Toast, Inc. $TOST Shares Acquired by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB increased its stake in Toast by 843%, buying 1,168,539 shares to own 1,307,158 shares (~0.25% of the company) worth about $46.9 million.
• In the latest quarter Toast reported revenue of $1.63 billion (up 22% year-over-year) but missed EPS expectations ($0.16 vs. $0.24 consensus), with a net margin of 5.56% and analysts projecting ~0.39 EPS for the fiscal year.
• Institutional investors own ~82.9% of the stock while insiders have sold about 100,856 shares (~$3.54M) in the last 90 days; Wall Street has a consensus rating of Moderate Buy and a $40.46 average price target amid recent target cuts.

Nordea Investment Management AB lifted its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 843.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,307,158 shares of the company's stock after buying an additional 1,168,539 shares during the period. Nordea Investment Management AB owned approximately 0.25% of Toast worth $46,888,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. RiverPark Advisors LLC purchased a new position in Toast in the 2nd quarter worth approximately $30,000. Quent Capital LLC acquired a new position in shares of Toast during the 3rd quarter worth approximately $27,000. Alpine Bank Wealth Management purchased a new stake in shares of Toast in the third quarter valued at approximately $30,000. Central Pacific Bank Trust Division increased its holdings in shares of Toast by 123.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 943 shares of the company's stock valued at $33,000 after purchasing an additional 521 shares during the last quarter. Finally, Loomis Sayles & Co. L P acquired a new stake in shares of Toast in the second quarter valued at approximately $42,000. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Toast Price Performance

Shares of NYSE:TOST opened at $27.60 on Tuesday. The firm has a market capitalization of $14.46 billion, a PE ratio of 51.10 and a beta of 1.95. Toast, Inc. has a 1 year low of $24.35 and a 1 year high of $49.66. The firm's 50-day moving average is $29.47 and its two-hundred day moving average is $34.11.

Toast (NYSE:TOST - Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). The business had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.62 billion. Toast had a net margin of 5.56% and a return on equity of 18.14%. The company's revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 EPS. Analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast announced that its Board of Directors has authorized a stock buyback program on Thursday, February 12th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Toast

In other news, President Stephen Fredette sold 1,060 shares of the company's stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $32,160.40. Following the sale, the president owned 913,067 shares of the company's stock, valued at approximately $27,702,452.78. This represents a 0.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Jonathan Vassil sold 1,454 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total value of $44,114.36. Following the completion of the sale, the executive owned 139,893 shares in the company, valued at approximately $4,244,353.62. The trade was a 1.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 100,856 shares of company stock worth $3,540,449 over the last 90 days. 12.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TOST has been the topic of a number of recent research reports. Oppenheimer lowered their price objective on Toast from $48.00 to $39.00 and set an "outperform" rating on the stock in a research note on Friday, February 13th. Citigroup reduced their price target on Toast from $51.00 to $42.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Sanford C. Bernstein set a $39.00 price target on shares of Toast in a research report on Monday, February 16th. The Goldman Sachs Group dropped their price objective on shares of Toast from $43.00 to $31.00 and set a "neutral" rating for the company in a report on Tuesday, February 17th. Finally, Evercore upgraded shares of Toast from an "in-line" rating to an "outperform" rating and set a $40.00 price objective for the company in a research report on Tuesday, January 20th. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.46.

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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