Invesco Ltd. Grows Stock Holdings in Toast, Inc. (NYSE:TOST)

Key Points

• Invesco Ltd. increased its stake in Toast, Inc. by 16.8% to over 2.6 million shares, valued at approximately $87.9 million as of its latest SEC filing.
• Toast reported quarterly revenue of $1.55 billion, surpassing expectations with a 24.8% year-over-year increase, although it missed the EPS estimate.
• Analysts have issued mixed ratings on Toast, with a majority recommending a "buy" or "hold", and a price target averaging around $45.54.

Invesco Ltd. boosted its position in Toast, Inc. (NYSE:TOST - Free Report) by 16.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,649,841 shares of the company's stock after purchasing an additional 381,895 shares during the period. Invesco Ltd. owned about 0.53% of Toast worth $87,895,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Procyon Advisors LLC acquired a new stake in Toast in the first quarter valued at about $242,000. Wealth Enhancement Advisory Services LLC lifted its position in Toast by 19.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock valued at $829,000 after purchasing an additional 3,713 shares during the period. Yorktown Management & Research Co Inc acquired a new stake in Toast in the first quarter valued at about $252,000. Principal Financial Group Inc. lifted its position in Toast by 14,258.8% in 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 during the period. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of Toast during the 1st quarter valued at approximately $757,000. Institutional investors and hedge funds own 82.91% of the company's stock.

Toast Stock Up 0.3%

Shares of NYSE TOST opened at $43.11 on Friday. Toast, Inc. has a 52-week low of $22.91 and a 52-week high of $49.66. The firm has a fifty day moving average of $44.77 and a 200-day moving average of $40.12. The stock has a market capitalization of $21.99 billion, a PE ratio of 126.79 and a beta of 2.01.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same period in the prior year, the firm earned $0.02 earnings per share. The firm's quarterly revenue was up 24.8% on a year-over-year basis. Equities research analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler lifted their price target on shares of Toast from $35.00 to $37.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Morgan Stanley lifted their price target on shares of Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Wall Street Zen upgraded shares of Toast from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Wolfe Research upgraded shares of Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price target for the company in a research report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Toast from $47.00 to $50.00 and gave the company a "market perform" rating in a research report on Wednesday, August 6th. Eleven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $45.54.

Insider Activity at Toast

In other news, CEO Aman Narang sold 1,719 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $83,165.22. Following the completion of the sale, the chief executive officer directly owned 304,300 shares of the company's stock, valued at $14,722,034. The trade was a 0.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Elena Gomez sold 2,006 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $97,050.28. Following the sale, the chief financial officer directly owned 141,263 shares of the company's stock, valued at $6,834,303.94. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 393,054 shares of company stock worth $16,803,936. 12.14% of the stock is owned by corporate insiders.

Toast 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.

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