Sumitomo Mitsui Trust Group Inc. Buys 1,982,566 Shares of Toast, Inc. $TOST

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Toast, Inc. (NYSE:TOST) by 35.8% during the third quarter, Holdings Channel reports. The fund owned 7,517,216 shares of the company’s stock after buying an additional 1,982,566 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Toast were worth $274,454,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. NewEdge Advisors LLC increased its stake in Toast by 1,555.5% in the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock valued at $578,000 after purchasing an additional 16,379 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Toast by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,760,142 shares of the company’s stock valued at $58,384,000 after buying an additional 108,234 shares during the period. Strs Ohio acquired a new position in Toast during the 1st quarter worth approximately $920,000. Swedbank AB raised its stake in Toast by 523.4% during the 1st quarter. Swedbank AB now owns 51,864 shares of the company’s stock worth $1,720,000 after buying an additional 43,545 shares during the period. Finally, AG2R LA Mondiale Gestion D Actifs bought a new position in Toast in the first quarter worth approximately $798,000. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Toast

In other Toast news, CRO Jonathan Vassil sold 4,787 shares of Toast stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total value of $164,577.06. Following the sale, the executive owned 79,802 shares of the company’s stock, valued at approximately $2,743,592.76. The trade was a 5.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Brian R. Elworthy sold 3,303 shares of the business’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 $113,557.14. Following the completion of the transaction, the general counsel owned 235,757 shares in the company, valued at approximately $8,105,325.66. The trade was a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 102,595 shares of company stock worth $3,634,737. 12.14% of the stock is owned by company insiders.

Toast Stock Up 2.2%

Shares of NYSE TOST opened at $36.23 on Tuesday. The company has a market capitalization of $18.66 billion, a PE ratio of 84.26 and a beta of 1.93. The stock’s 50 day moving average price is $35.50 and its 200-day moving average price is $39.56. Toast, Inc. has a twelve month low of $28.12 and a twelve month high of $49.66.

Toast (NYSE:TOST) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 15.77% and a net margin of 4.68%.The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the business posted $0.07 earnings per share. The business’s revenue was up 25.1% compared to the same quarter last year. As a group, research analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TOST shares. The Goldman Sachs Group decreased their price objective on Toast from $51.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, October 13th. Truist Financial lowered their price objective on shares of Toast from $47.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. DA Davidson set a $42.00 price objective on shares of Toast in a research note on Wednesday, November 5th. Oppenheimer decreased their target price on shares of Toast from $49.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Toast from $50.00 to $42.00 and set a “market perform” rating on the stock in a research report on Wednesday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Toast presently has an average rating of “Moderate Buy” and an average target price of $45.27.

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.