State of Michigan Retirement System Invests $6.68 Million in Toast, Inc. $TOST

State of Michigan Retirement System acquired a new stake in shares of Toast, Inc. (NYSE:TOST) in the third quarter, HoldingsChannel reports. The fund acquired 183,000 shares of the company’s stock, valued at approximately $6,681,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Cim LLC raised its holdings in shares of Toast by 0.7% during the 2nd quarter. Cim LLC now owns 38,302 shares of the company’s stock valued at $1,696,000 after purchasing an additional 273 shares in the last quarter. Trinity Financial Advisors LLC lifted its holdings in shares of Toast by 2.5% during the 3rd quarter. Trinity Financial Advisors LLC now owns 12,094 shares of the company’s stock worth $442,000 after acquiring an additional 296 shares during the period. Parkside Financial Bank & Trust lifted its position in shares of Toast by 4.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 6,921 shares of the company’s stock worth $307,000 after buying an additional 306 shares during the period. Purus Wealth Management LLC lifted its holdings in Toast by 5.8% during the 3rd quarter. Purus Wealth Management LLC now owns 6,002 shares of the company’s stock valued at $219,000 after purchasing an additional 330 shares during the last quarter. Finally, Investment Management Corp VA ADV raised its position in Toast by 2.4% in the 3rd quarter. Investment Management Corp VA ADV now owns 14,192 shares of the company’s stock valued at $518,000 after purchasing an additional 339 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

TOST has been the topic of several research analyst reports. Jefferies Financial Group reissued a “buy” rating on shares of Toast in a research note on Tuesday, February 3rd. BNP Paribas Exane raised shares of Toast from a “hold” rating to an “outperform” rating and set a $40.00 price objective on the stock in a research note on Monday, December 1st. Truist Financial set a $42.00 target price on Toast in a research note on Tuesday, January 20th. Weiss Ratings reissued a “hold (c-)” rating on shares of Toast in a research report on Monday, December 29th. Finally, Citigroup raised Toast to a “strong-buy” rating in a research report on Thursday, October 23rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $45.55.

Toast Trading Up 3.4%

Toast stock opened at $28.67 on Tuesday. The stock’s 50 day moving average is $34.13 and its 200-day moving average is $37.71. Toast, Inc. has a 12 month low of $26.92 and a 12 month high of $49.66. The company has a market capitalization of $14.77 billion, a price-to-earnings ratio of 66.67 and a beta of 1.93.

Insider Buying and Selling at Toast

In related news, CFO Elena Gomez sold 6,672 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $229,383.36. Following the sale, the chief financial officer 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Jonathan Vassil sold 66,390 shares of Toast stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $35.86, for a total value of $2,380,745.40. Following the completion of the transaction, the executive directly owned 84,589 shares of the company’s stock, valued at $3,033,361.54. This represents a 43.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 100,856 shares of company stock valued at $3,540,449 in the last quarter. Company insiders own 12.14% of the company’s stock.

Toast Company 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.