Hsbc Holdings PLC Has $5.90 Million Holdings in Toast, Inc. $TOST

Key Points

• Hsbc Holdings PLC increased its stake in Toast, Inc. by 16.3% during the first quarter, owning a total of 177,797 shares valued at approximately $5.9 million.
• Toast reported an EPS of $0.13 for the latest quarter, missing analysts' expectations, while its revenue increased by 24.8% year-over-year, totaling $1.55 billion.
• Multiple analysts have upgraded their price targets for Toast, with Morgan Stanley raising its target from $50 to $54, reflecting a general consensus of "Moderate Buy" among analysts.

Hsbc Holdings PLC boosted its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 16.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 177,797 shares of the company's stock after purchasing an additional 24,875 shares during the period. Hsbc Holdings PLC's holdings in Toast were worth $5,900,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TOST. Principal Financial Group Inc. grew its position in Toast by 14,258.8% during the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after purchasing an additional 5,436,317 shares in the last quarter. Voloridge Investment Management LLC grew its position in Toast by 898.8% during the fourth quarter. Voloridge Investment Management LLC now owns 2,858,720 shares of the company's stock valued at $104,200,000 after purchasing an additional 2,572,503 shares in the last quarter. Two Sigma Investments LP grew its position in Toast by 914.4% during the fourth quarter. Two Sigma Investments LP now owns 2,846,200 shares of the company's stock valued at $103,744,000 after purchasing an additional 2,565,634 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Toast during the fourth quarter valued at approximately $87,188,000. Finally, BNP Paribas Financial Markets purchased a new position in Toast during the fourth quarter valued at approximately $83,684,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TOST shares. Citigroup reiterated a "buy" rating on shares of Toast in a research note on Wednesday, July 16th. BMO Capital Markets lifted their target price on shares of Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Monday, May 12th. Truist Financial lifted their target price on shares of Toast from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Piper Sandler lifted their target price on shares of Toast from $35.00 to $37.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Toast from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Fifteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Toast currently has a consensus rating of "Moderate Buy" and an average price target of $45.54.

Insider Activity

In related news, CEO Aman Narang sold 13,829 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $42.59, for a total transaction of $588,977.11. Following the completion of the transaction, the chief executive officer directly owned 302,498 shares in the company, valued at $12,883,389.82. This represents a 4.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $42.60, for a total transaction of $12,780,000.00. Following the transaction, the general counsel owned 216,156 shares of the company's stock, valued at approximately $9,208,245.60. The trade was a 58.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 405,554 shares of company stock worth $17,333,686. Corporate insiders own 12.14% of the company's stock.

Toast Stock Performance

Shares of Toast stock traded up $0.21 on Friday, reaching $45.16. The stock had a trading volume of 4,185,695 shares, compared to its average volume of 7,296,499. The business's 50-day moving average price is $44.88 and its two-hundred day moving average price is $40.28. Toast, Inc. has a fifty-two week low of $22.91 and a fifty-two week high of $49.66. The stock has a market cap of $23.03 billion, a P/E ratio of 132.83 and a beta of 2.01.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm posted $0.02 earnings per share. Toast's quarterly revenue was up 24.8% compared to the same quarter last year. As a group, equities analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast Company 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.