Korea Investment CORP Increases Stock Holdings in Toast, Inc. $TOST

Key Points

• Korea Investment CORP increased its stake in Toast by 61.7% in Q3 to 346,459 shares, worth about $12.65 million per its latest 13F filing.
• Toast missed quarterly EPS expectations (reported $0.16 vs. $0.24 est.) while revenue rose 22% year-over-year to $1.63 billion, and analysts maintain a "Moderate Buy" consensus with an average target of $40.46.
• Company insiders sold 100,856 shares over the last quarter (insiders now own 12.14%), and institutional investors collectively hold 82.91% of Toast's stock.

Korea Investment CORP boosted its stake in Toast, Inc. (NYSE:TOST - Free Report) by 61.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 346,459 shares of the company's stock after acquiring an additional 132,180 shares during the quarter. Korea Investment CORP owned 0.07% of Toast worth $12,649,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. NewEdge Advisors LLC raised its position in Toast by 1,555.5% during the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company's stock worth $578,000 after acquiring an additional 16,379 shares during the period. Savant Capital LLC grew its position in shares of Toast by 3.7% in the second quarter. Savant Capital LLC now owns 10,147 shares of the company's stock valued at $449,000 after purchasing an additional 359 shares during the period. Prospera Financial Services Inc purchased a new stake in shares of Toast during the second quarter worth about $361,000. Aviva PLC increased its stake in shares of Toast by 27.4% during the second quarter. Aviva PLC now owns 325,113 shares of the company's stock worth $14,399,000 after purchasing an additional 70,015 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Toast by 18.3% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 466,260 shares of the company's stock worth $20,651,000 after purchasing an additional 72,253 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Insider Buying and Selling at Toast

In other news, President Stephen Fredette sold 1,060 shares of the business's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total value of $32,160.40. Following the sale, the president directly owned 913,067 shares of the company's stock, valued at approximately $27,702,452.78. The trade was a 0.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Brian R. Elworthy sold 3,303 shares of the company's stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $113,557.14. Following the completion of the transaction, the general counsel owned 235,757 shares in the company, valued at approximately $8,105,325.66. This represents a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 100,856 shares of company stock valued at $3,540,449. 12.14% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on TOST shares. Citigroup cut their price objective on Toast from $51.00 to $42.00 and set a "buy" rating for the company in a research note on Friday, February 13th. The Goldman Sachs Group decreased their target price on Toast from $43.00 to $31.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 17th. Morgan Stanley set a $51.00 price target on Toast in a research report on Friday, February 13th. UBS Group set a $40.00 price objective on Toast in a research note on Friday, February 13th. Finally, Mizuho decreased their price objective on Toast from $57.00 to $45.00 and set an "outperform" rating on the stock in a report on Tuesday, February 17th. Seventeen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $40.46.

Toast Stock Down 0.7%

Shares of Toast stock opened at $28.69 on Thursday. The firm has a market cap of $15.03 billion, a PE ratio of 53.13 and a beta of 1.95. Toast, Inc. has a 52 week low of $24.35 and a 52 week high of $49.66. The business's fifty day simple moving average is $30.73 and its 200-day simple moving average is $35.08.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 18.14% and a net margin of 5.56%.The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period in the previous year, the business posted $0.05 earnings per share. The firm's revenue for the quarter was up 22.0% compared to the same quarter last year. As a group, equities analysts expect that Toast, Inc. will post 0.39 earnings per share for the current year.

Toast declared that its board has approved a share repurchase program on Thursday, February 12th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are 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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