Korea Investment CORP Sells 81,164 Shares of Toast, Inc. $TOST

Key Points

• Korea Investment CORP decreased its holdings in Toast, Inc. by 34.3%, selling 81,164 shares and retaining 155,704 shares valued at approximately $5.17 million.
• Institutional investors control 82.91% of Toast, with notable increases from multiple firms, including a 14,258.8% increase by Principal Financial Group.
• Research analysts rate Toast with a consensus of "Moderate Buy", with an average price target of $45.54.

Korea Investment CORP reduced its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 34.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 155,704 shares of the company's stock after selling 81,164 shares during the period. Korea Investment CORP's holdings in Toast were worth $5,165,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of TOST. Principal Financial Group Inc. grew its position in Toast by 14,258.8% during the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after acquiring an additional 5,436,317 shares during the last quarter. Voloridge Investment Management LLC grew its position in Toast by 898.8% during the fourth quarter. Voloridge Investment Management LLC now owns 2,858,720 shares of the company's stock valued at $104,200,000 after acquiring an additional 2,572,503 shares during the last quarter. Two Sigma Investments LP grew its position in Toast by 914.4% during the fourth quarter. Two Sigma Investments LP now owns 2,846,200 shares of the company's stock valued at $103,744,000 after acquiring an additional 2,565,634 shares during the last quarter. Two Sigma Advisers LP bought a new position in Toast during the fourth quarter valued at approximately $87,188,000. Finally, BNP Paribas Financial Markets bought a new position in Toast during the fourth quarter valued at approximately $83,684,000. 82.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, President Stephen Fredette sold 1,720 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $83,213.60. Following the completion of the sale, the president owned 890,818 shares of the company's stock, valued at $43,097,774.84. This trade represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Jonathan Vassil sold 1,427 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $69,038.26. Following the completion of the sale, the executive directly owned 63,298 shares of the company's stock, valued at $3,062,357.24. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 405,554 shares of company stock valued at $17,333,686 over the last three months. Insiders own 12.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TOST shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Toast in a research report on Thursday, July 17th. They set a "buy" rating and a $54.00 price target on the stock. Citigroup reiterated a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Truist Financial increased their price objective on Toast from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. increased their price objective on Toast from $42.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Finally, DA Davidson increased their price objective on Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $45.54.

Toast Stock Up 3.1%

Shares of TOST stock opened at $43.9010 on Friday. The stock has a fifty day moving average of $44.76 and a 200 day moving average of $40.21. Toast, Inc. has a 52 week low of $22.91 and a 52 week high of $49.66. The firm has a market capitalization of $22.39 billion, a price-to-earnings ratio of 129.12 and a beta of 2.01.

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

Want to see what other hedge funds are holding TOST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Toast, Inc. (NYSE:TOST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.