Allstate Corp Boosts Stock Position in Toast, Inc. $TOST

Key Points

• Allstate Corp increased its holdings in Toast, Inc. by 71.0% during Q1, acquiring an additional 8,142 shares, bringing its total to 19,615 shares valued at $651,000.
• Insider sales at Toast included Director Paul D. Bell selling 12,500 shares for approximately $529,750 and General Counsel Brian R. Elworthy selling 300,000 shares worth about $12.78 million, contributing to a total of 405,554 shares worth $17.33 million sold by insiders in the last ninety days.
• Several analysts recently upgraded their price targets for Toast, with Needham and Company raising it to $60.00 and Morgan Stanley to $54.00, reflecting a consensus rating of "Moderate Buy" across fifteen analysts.

Allstate Corp increased its position in Toast, Inc. (NYSE:TOST - Free Report) by 71.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,615 shares of the company's stock after purchasing an additional 8,142 shares during the period. Allstate Corp's holdings in Toast were worth $651,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TOST. Wayfinding Financial LLC purchased a new stake in Toast in the first quarter worth $34,000. Piscataqua Savings Bank raised its stake in Toast by 57.1% during the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after buying an additional 400 shares during the last quarter. West Branch Capital LLC raised its stake in Toast by 862.1% during the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock valued at $37,000 after buying an additional 1,000 shares during the last quarter. SBI Securities Co. Ltd. raised its stake in Toast by 29.2% during the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after buying an additional 284 shares during the last quarter. Finally, Signaturefd LLC raised its stake in Toast by 227.1% during the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after buying an additional 1,022 shares during the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Aman Narang sold 13,829 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $42.59, for a total value of $588,977.11. Following the completion of the transaction, the chief executive officer directly owned 302,498 shares of the company's stock, valued at approximately $12,883,389.82. This trade represents a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul D. Bell sold 12,500 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $42.38, for a total transaction of $529,750.00. Following the completion of the transaction, the director directly owned 226,892 shares of the company's stock, valued at approximately $9,615,682.96. This trade represents a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 405,554 shares of company stock valued at $17,333,686. 12.14% of the stock is owned by corporate insiders.

Toast Stock Performance

Shares of NYSE TOST traded up $0.21 during midday trading on Friday, reaching $45.16. The stock had a trading volume of 4,185,696 shares, compared to its average volume of 7,296,503. The stock has a 50-day moving average of $44.88 and a 200-day moving average of $40.28. The company has a market capitalization of $23.03 billion, a price-to-earnings ratio of 132.83 and a beta of 2.01. Toast, Inc. has a 12-month low of $22.91 and a 12-month high of $49.66.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The company had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.52 billion. During the same period last year, the firm posted $0.02 EPS. Toast's quarterly revenue was up 24.8% compared to the same quarter last year. As a group, analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TOST. JPMorgan Chase & Co. lifted their price objective on Toast from $42.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. The Goldman Sachs Group lifted their price objective on Toast from $45.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods increased their target price on Toast from $47.00 to $50.00 and gave the company a "market perform" rating in a research note on Wednesday, August 6th. DA Davidson increased their target price on Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Finally, Truist Financial increased their target price on Toast from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Toast has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

About Toast

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.