Arizona State Retirement System Grows Stock Holdings in Toast, Inc. (NYSE:TOST)

Posted by Defense World Staff on Jul 23rd, 2023

Arizona State Retirement System increased its stake in shares of Toast, Inc. (NYSE:TOST – Free Report) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 72,920 shares of the company’s stock after purchasing an additional 3,189 shares during the period. Arizona State Retirement System’s holdings in Toast were worth $1,294,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Whittier Trust Co. grew its position in Toast by 365.0% during the first quarter. Whittier Trust Co. now owns 1,660 shares of the company’s stock valued at $29,000 after buying an additional 1,303 shares during the period. PNC Financial Services Group Inc. grew its position in Toast by 277.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,710 shares of the company’s stock valued at $31,000 after buying an additional 1,257 shares during the period. American International Group Inc. bought a new stake in Toast during the second quarter valued at approximately $46,000. Seeyond bought a new stake in Toast during the fourth quarter valued at approximately $56,000. Finally, Sands Capital Ventures LLC bought a new stake in Toast during the fourth quarter valued at approximately $81,000. 57.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Bank of America initiated coverage on shares of Toast in a research report on Thursday, June 1st. They set a “buy” rating for the company. Stephens initiated coverage on shares of Toast in a research report on Thursday, April 13th. They issued an “equal weight” rating and a $18.00 price target for the company. BTIG Research initiated coverage on shares of Toast in a research report on Thursday, June 15th. They issued a “neutral” rating for the company. Jefferies Financial Group initiated coverage on shares of Toast in a research report on Tuesday, July 11th. They issued a “buy” rating and a $28.00 price target for the company. Finally, KeyCorp dropped their price target on shares of Toast from $26.00 to $24.00 and set an “overweight” rating for the company in a research report on Wednesday, April 5th. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Toast presently has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Insider Activity at Toast

In other news, insider Stephen Fredette sold 22,758 shares of the stock in a transaction on Friday, May 26th. The shares were sold at an average price of $22.07, for a total value of $502,269.06. Following the sale, the insider now owns 3,294,540 shares of the company’s stock, valued at $72,710,497.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Stephen Fredette sold 22,758 shares of the stock in a transaction on Friday, May 26th. The shares were sold at an average price of $22.07, for a total value of $502,269.06. Following the sale, the insider now owns 3,294,540 shares of the company’s stock, valued at $72,710,497.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Christopher P. Comparato sold 58,000 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $25.82, for a total transaction of $1,497,560.00. Following the completion of the sale, the chief executive officer now directly owns 320,001 shares in the company, valued at approximately $8,262,425.82. The disclosure for this sale can be found here. Insiders have sold a total of 2,891,232 shares of company stock valued at $63,060,860 over the last 90 days. 13.70% of the stock is owned by corporate insiders.

Toast Stock Up 0.4 %

Toast stock opened at $21.96 on Friday. The company has a market cap of $11.65 billion, a price-to-earnings ratio of -33.78 and a beta of 1.75. The firm’s fifty day moving average is $22.21 and its 200 day moving average is $20.24. Toast, Inc. has a 52-week low of $13.65 and a 52-week high of $27.00.

Toast (NYSE:TOST – Get Free Report) last released its quarterly earnings results on Tuesday, May 9th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.02. The company had revenue of $819.00 million for the quarter, compared to the consensus estimate of $763.11 million. Toast had a negative net margin of 11.01% and a negative return on equity of 29.74%. Toast’s revenue was up 53.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. On average, equities research analysts anticipate that Toast, Inc. will post -0.52 earnings per share for the current fiscal year.

Toast Profile

(Free Report)

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast POS, a software module that integrates payment processing with point of sale functionality; Toast Invoicing that allows restaurants to send invoices and collect payment; Toast Mobile Order & Pay, which allows guests to scan a QR code to browse the menu, order, and pay from mobile; Kitchen Display System software that connects the house with the kitchen staff; and Multi-Location Management, a tool to manage operations and configure menus across multiple locations and channels.