Candriam S.C.A. Sells 250,087 Shares of Toast, Inc. $TOST

Candriam S.C.A. lessened its stake in shares of Toast, Inc. (NYSE:TOST) by 84.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,888 shares of the company’s stock after selling 250,087 shares during the quarter. Candriam S.C.A.’s holdings in Toast were worth $1,243,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Toast in the 4th quarter worth about $202,808,000. ValueAct Holdings L.P. raised its position in Toast by 135.9% in the fourth quarter. ValueAct Holdings L.P. now owns 8,015,277 shares of the company’s stock worth $284,622,000 after acquiring an additional 4,618,077 shares during the period. XN LP lifted its stake in Toast by 50.8% in the fourth quarter. XN LP now owns 8,988,386 shares of the company’s stock valued at $319,178,000 after purchasing an additional 3,029,856 shares during the last quarter. Worldquant Millennium Advisors LLC lifted its position in shares of Toast by 343.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company’s stock valued at $79,377,000 after buying an additional 1,388,210 shares during the last quarter. Finally, Bank of Nova Scotia lifted its holdings in Toast by 18,198.4% during the fourth quarter. Bank of Nova Scotia now owns 1,247,037 shares of the company’s stock valued at $44,282,000 after purchasing an additional 1,240,222 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TOST. Robert W. Baird raised their price target on Toast from $30.00 to $33.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Toast in a research note on Wednesday, May 20th. BMO Capital Markets reiterated an “outperform” rating on shares of Toast in a research report on Monday, June 1st. The Goldman Sachs Group raised shares of Toast from a “neutral” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Thursday, July 9th. Finally, Barclays initiated coverage on Toast in a research note on Tuesday, July 7th. They issued an “overweight” rating and a $35.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Toast presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.59.

Insider Buying and Selling at Toast

In other Toast news, CFO Elena Gomez sold 11,605 shares of Toast stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $334,804.25. Following the completion of the transaction, the chief financial officer directly owned 185,150 shares of the company’s stock, valued at approximately $5,341,577.50. The trade was a 5.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Stephen Fredette sold 9,146 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $263,862.10. Following the completion of the transaction, the president directly owned 931,449 shares in the company, valued at $26,872,303.65. This trade represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 159,265 shares of company stock valued at $4,278,832 in the last ninety days. Corporate insiders own 10.03% of the company’s stock.

Toast Trading Up 0.3%

TOST opened at $30.04 on Wednesday. The stock has a fifty day simple moving average of $25.75 and a two-hundred day simple moving average of $28.33. The company has a market cap of $15.50 billion, a price-to-earnings ratio of 46.21 and a beta of 1.74. Toast, Inc. has a 12-month low of $22.26 and a 12-month high of $49.66.

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.