Swiss Life Asset Management Ltd Has $7.57 Million Stock Position in Toast, Inc. $TOST

Key Points

• Swiss Life Asset Management Ltd increased its stake in Toast by 80.5%, acquiring an additional 92,385 shares to hold 207,194 shares worth $7.57 million per its latest 13F filing.
• Multiple large institutions — including AllianceBernstein, Jennison Associates, Norges Bank, Marshall Wace and ValueAct — have also added or initiated positions, leaving institutional investors with 82.91% ownership of the company.
• Toast missed Q results on EPS ($0.16 vs $0.24 est.) but revenue grew 22% to $1.63B; analysts rate the stock a “Moderate Buy” with an average price target of $40.46 versus the recent price near $27.46.

Swiss Life Asset Management Ltd increased its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 80.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 207,194 shares of the company's stock after acquiring an additional 92,385 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Toast were worth $7,565,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Alliancebernstein L.P. grew its position in Toast by 2,432.8% during the 3rd quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company's stock worth $299,957,000 after purchasing an additional 7,891,383 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Toast by 74.4% in the third quarter. Jennison Associates LLC now owns 15,000,561 shares of the company's stock valued at $547,670,000 after purchasing an additional 6,398,674 shares in the last quarter. Norges Bank purchased a new stake in shares of Toast in the second quarter valued at $219,324,000. Marshall Wace LLP boosted its position in shares of Toast by 108.3% in the second quarter. Marshall Wace LLP now owns 7,887,409 shares of the company's stock worth $349,333,000 after buying an additional 4,100,104 shares during the period. Finally, ValueAct Holdings L.P. acquired a new stake in shares of Toast in the third quarter worth $124,032,000. Hedge funds and other institutional investors own 82.91% of the company's stock.

Toast Trading Up 0.2%

TOST opened at $27.46 on Friday. The stock has a fifty day moving average price of $29.64 and a 200 day moving average price of $34.27. Toast, Inc. has a 1 year low of $24.35 and a 1 year high of $49.66. The stock has a market cap of $14.39 billion, a price-to-earnings ratio of 50.85 and a beta of 1.95.

Toast (NYSE:TOST - Get Free Report) last issued its 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 firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. Toast had a return on equity of 18.14% and a net margin of 5.56%.The business's revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.05 earnings per share. As a group, sell-side analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast announced that its Board of Directors has initiated a share buyback program on Thursday, February 12th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TOST. Truist Financial set a $36.00 price target on Toast in a research report on Wednesday, February 25th. Jefferies Financial Group set a $35.00 price objective on Toast in a research report on Friday, February 13th. Canaccord Genuity Group set a $37.00 target price on Toast in a report on Friday, February 13th. Evercore raised shares of Toast from an "in-line" rating to an "outperform" rating and set a $40.00 price target for the company in a research report on Tuesday, January 20th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Toast in a report on Monday, December 29th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $40.46.

Insider Activity

In other Toast news, CEO Aman Narang sold 8,591 shares of the business's stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $34.38, for a total value of $295,358.58. Following the completion of the sale, the chief executive officer directly owned 338,850 shares of the company's stock, valued at $11,649,663. The trade was a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Elena Gomez sold 6,672 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $229,383.36. Following the transaction, the chief financial officer owned 162,153 shares in the company, valued at approximately $5,574,820.14. This trade represents a 3.95% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 100,856 shares of company stock valued at $3,540,449. 12.14% of the stock is currently owned by company insiders.

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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