Toast, Inc. $TOST Stake Cut by Mizuho Markets Cayman LP

Mizuho Markets Cayman LP lessened its holdings in Toast, Inc. (NYSE:TOST) by 85.5% in the third quarter, HoldingsChannel.com reports. The firm owned 15,566 shares of the company’s stock after selling 91,864 shares during the period. Mizuho Markets Cayman LP’s holdings in Toast were worth $568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in TOST. Alliancebernstein L.P. raised its stake in Toast by 2,432.8% during the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock worth $299,957,000 after acquiring an additional 7,891,383 shares during the period. Jennison Associates LLC grew 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 purchasing an additional 6,398,674 shares during the last quarter. Norges Bank acquired a new stake in shares of Toast during the 2nd quarter worth approximately $219,324,000. Marshall Wace LLP lifted its holdings in shares of Toast by 108.3% in the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock worth $349,333,000 after purchasing an additional 4,100,104 shares during the last quarter. Finally, ValueAct Holdings L.P. bought a new stake in Toast in the third quarter valued at $124,032,000. Institutional investors own 82.91% of the company’s stock.

Insider Transactions at Toast

In related news, General Counsel Brian R. Elworthy sold 3,303 shares of Toast stock in a transaction dated Monday, January 5th. The stock was 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 approximately $8,105,325.66. This trade represents a 1.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Elena Gomez sold 6,672 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 transaction of $229,383.36. Following the sale, the chief financial officer directly owned 162,153 shares of the company’s stock, valued at $5,574,820.14. This represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,856 shares of company stock worth $3,540,449 in the last three months. Insiders own 12.14% of the company’s stock.

Analysts Set New Price Targets

TOST has been the subject of several recent research reports. Stephens set a $42.00 price target on shares of Toast in a research report on Friday, January 16th. The Goldman Sachs Group decreased their price objective on Toast from $43.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, February 17th. JPMorgan Chase & Co. upgraded Toast from a “neutral” rating to an “overweight” rating and set a $43.00 target price on the stock in a research report on Thursday, December 4th. Needham & Company LLC reduced 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. Finally, Truist Financial set a $36.00 target price on shares of Toast in a research report on Wednesday, February 25th. Seventeen 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.46.

Toast Trading Up 1.0%

NYSE:TOST opened at $28.39 on Wednesday. The company has a 50-day moving average of $30.16 and a 200-day moving average of $34.55. The firm has a market cap of $14.88 billion, a price-to-earnings ratio of 52.58 and a beta of 1.95. Toast, Inc. has a twelve month low of $24.35 and a twelve month high of $49.66.

Toast (NYSE:TOST) last released 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). The business had revenue of $1.63 billion during 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 firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. On average, research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current year.

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

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.