Forsta AP Fonden Has $7.07 Million Holdings in Toast, Inc. (NYSE:TOST)

Key Points

• Forsta AP Fonden reduced its stake in Toast, Inc. by 9.1%, owning 213,000 shares worth approximately $7.1 million after selling 21,300 shares in the first quarter.
• Several institutional investors, including the National Bank of Canada and Citigroup, significantly increased their stakes in Toast, with the former raising its holdings by 971.6%.
• Analysts are optimistic about Toast's growth, with Needham & Company raising their target price from $50 to $60 and many analysts giving it a consensus rating of "Moderate Buy."

Forsta AP Fonden reduced its stake in Toast, Inc. (NYSE:TOST - Free Report) by 9.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,000 shares of the company's stock after selling 21,300 shares during the period. Forsta AP Fonden's holdings in Toast were worth $7,065,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. National Bank of Canada FI raised its holdings in shares of Toast by 971.6% in the first quarter. National Bank of Canada FI now owns 755,076 shares of the company's stock worth $25,046,000 after buying an additional 684,611 shares during the last quarter. Citigroup Inc. grew its position in Toast by 231.8% during the first quarter. Citigroup Inc. now owns 610,891 shares of the company's stock valued at $20,263,000 after buying an additional 426,784 shares during the period. Swiss National Bank grew its position in Toast by 2.0% during the first quarter. Swiss National Bank now owns 1,129,100 shares of the company's stock valued at $37,452,000 after buying an additional 22,200 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Toast by 9.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 394,007 shares of the company's stock valued at $13,069,000 after purchasing an additional 32,495 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Toast by 5.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,092,210 shares of the company's stock valued at $102,569,000 after purchasing an additional 153,723 shares during the period. Institutional investors and hedge funds own 82.91% of the company's stock.

Analysts Set New Price Targets

TOST has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Toast from a "hold" rating to a "buy" rating in a report on Saturday. JPMorgan Chase & Co. boosted their price target on shares of Toast from $42.00 to $52.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Wells Fargo & Company initiated coverage on shares of Toast in a report on Wednesday, July 16th. They issued a "buy" rating for the company. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Toast in a research note on Thursday, July 17th. They set a "buy" rating and a $54.00 price target for the company. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 6th. Eleven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Toast has a consensus rating of "Moderate Buy" and an average price target of $45.54.

Toast Trading Down 1.8%

Toast stock traded down $0.78 during mid-day trading on Wednesday, reaching $43.29. The company's stock had a trading volume of 804,490 shares, compared to its average volume of 7,292,928. The firm has a market cap of $22.08 billion, a price-to-earnings ratio of 126.88 and a beta of 2.01. The business has a 50 day moving average price of $44.74 and a 200-day moving average price of $40.04. Toast, Inc. has a twelve month low of $22.91 and a twelve month high of $49.66.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly 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 firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the firm posted $0.02 EPS. The business's revenue was up 24.8% compared to the same quarter last year. On average, equities analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Insider Activity

In related news, CEO Aman Narang sold 1,719 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $83,165.22. Following the completion of the sale, the chief executive officer owned 304,300 shares of the company's stock, valued at approximately $14,722,034. The trade was a 0.56% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Jonathan Vassil sold 1,427 shares of the business's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total value of $69,038.26. Following the completion of the sale, the executive directly owned 63,298 shares of the company's stock, valued at approximately $3,062,357.24. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 404,054 shares of company stock worth $17,300,366. 12.14% of the stock is owned by company insiders.

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.