Bank of New York Mellon Corp Sells 24,471 Shares of Toast, Inc. (NYSE:TOST)

Bank of New York Mellon Corp reduced its stake in Toast, Inc. (NYSE:TOST - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,143,270 shares of the company's stock after selling 24,471 shares during the period. Bank of New York Mellon Corp owned 0.43% of Toast worth $71,092,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wayfinding Financial LLC acquired a new position in shares of Toast in the first quarter valued at about $34,000. Piscataqua Savings Bank grew 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 acquiring an additional 400 shares in the last quarter. West Branch Capital LLC grew 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 acquiring an additional 1,000 shares in the last quarter. Proathlete Wealth Management LLC acquired a new position in shares of Toast in the first quarter valued at about $50,000. Finally, LRI Investments LLC grew its stake in shares of Toast by 51.6% in the fourth quarter. LRI Investments LLC now owns 1,516 shares of the company's stock valued at $55,000 after acquiring an additional 516 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on TOST shares. Truist Financial started coverage on shares of Toast in a research note on Monday, June 2nd. They issued a "buy" rating and a $48.00 price target on the stock. Morgan Stanley upped their price target on shares of Toast from $46.00 to $50.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Wall Street Zen downgraded shares of Toast from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. BMO Capital Markets increased their price objective on shares of Toast from $44.00 to $45.00 and gave the stock an "outperform" rating in a research note on Monday, May 12th. Finally, Wolfe Research upgraded shares of Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price objective on the stock in a research note on Wednesday, April 23rd. Thirteen investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $41.21.

Insiders Place Their Bets

In related news, CFO Elena Gomez sold 34,170 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.56, for a total value of $1,454,275.20. Following the completion of the transaction, the chief financial officer owned 139,357 shares in the company, valued at $5,931,033.92. This trade represents a 19.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Aman Narang sold 13,829 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.59, for a total transaction of $588,977.11. Following the completion of the transaction, the chief executive officer owned 302,498 shares of the company's stock, valued at approximately $12,883,389.82. This trade represents a 4.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 536,131 shares of company stock worth $22,443,551 over the last quarter. 13.32% of the stock is currently owned by corporate insiders.

Toast Stock Down 1.9%

Shares of TOST stock traded down $0.86 on Friday, reaching $43.40. The company had a trading volume of 6,307,710 shares, compared to its average volume of 6,798,094. The stock has a market capitalization of $21.61 billion, a PE ratio of 188.70 and a beta of 2.00. Toast, Inc. has a one year low of $22.10 and a one year high of $46.57. The business's 50-day moving average is $42.57 and its 200 day moving average is $38.61.

Toast Company 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.