Bank of America Corp DE Sells 1,336,160 Shares of Toast, Inc. (NYSE:TOST)

Bank of America Corp DE reduced its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 47.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,458,286 shares of the company's stock after selling 1,336,160 shares during the period. Bank of America Corp DE owned 0.31% of Toast worth $53,155,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership purchased a new position in Toast in the 4th quarter worth approximately $282,010,000. Norges Bank bought a new position in shares of Toast during the fourth quarter valued at approximately $205,888,000. FMR LLC boosted its stake in Toast by 22.1% in the fourth quarter. FMR LLC now owns 29,853,639 shares of the company's stock valued at $1,088,165,000 after acquiring an additional 5,403,896 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Toast by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company's stock valued at $1,548,186,000 after purchasing an additional 4,147,430 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Toast by 255.0% during the 4th quarter. Renaissance Technologies LLC now owns 3,504,212 shares of the company's stock worth $127,729,000 after acquiring an additional 2,517,012 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, President Stephen Fredette sold 70,340 shares of Toast stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $33.87, for a total transaction of $2,382,415.80. Following the sale, the president now directly owns 1,574,316 shares of the company's stock, valued at approximately $53,322,082.92. The trade was a 4.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Deval L. Patrick sold 34,222 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $33.01, for a total value of $1,129,668.22. Following the completion of the transaction, the director now owns 13,260 shares in the company, valued at approximately $437,712.60. This trade represents a 72.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 335,991 shares of company stock worth $11,614,520 over the last ninety days. 13.32% of the stock is owned by company insiders.

Toast Trading Up 2.5%

Shares of Toast stock opened at $43.95 on Wednesday. The stock has a market cap of $21.86 billion, a PE ratio of -4,390.61, a price-to-earnings-growth ratio of 2.16 and a beta of 1.98. Toast, Inc. has a 12-month low of $21.32 and a 12-month high of $45.56. The company has a 50-day moving average of $34.89 and a two-hundred day moving average of $37.05.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Toast had a net margin of 0.40% and a return on equity of 1.54%. On average, sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

TOST has been the subject of several research reports. DA Davidson cut their price objective on Toast from $42.00 to $40.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Keefe, Bruyette & Woods increased their target price on shares of Toast from $40.00 to $42.00 and gave the stock a "market perform" rating in a research note on Thursday, February 20th. UBS Group lifted their target price on Toast from $41.00 to $47.00 and gave the company a "buy" rating in a research report on Thursday, February 20th. Canaccord Genuity Group increased their price target on shares of Toast from $43.00 to $48.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Finally, Royal Bank of Canada lifted their target price on Toast from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Thursday, February 20th. Thirteen investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $40.91.

Toast Company Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.

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