J. Safra Sarasin Holding AG Acquires New Shares in Toast, Inc. $TOST

Key Points

• J. Safra Sarasin Holding AG acquired 43,411 shares of Toast, Inc. valued at approximately $1,923,000 during the second quarter, increasing institutional ownership in the company to 82.91%.
• Insiders, including the General Counsel and CEO, sold a combined 18,639 shares at an average price of $35.56 each, reflecting decreases in their respective ownership stakes.
• Several brokerages have raised their price targets on Toast, with Jefferies Financial Group and Morgan Stanley both setting targets at $54.00, while the average target price is now $46.30.

J. Safra Sarasin Holding AG purchased a new position in Toast, Inc. (NYSE:TOST - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 43,411 shares of the company's stock, valued at approximately $1,923,000.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC boosted its position in Toast by 7.2% during the second quarter. GAMMA Investing LLC now owns 4,139 shares of the company's stock worth $183,000 after purchasing an additional 278 shares during the period. SBI Securities Co. Ltd. boosted its holdings in shares of Toast by 29.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after buying an additional 284 shares during the period. Stonekeep Investments LLC boosted its holdings in shares of Toast by 4.0% during the 1st quarter. Stonekeep Investments LLC now owns 7,791 shares of the company's stock worth $258,000 after buying an additional 297 shares during the period. Advisors Asset Management Inc. grew its stake in Toast by 7.3% in the 1st quarter. Advisors Asset Management Inc. now owns 4,439 shares of the company's stock valued at $147,000 after buying an additional 301 shares during the last quarter. Finally, Independent Wealth Network Inc. raised its holdings in Toast by 5.0% in the 2nd quarter. Independent Wealth Network Inc. now owns 6,441 shares of the company's stock worth $285,000 after acquiring an additional 309 shares during the period. Institutional investors and hedge funds own 82.91% of the company's stock.

Insiders Place Their Bets

In other news, General Counsel Brian R. Elworthy sold 4,987 shares of the company's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $177,337.72. Following the sale, the general counsel directly owned 227,924 shares in the company, valued at approximately $8,104,977.44. This represents a 2.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Aman Narang sold 13,652 shares of the company's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $485,465.12. Following the completion of the sale, the chief executive officer owned 318,150 shares in the company, valued at approximately $11,313,414. This represents a 4.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 62,196 shares of company stock valued at $2,398,513 over the last 90 days. Company insiders own 12.14% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TOST. Jefferies Financial Group raised their price target on Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Citigroup reissued a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Morgan Stanley boosted their price objective on Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Toast from $50.00 to $42.00 and set a "market perform" rating on the stock in a research report on Wednesday. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $46.30.

Toast Trading Up 1.3%

Shares of NYSE TOST opened at $36.58 on Friday. Toast, Inc. has a one year low of $27.65 and a one year high of $49.66. The business has a fifty day simple moving average of $42.32 and a 200 day simple moving average of $40.78. The firm has a market capitalization of $18.66 billion, a price-to-earnings ratio of 107.60 and a beta of 1.94.

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 analysts' consensus estimates of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the company posted $0.02 EPS. The company's quarterly revenue was up 24.8% compared to the same quarter last year. On average, research analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

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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