National Bank of Canada FI Raises Position in Toast, Inc. (NYSE:TOST)

Key Points

• National Bank of Canada FI increased its stake in Toast, Inc. by 971.6% in Q1 2023, owning 755,076 shares worth approximately $25.05 million.
• Toast recently reported earnings of $0.13 EPS, missing estimates of $0.23, though revenue reached $1.55 billion, exceeding expectations.
• Analysts are optimistic about Toast's future, with a growing number of analysts assigning a "buy" rating and raising target prices, anticipating continued growth.

National Bank of Canada FI lifted its position in Toast, Inc. (NYSE:TOST - Free Report) by 971.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 755,076 shares of the company's stock after purchasing an additional 684,611 shares during the quarter. National Bank of Canada FI owned about 0.15% of Toast worth $25,046,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. SBI Securities Co. Ltd. lifted its stake in Toast by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock worth $42,000 after acquiring an additional 284 shares during the last quarter. Stonekeep Investments LLC lifted its stake in Toast by 4.0% in the first quarter. Stonekeep Investments LLC now owns 7,791 shares of the company's stock worth $258,000 after acquiring an additional 297 shares during the last quarter. Keel Point LLC raised its holdings in Toast by 2.7% during the fourth quarter. Keel Point LLC now owns 12,269 shares of the company's stock worth $447,000 after purchasing an additional 326 shares in the last quarter. Piscataqua Savings Bank raised its holdings in Toast by 57.1% during the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock worth $36,000 after purchasing an additional 400 shares in the last quarter. Finally, Legacy Advisors LLC raised its holdings in Toast by 1.7% during the first quarter. Legacy Advisors LLC now owns 26,318 shares of the company's stock worth $873,000 after purchasing an additional 438 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Toast Stock Up 0.6%

Shares of TOST traded up $0.26 during midday trading on Wednesday, hitting $44.33. The company's stock had a trading volume of 10,589,765 shares, compared to its average volume of 7,359,497. The stock has a market capitalization of $22.61 billion, a price-to-earnings ratio of 130.38 and a beta of 2.01. Toast, Inc. has a one year low of $22.91 and a one year high of $49.66. The company's fifty day simple moving average is $44.79 and its two-hundred day simple moving average is $40.07.

Toast (NYSE:TOST - Get Free Report) last released 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 net margin of 4.07% and a return on equity of 14.19%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the firm posted $0.02 EPS. The company's quarterly revenue was up 24.8% on a year-over-year basis. On average, research analysts predict that Toast, Inc. will post 0.39 earnings per share for the current year.

Insider Buying and Selling at Toast

In related news, CEO Aman Narang sold 13,829 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $588,977.11. Following the transaction, the chief executive officer directly owned 302,498 shares of the company's stock, valued at approximately $12,883,389.82. This represents a 4.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $42.60, for a total value of $12,780,000.00. Following the completion of the transaction, the general counsel directly owned 216,156 shares of the company's stock, valued at approximately $9,208,245.60. This represents a 58.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 404,054 shares of company stock worth $17,300,366 in the last quarter. Company insiders own 12.14% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. DA Davidson raised their price objective on shares of Toast from $40.00 to $46.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Needham & Company LLC boosted their price objective on shares of Toast from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. The Goldman Sachs Group upped their price target on shares of Toast from $45.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Wells Fargo & Company assumed coverage on shares of Toast in a research report on Wednesday, July 16th. They issued a "buy" rating on the stock. Finally, Wall Street Zen upgraded shares of Toast from a "hold" rating to a "buy" rating in a report on Saturday. Eleven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Toast has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

Toast Company 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.