Allspring Global Investments Holdings LLC Sells 705,364 Shares of Toast, Inc. $TOST

Allspring Global Investments Holdings LLC trimmed its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 97.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,308 shares of the company's stock after selling 705,364 shares during the period. Allspring Global Investments Holdings LLC's holdings in Toast were worth $451,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BOKF NA boosted its holdings in shares of Toast by 4.5% during the 3rd quarter. BOKF NA now owns 8,023 shares of the company's stock worth $293,000 after buying an additional 345 shares during the period. Fifth Third Wealth Advisors LLC lifted its position in Toast by 0.5% during the first quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company's stock worth $1,800,000 after acquiring an additional 358 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Toast by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company's stock worth $1,012,000 after acquiring an additional 380 shares during the last quarter. Seven Mile Advisory lifted its position in Toast by 3.1% during the third quarter. Seven Mile Advisory now owns 12,689 shares of the company's stock worth $463,000 after acquiring an additional 381 shares during the last quarter. Finally, HM Payson & Co. boosted its holdings in shares of Toast by 6.2% during the fourth quarter. HM Payson & Co. now owns 6,742 shares of the company's stock worth $239,000 after acquiring an additional 392 shares during the period. 82.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Elena Gomez sold 11,605 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $334,804.25. Following the completion of the sale, the chief financial officer owned 185,150 shares of the company's stock, valued at approximately $5,341,577.50. This represents a 5.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Stephen Fredette sold 9,146 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $263,862.10. Following the sale, the president owned 931,449 shares in the company, valued at $26,872,303.65. This represents a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is owned by company insiders.

Toast Price Performance

Toast stock opened at $32.27 on Wednesday. The stock's fifty day moving average price is $26.90 and its two-hundred day moving average price is $27.93. Toast, Inc. has a one year low of $22.26 and a one year high of $49.66. The firm has a market cap of $16.65 billion, a PE ratio of 49.65 and a beta of 1.74.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.08). Toast had a return on equity of 20.86% and a net margin of 6.39%.The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company posted $0.09 earnings per share. The business's revenue for the quarter was up 21.9% compared to the same quarter last year. Sell-side analysts expect that Toast, Inc. will post 0.97 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TOST. Barclays began coverage on Toast in a research note on Tuesday, July 7th. They set an "overweight" rating and a $35.00 target price on the stock. Rothschild & Co Redburn restated a "neutral" rating and issued a $35.00 price target on shares of Toast in a research note on Tuesday, May 12th. Oppenheimer reaffirmed an "outperform" rating and issued a $36.00 price objective on shares of Toast in a report on Friday, May 8th. The Goldman Sachs Group upgraded Toast from a "neutral" rating to a "buy" rating and set a $36.00 price objective on the stock in a research report on Thursday, July 9th. Finally, Loop Capital began coverage on Toast in a report on Tuesday, March 31st. They set a "hold" rating and a $26.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $37.08.

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.

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