Intech Investment Management LLC Lowers Holdings in Toast, Inc. $TOST

Key Points

• Intech Investment Management cut its Toast stake by 29.9% in the fourth quarter, selling 54,158 shares and ending with 126,842 shares valued at about $4.5 million.
• Other institutional investors were active in TOST, with several funds sharply boosting or initiating positions; overall, institutions own 82.91% of Toast’s stock.
• Analysts remain cautiously positive despite lower targets: Toast has a Moderate Buy consensus rating and a consensus price target of $37.84, while shares recently traded around $26.06.

Intech Investment Management LLC decreased its stake in Toast, Inc. (NYSE:TOST - Free Report) by 29.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 126,842 shares of the company's stock after selling 54,158 shares during the quarter. Intech Investment Management LLC's holdings in Toast were worth $4,504,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of TOST. Alliancebernstein L.P. boosted its stake in shares of Toast by 2,432.8% in the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company's stock worth $299,957,000 after buying an additional 7,891,383 shares during the last quarter. ValueAct Holdings L.P. purchased a new stake in shares of Toast in the third quarter worth about $124,032,000. Capital International Investors boosted its stake in shares of Toast by 7.4% in the third quarter. Capital International Investors now owns 48,428,060 shares of the company's stock worth $1,768,256,000 after buying an additional 3,351,545 shares during the last quarter. Worldquant Millennium Advisors LLC boosted its stake in shares of Toast by 343.6% in the second quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company's stock worth $79,377,000 after buying an additional 1,388,210 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in shares of Toast by 843.0% in the fourth quarter. Nordea Investment Management AB now owns 1,307,158 shares of the company's stock worth $46,888,000 after buying an additional 1,168,539 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on TOST shares. Wells Fargo & Company lowered their target price on Toast from $47.00 to $36.00 and set an "overweight" rating on the stock in a research note on Friday, February 13th. Mizuho lowered their price target on Toast from $45.00 to $38.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen downgraded Toast from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Needham & Company LLC lowered their price target on Toast from $60.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Finally, Citigroup lowered their price target on Toast from $42.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus 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 the firm's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $95,960.16. Following the transaction, the general counsel owned 243,642 shares in the company, valued at $6,380,983.98. This trade represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Jonathan Vassil sold 6,438 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $168,611.22. Following the completion of the transaction, the executive owned 146,618 shares in the company, valued at approximately $3,839,925.42. This trade represents a 4.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 39,783 shares of company stock valued at $1,041,917. 10.03% of the stock is owned by corporate insiders.

Toast Trading Up 0.1%

Shares of TOST stock opened at $26.06 on Monday. The company has a market capitalization of $13.45 billion, a P/E ratio of 40.10 and a beta of 1.76. The business's 50 day moving average is $26.27 and its two-hundred day moving average is $30.23. Toast, Inc. has a 12-month low of $22.26 and a 12-month high of $49.66.

Toast declared that its board has authorized a stock repurchase plan on Thursday, February 12th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Toast Company 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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