Toast, Inc. $TOST Shares Acquired by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management dramatically increased its stake in Toast by 1,925.3% in the fourth quarter, ending with 985,653 shares valued at about $35 million.
• Institutional interest in Toast remains strong overall, with 82.91% of shares owned by institutional investors and hedge funds.
• Analysts remain mostly positive on the stock, with an average rating of “Moderate Buy” and an average price target of $37.84, though several firms recently trimmed their targets.

Northwestern Mutual Wealth Management Co. lifted its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 1,925.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 985,653 shares of the company's stock after acquiring an additional 936,987 shares during the period. Northwestern Mutual Wealth Management Co. owned about 0.19% of Toast worth $35,001,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allianz Asset Management GmbH raised its position in shares of Toast by 322.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company's stock valued at $13,245,000 after acquiring an additional 276,803 shares in the last quarter. Candriam S.C.A. raised its position in shares of Toast by 10.9% during the 3rd quarter. Candriam S.C.A. now owns 602,200 shares of the company's stock valued at $21,986,000 after acquiring an additional 59,045 shares in the last quarter. Citigroup Inc. raised its position in shares of Toast by 17.2% during the 3rd quarter. Citigroup Inc. now owns 1,042,102 shares of the company's stock valued at $38,047,000 after acquiring an additional 152,807 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Toast during the 3rd quarter valued at approximately $2,891,000. Finally, Capital International Investors raised its position in shares of Toast by 7.4% during the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company's stock valued at $1,768,256,000 after acquiring an additional 3,351,545 shares in the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TOST has been the topic of several analyst reports. Morgan Stanley set a $45.00 target price on Toast in a research report on Friday, May 8th. Mizuho dropped their target price on Toast from $45.00 to $38.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Toast in a research report on Wednesday, May 20th. Jefferies Financial Group set a $35.00 target price on Toast in a research report on Friday, February 13th. Finally, Truist Financial dropped their target price on Toast from $36.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $37.84.

Insider Transactions at Toast

In related news, CFO Elena Gomez sold 8,929 shares of Toast stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $233,850.51. Following the transaction, the chief financial officer directly owned 173,064 shares of the company's stock, valued at $4,532,546.16. The trade was a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Brian R. Elworthy sold 3,664 shares of Toast stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $95,960.16. Following the transaction, the general counsel directly owned 243,642 shares in the company, valued at approximately $6,380,983.98. The trade was a 1.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 39,783 shares of company stock valued at $1,041,917 over the last three months. 12.14% of the stock is owned by company insiders.

Toast Price Performance

TOST opened at $26.06 on Friday. The company has a market capitalization of $13.45 billion, a price-to-earnings ratio of 40.10 and a beta of 1.81. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66. The business has a 50 day moving average price of $26.27 and a two-hundred day moving average price of $30.29.

Toast declared that its board has initiated a share repurchase program on Thursday, February 12th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Toast Company 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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