Intech Investment Management LLC Decreases Stock Position in Toast, Inc. $TOST

Intech Investment Management LLC lessened its position in Toast, Inc. (NYSE:TOST) by 29.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 126,842 shares of the company’s stock after selling 54,158 shares during the quarter. Intech Investment Management LLC’s holdings in Toast were worth $4,504,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Capital International Investors lifted its position in shares of Toast by 7.4% in the third quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock valued at $1,768,256,000 after acquiring an additional 3,351,545 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Toast by 0.8% in the third quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company’s stock valued at $1,634,339,000 after purchasing an additional 352,435 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Toast by 1.0% in the fourth quarter. Jennison Associates LLC now owns 15,157,955 shares of the company’s stock valued at $538,259,000 after purchasing an additional 157,394 shares during the last quarter. State Street Corp increased its holdings in shares of Toast by 3.5% in the third quarter. State Street Corp now owns 9,538,312 shares of the company’s stock valued at $348,244,000 after purchasing an additional 325,423 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Toast by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 8,675,056 shares of the company’s stock valued at $307,214,000 after purchasing an additional 169,230 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Stock Up 0.1%

TOST stock opened at $26.06 on Monday. The business has a fifty day moving average of $26.27 and a two-hundred day moving average of $30.23. The stock has a market cap of $13.45 billion, a price-to-earnings ratio of 40.10 and a beta of 1.76. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $49.66.

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

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Toast in a report on Friday, May 8th. Wall Street Zen cut Toast from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. UBS Group cut their price target on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a report on Friday, May 8th. Rothschild & Co Redburn reaffirmed a “neutral” rating and issued a $35.00 price target on shares of Toast in a report on Tuesday, May 12th. Finally, BMO Capital Markets assumed coverage on Toast in a report on Tuesday, April 21st. They issued an “outperform” rating and a $35.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Toast presently has a consensus rating of “Moderate Buy” and an average target price of $37.84.

Insider Activity at Toast

In other Toast news, CFO Elena Gomez sold 8,929 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $233,850.51. Following the completion of the sale, the chief financial officer owned 173,064 shares of the company’s stock, valued at $4,532,546.16. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Stephen Fredette sold 7,289 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $190,898.91. Following the sale, the president directly owned 920,985 shares of the company’s stock, valued at approximately $24,120,597.15. This trade represents a 0.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 39,783 shares of company stock valued at $1,041,917 over the last 90 days. Corporate insiders own 10.03% of the company’s stock.

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.