Toast, Inc. (NYSE:TOST) Shares Bought by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel significantly increased its stake in Toast, Inc. by 4,744.2%, acquiring 303,630 additional shares to total 310,030 shares, now valued at approximately $9.5 million.
• Multiple hedge funds, including American Century Companies Inc. and Vanguard Group Inc., have also increased their holdings in Toast, leading to 82.91% of the stock being owned by institutional investors.
• Toast's stock has seen a notable price increase, trading at $48.76, with a market cap of $24.28 billion and a price-to-earnings ratio of 211.98.

Carnegie Investment Counsel lifted its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 4,744.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 310,030 shares of the company's stock after purchasing an additional 303,630 shares during the period. Carnegie Investment Counsel owned 0.06% of Toast worth $9,518,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TOST. American Century Companies Inc. increased its position in shares of Toast by 330.0% during the fourth quarter. American Century Companies Inc. now owns 335,965 shares of the company's stock valued at $12,246,000 after acquiring an additional 257,831 shares in the last quarter. Vanguard Group Inc. increased its holdings in Toast by 10.8% in the 4th quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company's stock valued at $1,548,186,000 after acquiring an additional 4,147,430 shares during the last quarter. Prudential Financial Inc. increased its holdings in Toast by 72.9% in the 4th quarter. Prudential Financial Inc. now owns 29,500 shares of the company's stock valued at $1,075,000 after acquiring an additional 12,440 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Toast by 15.1% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 185,105 shares of the company's stock valued at $6,747,000 after acquiring an additional 24,258 shares during the last quarter. Finally, Korea Investment CORP increased its holdings in Toast by 2,350.0% in the 4th quarter. Korea Investment CORP now owns 236,868 shares of the company's stock valued at $8,634,000 after acquiring an additional 227,200 shares during the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Trading Up 1.0%

TOST stock traded up $0.48 during trading on Monday, reaching $49.18. 2,430,571 shares of the stock were exchanged, compared to its average volume of 7,100,190. The business has a 50 day moving average price of $43.78 and a 200-day moving average price of $39.28. The firm has a market capitalization of $24.49 billion, a price-to-earnings ratio of 213.95 and a beta of 2.00. Toast, Inc. has a 1 year low of $22.10 and a 1 year high of $49.56.

Analyst Ratings Changes

A number of analysts have recently weighed in on TOST shares. Piper Sandler boosted their target price on shares of Toast from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Evercore ISI assumed coverage on shares of Toast in a report on Wednesday, April 9th. They set an "in-line" rating and a $29.00 price target on the stock. Jefferies Financial Group boosted their price objective on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wells Fargo & Company started coverage on shares of Toast in a research report on Wednesday, July 16th. They issued a "buy" rating for the company. Finally, Truist Financial boosted their price objective on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Twelve analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $43.17.

Insiders Place Their Bets

In other news, CFO Elena Gomez sold 34,170 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.56, for a total value of $1,454,275.20. Following the sale, the chief financial officer directly owned 139,357 shares of the company's stock, valued at approximately $5,931,033.92. The trade was a 19.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jonathan Vassil sold 6,592 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.59, for a total transaction of $280,753.28. Following the completion of the sale, the executive directly owned 61,791 shares in the company, valued at $2,631,678.69. This trade represents a 9.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 466,131 shares of company stock worth $20,048,851. Insiders own 13.32% of the company's stock.

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.