Nordea Investment Management AB Boosts Stock Holdings in Toast, Inc. $TOST

Key Points

• Nordea Investment Management AB increased its stake in Toast, Inc. by 55.5%, owning 92,721 shares valued at approximately $4.1 million as of the latest SEC filing.
• Toast's stock is performing well, currently priced at $38.57 after a 2.4% increase, with a market capitalization of $19.67 billion.
• Despite missing earnings per share estimates, Toast reported quarterly revenues of $1.55 billion, representing a 24.8% increase year-over-year.

Nordea Investment Management AB grew its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 55.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,721 shares of the company's stock after purchasing an additional 33,097 shares during the quarter. Nordea Investment Management AB's holdings in Toast were worth $4,107,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Ameritas Advisory Services LLC purchased a new position in shares of Toast during the 2nd quarter valued at approximately $31,000. Wayfinding Financial LLC purchased a new position in shares of Toast during the 1st quarter valued at approximately $34,000. REAP Financial Group LLC increased its holdings in shares of Toast by 173.3% during the 2nd quarter. REAP Financial Group LLC now owns 798 shares of the company's stock valued at $35,000 after purchasing an additional 506 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Toast by 29.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after purchasing an additional 284 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Toast by 227.1% during the 1st quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after purchasing an additional 1,022 shares in the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Toast Stock Up 2.4%

Toast stock opened at $38.57 on Wednesday. Toast, Inc. has a 52-week low of $28.12 and a 52-week high of $49.66. The firm has a market capitalization of $19.67 billion, a price-to-earnings ratio of 113.45 and a beta of 1.94. The company has a fifty day simple moving average of $40.00 and a 200-day simple moving average of $41.03.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (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 for the quarter, compared to analysts' expectations of $1.52 billion. During the same period in the previous year, the company earned $0.02 EPS. Toast's quarterly revenue was up 24.8% compared to the same quarter last year. On average, research analysts anticipate that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Insider Activity

In related news, CFO Elena Gomez sold 9,054 shares of the company's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $321,960.24. Following the completion of the sale, the chief financial officer owned 149,572 shares of the company's stock, valued at approximately $5,318,780.32. This represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Paul D. Bell sold 12,500 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $42.38, for a total transaction of $529,750.00. Following the completion of the sale, the director directly owned 226,892 shares of the company's stock, valued at $9,615,682.96. This represents a 5.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,196 shares of company stock worth $2,398,513. Insiders own 12.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TOST. Robert W. Baird cut their target price on shares of Toast from $48.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, October 6th. Wells Fargo & Company set a $47.00 price target on shares of Toast and gave the stock an "overweight" rating in a report on Tuesday. Weiss Ratings reissued a "hold (c)" rating on shares of Toast in a report on Wednesday, October 8th. The Goldman Sachs Group cut their price target on shares of Toast from $51.00 to $41.00 and set a "neutral" rating for the company in a report on Monday, October 13th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Toast in a report on Thursday, July 17th. They issued a "buy" rating and a $54.00 price target for the company. Fifteen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $46.09.

About Toast

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.

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