BNP Paribas Financial Markets Raises Stock Holdings in Toast, Inc. $TOST

Key Points

• BNP Paribas Financial Markets increased its Toast stake by 17.6% in the fourth quarter, buying 273,084 more shares and bringing its total holding to 1.82 million shares worth about $64.8 million.
• Institutional ownership in Toast remains very high, with hedge funds and other institutional investors holding about 82.91% of the company’s stock. Several other funds also boosted their positions during the quarter.
• Wall Street sentiment is cautiously positive: Toast has a Moderate Buy consensus rating with an average price target of $37.84, though some analysts have recently cut targets while Zacks upgraded the stock to Strong Buy.

BNP Paribas Financial Markets boosted its position in Toast, Inc. (NYSE:TOST - Free Report) by 17.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,824,558 shares of the company's stock after buying an additional 273,084 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.35% of Toast worth $64,790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Central Pacific Bank Trust Division grew its position in shares of Toast by 123.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 943 shares of the company's stock valued at $33,000 after purchasing an additional 521 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Toast by 59.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,182 shares of the company's stock worth $44,000 after buying an additional 439 shares in the last quarter. Cornerstone Planning Group LLC grew its position in Toast by 8,807.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 1,247 shares of the company's stock worth $44,000 after buying an additional 1,233 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Toast during the fourth quarter worth about $45,000. Finally, GHP Investment Advisors Inc. lifted its stake in Toast by 40.0% during the fourth quarter. GHP Investment Advisors Inc. now owns 1,400 shares of the company's stock worth $50,000 after purchasing an additional 400 shares during the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Zacks Research raised Toast from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 26th. DA Davidson reduced their price target on Toast from $33.00 to $28.00 and set a "neutral" rating on the stock in a report on Tuesday, May 12th. Loop Capital started coverage on Toast in a report on Tuesday, March 31st. They set a "hold" rating and a $26.00 price target on the stock. Wells Fargo & Company reduced their target price on Toast from $47.00 to $36.00 and set an "overweight" rating on the stock in a report on Friday, February 13th. Finally, Needham & Company LLC cut their price target on Toast from $60.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $37.84.

Toast Price Performance

NYSE TOST opened at $27.66 on Tuesday. The business's fifty day moving average price is $26.28 and its 200-day moving average price is $30.16. The stock has a market capitalization of $14.27 billion, a price-to-earnings ratio of 42.56 and a beta of 1.76. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66.

Toast declared that its Board of Directors has authorized a share buyback plan on Thursday, February 12th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CRO Jonathan Vassil sold 6,438 shares of the firm's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $168,611.22. Following the transaction, the executive directly owned 146,618 shares of the company's stock, valued at approximately $3,839,925.42. This trade represents a 4.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Aman Narang sold 13,463 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $352,595.97. Following the completion of the sale, the chief executive officer owned 54,013 shares of the company's stock, valued at $1,414,600.47. The trade was a 19.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 39,783 shares of company stock worth $1,041,917 in the last quarter. Company insiders own 10.03% of the company's stock.

About Toast

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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