State of New Jersey Common Pension Fund D Decreases Stake in Toast, Inc. $TOST

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Toast, Inc. by 4.4%, owning 139,632 shares valued at approximately $4.63 million as of the latest SEC filing.
• Institutional investors now hold 82.91% of Toast's stock, with notable investments including a 137.1% increase by Ethic Inc. and a new position worth $8.27 million from Cookson Peirce & Co. Inc.
• Analyst ratings for Toast, Inc. are largely positive, with 15 buy ratings and an average target price of $45.54, reflecting confidence in the stock's growth potential.

State of New Jersey Common Pension Fund D lowered its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 4.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 139,632 shares of the company's stock after selling 6,490 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Toast were worth $4,632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of TOST. Canada Pension Plan Investment Board increased its position in shares of Toast by 166.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 200,900 shares of the company's stock valued at $7,323,000 after buying an additional 125,600 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Toast by 8.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 301,892 shares of the company's stock worth $10,998,000 after acquiring an additional 22,916 shares in the last quarter. Freedom Investment Management Inc. bought a new stake in Toast during the fourth quarter worth about $282,000. Forum Financial Management LP bought a new stake in Toast during the fourth quarter worth about $203,000. Finally, Ossiam boosted its stake in Toast by 511.5% during the fourth quarter. Ossiam now owns 3,443 shares of the company's stock worth $125,000 after acquiring an additional 2,880 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Analyst Ratings Changes

TOST has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Jefferies Financial Group boosted their price objective on shares of Toast from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Canaccord Genuity Group upped their target price on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods upped their target price on shares of Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 6th. Finally, DA Davidson boosted their price objective on shares of Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, Toast presently has a consensus rating of "Moderate Buy" and an average target price of $45.54.

Insider Activity at Toast

In related news, CRO Jonathan Vassil sold 1,427 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $69,038.26. Following the completion of the sale, the executive owned 63,298 shares of the company's stock, valued at $3,062,357.24. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul D. Bell sold 12,500 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $42.38, for a total transaction of $529,750.00. Following the sale, the director directly owned 226,892 shares of the company's stock, valued at $9,615,682.96. The trade was a 5.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 405,554 shares of company stock valued at $17,333,686 over the last three months. Company insiders own 12.14% of the company's stock.

Toast Stock Up 3.1%

NYSE:TOST traded up $1.3010 during mid-day trading on Friday, hitting $43.9010. 5,377,983 shares of the stock traded hands, compared to its average volume of 8,714,206. The stock has a market capitalization of $22.39 billion, a price-to-earnings ratio of 129.12 and a beta of 2.01. The firm's 50 day moving average is $44.76 and its two-hundred day moving average is $40.21. Toast, Inc. has a 52 week low of $22.91 and a 52 week high of $49.66.

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