Royal Bank of Canada Grows Stock Holdings in Toast, Inc. $TOST

Royal Bank of Canada raised its stake in Toast, Inc. (NYSE:TOST - Free Report) by 193.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 618,456 shares of the company's stock after acquiring an additional 407,518 shares during the quarter. Royal Bank of Canada owned approximately 0.12% of Toast worth $20,515,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Apis Capital Advisors LLC purchased a new stake in shares of Toast during the 1st quarter valued at approximately $4,644,000. Graham Capital Management L.P. lifted its stake in shares of Toast by 373.5% during the 1st quarter. Graham Capital Management L.P. now owns 43,778 shares of the company's stock valued at $1,452,000 after buying an additional 34,532 shares in the last quarter. Armistice Capital LLC lifted its stake in shares of Toast by 12.5% during the 1st quarter. Armistice Capital LLC now owns 863,723 shares of the company's stock valued at $28,650,000 after buying an additional 96,191 shares in the last quarter. Firsthand Capital Management Inc. purchased a new stake in shares of Toast during the 1st quarter valued at approximately $1,327,000. Finally, MAI Capital Management lifted its stake in shares of Toast by 53.1% during the 1st quarter. MAI Capital Management now owns 1,906 shares of the company's stock valued at $63,000 after buying an additional 661 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Trading Down 2.6%

NYSE TOST traded down $1.08 during trading hours on Wednesday, hitting $39.84. 10,767,254 shares of the company's stock traded hands, compared to its average volume of 7,799,813. The business's fifty day moving average price is $44.72 and its two-hundred day moving average price is $40.41. The firm has a market capitalization of $20.32 billion, a P/E ratio of 117.19 and a beta of 2.00. Toast, Inc. has a 52 week low of $23.06 and a 52 week high of $49.66.

Toast (NYSE:TOST - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter last year, the firm posted $0.02 earnings per share. The business's quarterly revenue was up 24.8% compared to the same quarter last year. On average, sell-side analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TOST. JPMorgan Chase & Co. increased their target price on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Truist Financial increased their target price on shares of Toast from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 17th. DA Davidson increased their target price on shares of Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods raised their price target on shares of Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, August 6th. Finally, Needham & Company LLC raised their price target on shares of Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Fifteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $45.54.

Insider Activity at Toast

In other news, CEO Aman Narang sold 1,719 shares of the stock in a transaction 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 sale, the chief executive officer owned 304,300 shares of the company's stock, valued at approximately $14,722,034. This represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Jonathan Vassil sold 1,427 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $48.38, for a total transaction of $69,038.26. Following the completion of the transaction, the executive owned 63,298 shares in the company, valued at approximately $3,062,357.24. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 88,342 shares of company stock valued at $3,804,710 over the last quarter. 12.14% of the stock is currently owned by insiders.

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.