Victory Capital Management Inc. Purchases 525,159 Shares of Toast, Inc. $TOST

Victory Capital Management Inc. boosted its position in Toast, Inc. (NYSE:TOST) by 207.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 777,861 shares of the company’s stock after acquiring an additional 525,159 shares during the period. Victory Capital Management Inc. owned 0.15% of Toast worth $28,400,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TOST. Allianz Asset Management GmbH lifted its holdings in Toast by 322.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company’s stock worth $13,245,000 after buying an additional 276,803 shares during the period. Candriam S.C.A. increased its stake in shares of Toast by 10.9% during the third quarter. Candriam S.C.A. now owns 602,200 shares of the company’s stock valued at $21,986,000 after buying an additional 59,045 shares during the period. Nordea Investment Management AB increased its stake in shares of Toast by 49.5% during the third quarter. Nordea Investment Management AB now owns 138,619 shares of the company’s stock valued at $4,988,000 after buying an additional 45,898 shares during the period. Citigroup Inc. raised its holdings in shares of Toast by 17.2% during the third quarter. Citigroup Inc. now owns 1,042,102 shares of the company’s stock valued at $38,047,000 after acquiring an additional 152,807 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Toast in the third quarter worth $2,891,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. DA Davidson reduced their price objective on shares of Toast from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 17th. Evercore raised shares of Toast from an “in-line” rating to an “outperform” rating and set a $40.00 target price on the stock in a research note on Tuesday, January 20th. JPMorgan Chase & Co. upgraded shares of Toast from a “neutral” rating to an “overweight” rating and set a $43.00 price target on the stock in a research report on Thursday, December 4th. Wolfe Research downgraded shares of Toast from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 8th. Finally, Needham & Company LLC lowered their price objective on shares of Toast from $60.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Toast has an average rating of “Moderate Buy” and a consensus target price of $40.46.

Insider Transactions at Toast

In other Toast news, CEO Aman Narang sold 1,648 shares of Toast stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $50,000.32. Following the completion of the transaction, the chief executive officer owned 340,723 shares in the company, valued at approximately $10,337,535.82. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Elena Gomez sold 1,437 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total value of $43,598.58. Following the completion of the sale, the chief financial officer directly owned 164,629 shares in the company, valued at approximately $4,994,843.86. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 100,856 shares of company stock worth $3,540,449. Company insiders own 12.14% of the company’s stock.

Toast Price Performance

NYSE:TOST opened at $30.38 on Monday. The firm’s 50-day moving average price is $31.16 and its 200-day moving average price is $35.32. The company has a market capitalization of $15.92 billion, a PE ratio of 56.26 and a beta of 1.95. Toast, Inc. has a 1-year low of $24.35 and a 1-year high of $49.66.

Toast (NYSE:TOST) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. Toast had a return on equity of 18.14% and a net margin of 5.56%.The company’s revenue was up 22.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. Equities analysts anticipate that Toast, Inc. will post 0.39 EPS for the current fiscal year.

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

Toast 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.