Resona Asset Management Co. Ltd. Increases Stock Position in Toast, Inc. $TOST

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Toast, Inc. by 12% during the first quarter, owning 120,612 shares valued at $4 million.
• Multiple hedge funds, including SBI Securities and Piscataqua Savings Bank, have also increased their investments in Toast, indicating strong institutional support as they collectively own over 82% of the company's stock.
• Toast reported a 24.8% year-over-year revenue increase for the last quarter, with earnings per share missing analysts' projections at $0.13 compared to an expected $0.23.

Resona Asset Management Co. Ltd. grew its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 12.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 120,612 shares of the company's stock after purchasing an additional 12,900 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Toast were worth $4,007,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wayfinding Financial LLC acquired a new stake in Toast in the first quarter worth $34,000. Piscataqua Savings Bank boosted its position in shares of Toast by 57.1% during the 1st quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock worth $36,000 after purchasing an additional 400 shares in the last quarter. West Branch Capital LLC boosted its position in shares of Toast by 862.1% during the 1st quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock worth $37,000 after purchasing an additional 1,000 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Toast by 29.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after buying an additional 284 shares during the period. Finally, Signaturefd LLC increased its position in Toast by 227.1% in the 1st quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after buying an additional 1,022 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TOST. Morgan Stanley upped their target price on Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Jefferies Financial Group boosted their price target on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Piper Sandler upped their price objective on shares of Toast from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. DA Davidson lifted 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. Finally, Wall Street Zen raised shares of Toast from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Fifteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Toast currently has an average rating of "Moderate Buy" and a consensus price target of $45.54.

Toast Stock Down 0.5%

Toast stock traded down $0.2320 during midday trading on Thursday, hitting $42.1780. 1,643,327 shares of the stock were exchanged, compared to its average volume of 7,306,832. Toast, Inc. has a 52-week low of $22.91 and a 52-week high of $49.66. The business's 50-day moving average price is $44.71 and its 200-day moving average price is $40.16. The stock has a market capitalization of $21.51 billion, a price-to-earnings ratio of 123.85 and a beta of 2.01.

Toast (NYSE:TOST - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.10). The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.Toast's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.02 EPS. On average, sell-side analysts predict that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Insider Activity

In other news, President Stephen Fredette sold 7,647 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $325,685.73. Following the sale, the president directly owned 889,017 shares in the company, valued at $37,863,234.03. This represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $42.60, for a total transaction of $12,780,000.00. Following the transaction, the general counsel owned 216,156 shares of the company's stock, valued at $9,208,245.60. This trade represents a 58.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 393,054 shares of company stock worth $16,803,936. 12.14% of the stock is owned by company insiders.

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.