Neuberger Berman Group LLC Boosts Stock Position in Toast, Inc. $TOST

Key Points

• Neuberger Berman increased its stake in Toast by 13.4%, buying 197,547 shares to hold 1,670,185 shares worth about $60.98 million, and institutional investors now own roughly 82.91% of the company, with large increases also reported at Vanguard, Jennison and Marshall Wace.
• Toast reported an EPS miss of $0.16 vs. $0.24 expected while revenue rose 22% year-over-year to $1.63 billion, and the stock trades near $30.38 with a $15.92 billion market cap; analysts have a consensus "Moderate Buy" rating and a $40.46 average target price.

Neuberger Berman Group LLC grew its position in Toast, Inc. (NYSE:TOST - Free Report) by 13.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,670,185 shares of the company's stock after purchasing an additional 197,547 shares during the period. Neuberger Berman Group LLC owned approximately 0.32% of Toast worth $60,978,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Toast by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company's stock worth $1,634,339,000 after buying an additional 352,435 shares during the period. Jennison Associates LLC raised its position in Toast by 74.4% during the 3rd quarter. Jennison Associates LLC now owns 15,000,561 shares of the company's stock worth $547,670,000 after buying an additional 6,398,674 shares during the last quarter. State Street Corp lifted its stake in Toast by 2.7% during the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company's stock valued at $408,039,000 after acquiring an additional 245,276 shares during the period. Geode Capital Management LLC lifted its stake in Toast by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 7,902,519 shares of the company's stock valued at $348,906,000 after acquiring an additional 218,537 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Toast by 108.3% in the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company's stock valued at $349,333,000 after acquiring an additional 4,100,104 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company's stock.

Toast Stock Down 0.4%

TOST stock opened at $30.38 on Friday. Toast, Inc. has a 52-week low of $24.35 and a 52-week high of $49.66. The firm has a market cap of $15.92 billion, a P/E ratio of 56.26 and a beta of 1.95. The company's 50-day simple moving average is $31.16 and its 200-day simple moving average is $35.42.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.08). The business had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.62 billion. Toast had a net margin of 5.56% and a return on equity of 18.14%. Toast's revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 EPS. On average, analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast declared that its board has authorized a share buyback program on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TOST shares. The Goldman Sachs Group cut their price objective on shares of Toast from $43.00 to $31.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 17th. Evercore raised shares of Toast from an "in-line" rating to an "outperform" rating and set a $40.00 price target on the stock in a report on Tuesday, January 20th. Wolfe Research downgraded Toast from an "outperform" rating to a "peer perform" rating in a research report on Thursday, January 8th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Toast in a research note on Monday, December 29th. Finally, Truist Financial set a $36.00 price objective on Toast in a report on Wednesday, February 25th. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.46.

Insider Buying and Selling

In other news, CFO Elena Gomez sold 1,437 shares of the business's stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total value of $43,598.58. Following the completion of the sale, the chief financial officer directly owned 164,629 shares in the company, valued at $4,994,843.86. The trade was a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Stephen Fredette sold 1,060 shares of the company's stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total value of $32,160.40. Following the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 100,856 shares of company stock valued at $3,540,449 in the last 90 days. Corporate insiders own 12.14% of the company's stock.

Toast 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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