Management LLC raised its stake in Toast by 5.8% during the 3rd quarter. Purus Wealth Management LLC now owns 6,002 shares of the company’s stock valued at $219,000 after acquiring an additional 330 shares in the last quarter. Finally, Investment Management Corp VA ADV raised its stake in shares of Toast by 2.4% during the third quarter. Investment Management Corp VA ADV now owns 14,192 shares of the company’s stock valued at $518,000 after purchasing an additional 339 shares in 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 topic of several recent analyst reports. DA Davidson dropped their target price on Toast from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 2nd. Weiss Ratings reissued a “hold (c-)” rating on shares of Toast in a research note on Monday, December 29th. UBS Group restated a “buy” rating on shares of Toast in a report on Thursday, December 18th. Morgan Stanley lifted their target price on Toast from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Citigroup raised shares of Toast to a “strong-buy” rating in a report on Thursday, October 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Toast currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.55.

Insider Activity

In other Toast news, 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 completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Brian R. Elworthy sold 3,303 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total value of $113,557.14. Following the completion of the transaction, the general counsel owned 235,757 shares in the company, valued at $8,105,325.66. This represents a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 Stock Up 3.4%

Shares of NYSE:TOST opened at $28.67 on Tuesday. The company’s fifty day moving average is $34.13 and its two-hundred day moving average is $37.71. The company has a market cap of $14.77 billion, a P/E ratio of 66.67 and a beta of 1.93. Toast, Inc. has a 12-month low of $26.92 and a 12-month high of $49.66.

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.