Geode Capital Management LLC Purchases 169,230 Shares of Toast, Inc. $TOST

Key Points

• Geode Capital Management increased its Toast stake by 2.0% in the fourth quarter, buying 169,230 additional shares and bringing its total holding to 8,675,056 shares worth about $307.2 million.
• Institutional ownership in Toast remains high, with several other funds also adding positions; overall, 82.91% of the stock is owned by institutional investors.
• Toast’s stock opened at $27.66, well below its 52-week high of $49.66, while analysts currently rate it a Moderate Buy with a consensus price target of $37.84.

Geode Capital Management LLC grew its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 2.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,675,056 shares of the company's stock after buying an additional 169,230 shares during the quarter. Geode Capital Management LLC owned approximately 1.68% of Toast worth $307,214,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division grew its stake in Toast by 123.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 943 shares of the company's stock worth $33,000 after buying an additional 521 shares during the last quarter. Smartleaf Asset Management LLC grew its stake 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 during the last quarter. Cornerstone Planning Group LLC lifted its position in shares of 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 purchasing an additional 1,233 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Toast during the fourth quarter valued at approximately $45,000. Finally, GHP Investment Advisors Inc. grew its stake in shares of Toast by 40.0% during the fourth quarter. GHP Investment Advisors Inc. now owns 1,400 shares of the company's stock valued at $50,000 after purchasing an additional 400 shares during the last quarter. 82.91% of the stock is owned by institutional investors.

Toast Stock Performance

TOST opened at $27.66 on Tuesday. The firm's fifty day moving average is $26.28 and its two-hundred day moving average is $30.16. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The firm has a market cap of $14.27 billion, a PE ratio of 42.56 and a beta of 1.76.

Toast announced that its board has initiated a share repurchase program on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently commented on TOST shares. Canaccord Genuity Group set a $37.00 price target on shares of Toast in a research note on Friday, February 13th. Zacks Research raised shares of Toast from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 26th. DA Davidson decreased their price target on shares of Toast from $33.00 to $28.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 12th. Citigroup decreased their price target on shares of Toast from $42.00 to $36.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Finally, Jefferies Financial Group set a $35.00 price target on shares of Toast in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.84.

Insiders Place Their Bets

In other news, General Counsel Brian R. Elworthy sold 3,664 shares of Toast stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $95,960.16. Following the completion of the transaction, the general counsel owned 243,642 shares of the company's stock, valued at $6,380,983.98. This trade represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Aman Narang sold 13,463 shares of Toast stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $352,595.97. Following the completion of the transaction, the chief executive officer directly owned 54,013 shares of the company's stock, valued at approximately $1,414,600.47. This trade represents a 19.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 39,783 shares of company stock valued at $1,041,917 in the last quarter. Company insiders own 10.03% of the company's stock.

Toast Profile

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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