Commerce Bank Grows Stock Position in Toast, Inc. (NYSE:TOST)

Key Points

• Commerce Bank has increased its stake in Toast, Inc. by 14.2%, now owning approximately 0.20% of the company, which is valued at $32.5 million.
• Insider trading activity includes CEO Aman Narang selling 13,829 shares and General Counsel Brian R. Elworthy selling 300,000 shares, contributing to a total insider sale of 466,131 shares worth over $20 million in the past three months.
• Twelve analysts have rated Toast with a hold rating while fifteen have rated it a buy, resulting in a consensus price target of $43.42 and an average rating of "Moderate Buy".

Commerce Bank boosted its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 14.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 980,424 shares of the company's stock after buying an additional 121,584 shares during the period. Commerce Bank owned approximately 0.20% of Toast worth $32,521,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital International Investors raised its position in Toast by 1.9% during the fourth quarter. Capital International Investors now owns 41,961,233 shares of the company's stock valued at $1,529,657,000 after purchasing an additional 785,641 shares during the period. FMR LLC raised its holdings in shares of Toast by 22.1% in the fourth quarter. FMR LLC now owns 29,853,639 shares of the company's stock worth $1,088,165,000 after buying an additional 5,403,896 shares during the period. Geode Capital Management LLC raised its holdings in shares of Toast by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 7,061,739 shares of the company's stock worth $256,970,000 after buying an additional 195,805 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Toast by 2.9% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,755,872 shares of the company's stock worth $190,922,000 after buying an additional 160,088 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Toast by 14,258.8% in the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock worth $181,587,000 after buying an additional 5,436,317 shares during the period. 82.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Morgan Stanley increased their price target on Toast from $46.00 to $50.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Deutsche Bank Aktiengesellschaft started coverage on Toast in a report on Thursday, July 17th. They set a "buy" rating and a $54.00 price objective on the stock. Wells Fargo & Company began coverage on Toast in a report on Wednesday, July 16th. They set a "buy" rating on the stock. Wolfe Research raised Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 target price on the stock in a research report on Wednesday, April 23rd. Finally, Barclays reaffirmed an "overweight" rating on shares of Toast in a research report on Wednesday, July 16th. Twelve analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.42.

Insider Activity at Toast

In other Toast news, CFO Elena Gomez sold 34,170 shares of Toast 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 completion of the sale, the chief financial officer 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Stephen Fredette sold 7,647 shares of Toast stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $325,685.73. Following the sale, the president directly owned 889,017 shares of the company's stock, valued at approximately $37,863,234.03. This represents a 0.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 466,131 shares of company stock worth $20,048,851 in the last quarter. 13.32% of the stock is owned by insiders.

Toast Price Performance

TOST traded down $2.10 on Friday, reaching $46.74. 8,977,786 shares of the stock were exchanged, compared to its average volume of 8,397,469. The company's 50-day moving average price is $44.28 and its 200 day moving average price is $39.71. Toast, Inc. has a fifty-two week low of $22.10 and a fifty-two week high of $49.56. The firm has a market capitalization of $23.28 billion, a PE ratio of 203.22 and a beta of 2.01.

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.