Nikko Asset Management Americas Inc. Has $165.94 Million Stock Holdings in Toast, Inc. (NYSE:TOST)

Key Points

• Nikko Asset Management Americas Inc. increased its holdings in Toast, Inc. by 3.2%, now owning over 5 million shares valued at approximately $165.9 million.
• Insider sales included CEO Aman Narang and President Stephen Fredette selling shares, with Narang's stake decreasing by 4.37% and Fredette's by 0.85%.
• The stock currently has a market cap of $24.28 billion and is rated as a "Moderate Buy" by analysts, with an average price target of $43.17.

Nikko Asset Management Americas Inc. raised its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,002,752 shares of the company's stock after purchasing an additional 155,831 shares during the period. Toast accounts for 2.1% of Nikko Asset Management Americas Inc.'s portfolio, making the stock its 13th largest position. Nikko Asset Management Americas Inc. owned about 1.01% of Toast worth $165,941,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wayfinding Financial LLC purchased a new position in shares of Toast in the first quarter valued at $34,000. Piscataqua Savings Bank boosted its stake in shares of Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after purchasing an additional 400 shares during the period. West Branch Capital LLC boosted its stake in shares of Toast by 862.1% in the first quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock valued at $37,000 after purchasing an additional 1,000 shares during the period. SBI Securities Co. Ltd. boosted its stake in shares of Toast by 29.2% in the first 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 during the period. Finally, Signaturefd LLC boosted its stake in shares of Toast by 227.1% in the first quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after purchasing an additional 1,022 shares during the period. Institutional investors and hedge funds own 82.91% of the company's stock.

Analyst Ratings Changes

TOST has been the topic of several recent analyst reports. Truist Financial upped their price target on shares of Toast from $48.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Jefferies Financial Group upped their price target on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. The Goldman Sachs Group cut their price target on shares of Toast from $43.00 to $38.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. Citigroup reaffirmed a "buy" rating on shares of Toast in a report on Wednesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Toast in a report on Thursday, July 17th. They issued a "buy" rating and a $54.00 price target on the stock. Twelve investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $43.42.

Toast Price Performance

Shares of TOST traded up $0.43 during midday trading on Wednesday, reaching $48.98. The stock had a trading volume of 2,441,607 shares, compared to its average volume of 7,104,473. Toast, Inc. has a 52 week low of $22.10 and a 52 week high of $49.56. The firm's 50 day moving average price is $43.95 and its 200-day moving average price is $39.44. The company has a market capitalization of $24.39 billion, a P/E ratio of 212.95 and a beta of 2.00.

Insider Buying and Selling

In other news, President Stephen Fredette sold 7,647 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $325,685.73. Following the sale, the president owned 889,017 shares of the company's stock, valued at approximately $37,863,234.03. The trade was a 0.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Brian R. Elworthy sold 5,681 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $241,953.79. Following the completion of the sale, the general counsel directly owned 221,767 shares in the company, valued at $9,445,056.53. This represents a 2.50% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 466,131 shares of company stock worth $20,048,851. 13.32% of the stock is owned by corporate 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.