Nuveen LLC Makes New Investment in Toast, Inc. $TOST

Key Points

• Nuveen LLC acquired a new stake in Toast, Inc. during the first quarter, purchasing approximately 1.7 million shares valued at about $56.5 million, representing around 0.34% of the company.
• Analysts have increased their price targets for Toast, with BMO Capital Markets setting a new target of $45, while Morgan Stanley and Canaccord Genuity both raised their targets to $54.
• Toast reported a quarterly earnings miss of $0.13 per share against a consensus estimate of $0.23, although its revenue increased by 24.8% year-over-year to $1.55 billion.

Nuveen LLC acquired a new position in shares of Toast, Inc. (NYSE:TOST - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,702,535 shares of the company's stock, valued at approximately $56,473,000. Nuveen LLC owned about 0.34% of Toast as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of Toast by 14,258.8% in the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock worth $181,587,000 after purchasing an additional 5,436,317 shares in the last quarter. Voloridge Investment Management LLC grew its stake in Toast by 898.8% in the 4th quarter. Voloridge Investment Management LLC now owns 2,858,720 shares of the company's stock worth $104,200,000 after buying an additional 2,572,503 shares in the last quarter. Two Sigma Investments LP grew its stake in Toast by 914.4% in the 4th quarter. Two Sigma Investments LP now owns 2,846,200 shares of the company's stock worth $103,744,000 after buying an additional 2,565,634 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Toast in the 4th quarter worth approximately $87,188,000. Finally, BNP Paribas Financial Markets purchased a new position in Toast in the 4th quarter worth approximately $83,684,000. 82.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wolfe Research upgraded Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price objective on the stock in a report on Wednesday, April 23rd. The Goldman Sachs Group raised their target price on shares of Toast from $45.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Deutsche Bank Aktiengesellschaft assumed coverage on Toast in a research report on Thursday, July 17th. They set a "buy" rating and a $54.00 price objective on the stock. Wells Fargo & Company assumed coverage on shares of Toast in a research report on Wednesday, July 16th. They set a "buy" rating for the company. Finally, Citigroup reissued a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $45.54.

Insider Activity

In other Toast news, CEO Aman Narang sold 1,719 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total value of $83,165.22. Following the completion of the transaction, the chief executive officer directly owned 304,300 shares in the company, valued at $14,722,034. This represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Elena Gomez sold 2,006 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total transaction of $97,050.28. Following the completion of the transaction, the chief financial officer owned 141,263 shares of the company's stock, valued at approximately $6,834,303.94. The trade was a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 393,054 shares of company stock worth $16,803,936. Company insiders own 12.14% of the company's stock.

Toast Trading Down 1.0%

NYSE TOST traded down $0.41 during trading hours on Tuesday, hitting $42.09. 1,277,873 shares of the company's stock traded hands, compared to its average volume of 7,298,665. Toast, Inc. has a 52 week low of $22.91 and a 52 week high of $49.66. The business's fifty day moving average price is $44.75 and its two-hundred day moving average price is $40.13. The firm has a market capitalization of $21.47 billion, a P/E ratio of 123.91 and a beta of 2.01.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings data 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 net margin of 4.07% and a return on equity of 14.19%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm earned $0.02 EPS. The company's revenue was up 24.8% on a year-over-year basis. On average, sell-side analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal 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.