Neuberger Berman Group LLC Grows Stake in Toast, Inc. $TOST

Neuberger Berman Group LLC increased its stake in shares of Toast, Inc. (NYSE:TOST) by 13.4% in the 3rd quarter, Holdings Channel reports. The firm owned 1,670,185 shares of the company’s stock after purchasing an additional 197,547 shares during the period. Neuberger Berman Group LLC’s holdings in Toast were worth $60,978,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Toast by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company’s stock worth $1,634,339,000 after buying an additional 352,435 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Toast by 74.4% during the third quarter. Jennison Associates LLC now owns 15,000,561 shares of the company’s stock valued at $547,670,000 after acquiring an additional 6,398,674 shares during the last quarter. State Street Corp lifted its position in shares of 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 acquiring an additional 245,276 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Toast by 2.8% in the second quarter. Geode Capital Management LLC now owns 7,902,519 shares of the company’s stock valued at $348,906,000 after acquiring an additional 218,537 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Toast by 108.3% in the second quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock worth $349,333,000 after acquiring an additional 4,100,104 shares during the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Toast Stock Performance

Shares of Toast stock opened at $30.38 on Friday. The firm has a market capitalization of $15.92 billion, a price-to-earnings ratio of 56.26 and a beta of 1.95. Toast, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $49.66. The stock has a 50 day moving average of $31.16 and a 200 day moving average of $35.42.

Toast (NYSE:TOST) last posted its 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 net margin of 5.56% and a return on equity of 18.14%. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the prior year, the firm earned $0.05 EPS. Toast’s revenue for the quarter was up 22.0% compared to the same quarter last year. Analysts forecast that Toast, Inc. will post 0.39 EPS for the current year.

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

Wall Street Analysts Forecast Growth

TOST has been the subject of several research reports. Oppenheimer dropped their price target on Toast from $48.00 to $39.00 and set an “outperform” rating for the company in a research report on Friday, February 13th. DA Davidson decreased their price objective on Toast from $36.00 to $33.00 and set a “neutral” rating on the stock in a report on Tuesday, February 17th. BNP Paribas Exane raised shares of Toast from a “hold” rating to an “outperform” rating and set a $40.00 target price on the stock in a research note on Monday, December 1st. Sanford C. Bernstein set a $39.00 target price on shares of Toast in a report on Monday, February 16th. Finally, The Goldman Sachs Group reduced their target price on shares of Toast from $43.00 to $31.00 and set a “neutral” rating for the company in a research report on Tuesday, February 17th. Seventeen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.46.

Insider Activity

In other Toast news, 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 transaction, the general counsel owned 235,757 shares of the company’s stock, valued at $8,105,325.66. This represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Aman Narang sold 1,648 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $50,000.32. Following the transaction, the chief executive officer directly owned 340,723 shares of the company’s stock, valued at approximately $10,337,535.82. This trade represents a 0.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 100,856 shares of company stock worth $3,540,449. 12.14% of the stock is currently owned by corporate insiders.

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.