Bank of Nova Scotia Has $8.28 Million Stake in Toast, Inc. (NYSE:TOST)

Key Points

• The Bank of Nova Scotia increased its stake in Toast, Inc. by 6.0% during Q1, now owning approximately $8.28 million worth of shares.
• Toast's stock has seen a significant rise, trading up by 5.9% recently, with current prices hovering around $49.40.
• Institutional investors now own 82.91% of Toast's stock, indicating strong confidence from major financial entities.

Bank of Nova Scotia boosted its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 6.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 249,527 shares of the company's stock after acquiring an additional 14,015 shares during the period. Bank of Nova Scotia owned 0.05% of Toast worth $8,277,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. boosted its holdings in shares of Toast by 29.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after purchasing an additional 284 shares in the last quarter. Stonekeep Investments LLC boosted its holdings in shares of Toast by 4.0% in the 1st quarter. Stonekeep Investments LLC now owns 7,791 shares of the company's stock valued at $258,000 after purchasing an additional 297 shares in the last quarter. Keel Point LLC boosted its holdings in shares of Toast by 2.7% in the 4th quarter. Keel Point LLC now owns 12,269 shares of the company's stock valued at $447,000 after purchasing an additional 326 shares in the last quarter. Piscataqua Savings Bank boosted its holdings in shares of Toast by 57.1% in the 1st quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after purchasing an additional 400 shares in the last quarter. Finally, Legacy Advisors LLC boosted its holdings in shares of Toast by 1.7% in the 1st quarter. Legacy Advisors LLC now owns 26,318 shares of the company's stock valued at $873,000 after purchasing an additional 438 shares in the last quarter. Institutional investors own 82.91% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. BMO Capital Markets raised their target price on Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Truist Financial raised their target price on Toast from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Citigroup reaffirmed a "buy" rating on shares of Toast in a report on Wednesday, July 16th. Evercore ISI began coverage on Toast in a research note on Wednesday, April 9th. They issued an "in-line" rating and a $29.00 price target for the company. Finally, Piper Sandler increased their price target on Toast from $35.00 to $37.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Twelve analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, Toast has an average rating of "Moderate Buy" and a consensus target price of $43.42.

Toast Trading Up 5.9%

Shares of Toast stock opened at $49.40 on Tuesday. The business has a 50-day moving average price of $44.42 and a two-hundred day moving average price of $39.79. Toast, Inc. has a 1-year low of $22.10 and a 1-year high of $49.56. The company has a market cap of $24.60 billion, a P/E ratio of 214.78 and a beta of 2.01.

Insider Activity

In other Toast news, CEO Aman Narang sold 13,829 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $588,977.11. Following the completion of the sale, the chief executive officer directly owned 302,498 shares in the company, valued at approximately $12,883,389.82. This trade represents a 4.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Elena Gomez sold 34,170 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.56, for a total transaction of $1,454,275.20. Following the transaction, the chief financial officer directly owned 139,357 shares in the company, valued at $5,931,033.92. This trade represents a 19.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 466,131 shares of company stock worth $20,048,851. 13.32% of the stock is owned by insiders.

Toast 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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