Janus Henderson Group PLC Trims Stock Holdings in Toast, Inc. $TOST

Key Points

• Janus Henderson reduced its Toast stake by 8.3% in the first quarter, selling 61,413 shares and retaining 674,792 shares valued at approximately $17.9 million. Institutional investors collectively own 82.91% of Toast.
• Analysts remain generally positive, with Toast carrying a “Moderate Buy” consensus rating and an average price target of $37.27. Price targets range from $30 at DA Davidson to $45 at Morgan Stanley.
• Toast shares opened at $32.81, while the company reported 21.9% year-over-year revenue growth to $1.63 billion in its latest quarter but missed earnings expectations, posting $0.20 in EPS versus the $0.28 consensus estimate.

Janus Henderson Group PLC cut its stake in Toast, Inc. (NYSE:TOST - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 674,792 shares of the company's stock after selling 61,413 shares during the quarter. Janus Henderson Group PLC owned about 0.13% of Toast worth $17,889,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. BOKF NA grew its holdings in shares of Toast by 4.5% during the third quarter. BOKF NA now owns 8,023 shares of the company's stock worth $293,000 after purchasing an additional 345 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its stake in Toast by 0.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company's stock worth $1,800,000 after buying an additional 358 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Toast by 1.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company's stock worth $1,012,000 after buying an additional 380 shares in the last quarter. Seven Mile Advisory increased its holdings in shares of Toast by 3.1% in the 3rd quarter. Seven Mile Advisory now owns 12,689 shares of the company's stock worth $463,000 after buying an additional 381 shares during the last quarter. Finally, HM Payson & Co. increased its holdings in shares of Toast by 6.2% in the 4th quarter. HM Payson & Co. now owns 6,742 shares of the company's stock worth $239,000 after buying an additional 392 shares during the last quarter. Institutional investors own 82.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TOST shares. Jefferies Financial Group reaffirmed a "buy" rating and set a $38.00 price objective on shares of Toast in a report on Monday. DA Davidson increased their target price on Toast from $28.00 to $30.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Wall Street Zen downgraded Toast from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Morgan Stanley set a $45.00 price target on Toast in a research note on Friday, May 8th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Toast in a report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $37.27.

Insider Buying and Selling at Toast

In other news, President Stephen Fredette sold 9,146 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $263,862.10. Following the transaction, the president directly owned 931,449 shares of the company's stock, valued at approximately $26,872,303.65. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Aman Narang sold 14,365 shares of Toast stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $414,430.25. Following the completion of the transaction, the chief executive officer owned 70,451 shares in the company, valued at approximately $2,032,511.35. This represents a 16.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 159,265 shares of company stock valued at $4,278,832. 10.03% of the stock is currently owned by insiders.

Toast Stock Performance

Shares of Toast stock opened at $32.81 on Tuesday. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $49.66. The stock has a market capitalization of $16.93 billion, a price-to-earnings ratio of 50.49 and a beta of 1.72. The company has a fifty day moving average of $27.66 and a 200-day moving average of $27.84.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.08). The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Toast had a net margin of 6.39% and a return on equity of 20.86%. Toast's revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 EPS. On average, equities research analysts forecast that Toast, Inc. will post 0.97 earnings per share for the current fiscal year.

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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