Voya Investment Management LLC Raises Stock Holdings in Toast, Inc. $TOST

Key Points

• Voya Investment Management LLC increased its stake in Toast, Inc. by 37.8% during the first quarter, acquiring an additional 288,224 shares, bringing its total to over 1 million shares valued at approximately $34.82 million.
• Other institutional investors also boosted their positions, with Principal Financial Group significantly increasing its stake by 14,258.8%, now owning 5.47 million shares worth about $181.59 million.
• Toast reported $1.55 billion in revenue for the latest quarter, exceeding expectations, but its earnings per share missed estimates at $0.13, compared to a consensus of $0.23.

Voya Investment Management LLC grew its stake in Toast, Inc. (NYSE:TOST - Free Report) by 37.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,049,723 shares of the company's stock after buying an additional 288,224 shares during the period. Voya Investment Management LLC owned 0.21% of Toast worth $34,819,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Procyon Advisors LLC acquired a new stake in shares of Toast in the first quarter worth $242,000. Charles Schwab Investment Management Inc. increased its stake 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 worth $102,569,000 after acquiring an additional 153,723 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Toast by 19.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock worth $829,000 after acquiring an additional 3,713 shares during the period. Yorktown Management & Research Co Inc acquired a new stake in shares of Toast in the first quarter worth $252,000. Finally, Principal Financial Group Inc. increased its stake in shares of Toast by 14,258.8% in the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock worth $181,587,000 after acquiring an additional 5,436,317 shares during the period. Hedge funds and other institutional investors own 82.91% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Truist Financial increased their price target on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Needham & Company LLC increased their price target on shares of Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. DA Davidson increased their price target on shares of Toast from $40.00 to $46.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Finally, Canaccord Genuity Group increased their price target on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Fifteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Toast presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

Insider Activity

In related news, Director Paul D. Bell sold 12,500 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $42.38, for a total value of $529,750.00. Following the sale, the director directly owned 226,892 shares in the company, valued at approximately $9,615,682.96. The trade was a 5.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Aman Narang sold 13,829 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 302,498 shares in the company, valued at approximately $12,883,389.82. This trade represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,342 shares of company stock worth $3,804,710. Insiders own 12.14% of the company's stock.

Toast Stock Up 0.7%

Shares of Toast stock traded up $0.29 during trading hours on Monday, reaching $40.24. 6,036,931 shares of the company's stock were exchanged, compared to its average volume of 7,916,943. The business has a fifty day moving average of $44.50 and a two-hundred day moving average of $40.51. The company has a market capitalization of $20.52 billion, a P/E ratio of 118.35 and a beta of 2.00. Toast, Inc. has a 1 year low of $26.05 and a 1 year 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 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 analyst estimates of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The company's revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 EPS. As a group, research analysts predict that Toast, Inc. will post 0.39 EPS for the current year.

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.