Toast, Inc. $TOST Shares Sold by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG cut its stake in Toast by 86.8% in Q4, selling 69,802 shares and leaving it with 10,628 shares worth about $377,000.
• Toast's latest quarter showed $0.16 EPS (missed by $0.08) and revenue of $1.63 billion (slightly above expectations and up 22% year-over-year); the company also announced a stock buyback program (authorization reported as $0.00).
• Institutional investors own roughly 82.9% of the stock with major funds raising positions, insiders have sold ~34,466 shares in the past 90 days, and analysts' consensus is a Moderate Buy with an average target of $39.88.

J. Safra Sarasin Holding AG lessened its stake in Toast, Inc. (NYSE:TOST - Free Report) by 86.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,628 shares of the company's stock after selling 69,802 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Toast were worth $377,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Capital International Investors lifted its holdings in Toast by 7.4% during the third quarter. Capital International Investors now owns 48,428,060 shares of the company's stock valued at $1,768,256,000 after purchasing an additional 3,351,545 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Toast by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company's stock worth $1,634,339,000 after purchasing an additional 352,435 shares during the last quarter. Jennison Associates LLC raised its position in shares of Toast by 74.4% during the 3rd quarter. Jennison Associates LLC now owns 15,000,561 shares of the company's stock worth $547,670,000 after purchasing an additional 6,398,674 shares during the last quarter. State Street Corp lifted its stake in Toast by 3.5% in the 3rd quarter. State Street Corp now owns 9,538,312 shares of the company's stock valued at $348,244,000 after buying an additional 325,423 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Toast by 2,432.8% in the 3rd quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company's stock valued at $299,957,000 after buying an additional 7,891,383 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Toast Trading Up 1.4%

Shares of NYSE TOST opened at $26.44 on Friday. The stock has a market cap of $13.86 billion, a PE ratio of 48.97 and a beta of 1.90. Toast, Inc. has a 12-month low of $24.35 and a 12-month high of $49.66. The company has a 50-day moving average of $28.25 and a 200 day moving average of $33.41.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Thursday, February 12th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates 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 return on equity of 18.14% and a net margin of 5.56%.The company's revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period last year, the business earned $0.05 earnings per share. On average, sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast announced that its board has initiated a stock buyback program on Thursday, February 12th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Activity

In other Toast news, General Counsel Brian R. Elworthy sold 3,303 shares of the company's stock in a transaction on Monday, January 5th. The stock was sold at an average price of $34.38, for a total value of $113,557.14. Following the completion of the sale, the general counsel directly owned 235,757 shares in the company, valued at $8,105,325.66. This represents a 1.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Aman Narang sold 8,591 shares of the firm's stock in a transaction on Monday, January 5th. The stock was sold at an average price of $34.38, for a total value of $295,358.58. Following the completion of the sale, the chief executive officer directly owned 338,850 shares of the company's stock, valued at $11,649,663. This trade represents a 2.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,466 shares of company stock valued at $1,159,703 in the last 90 days. 12.14% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Evercore upgraded Toast from an "in-line" rating to an "outperform" rating and set a $40.00 price objective for the company in a research note on Tuesday, January 20th. Loop Capital began coverage on Toast in a research report on Tuesday. They issued a "hold" rating and a $26.00 target price on the stock. Canaccord Genuity Group set a $37.00 price target on Toast in a research note on Friday, February 13th. Sanford C. Bernstein set a $39.00 price target on Toast in a research report on Monday, February 16th. Finally, Needham & Company LLC reduced their price objective on Toast from $60.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, Toast currently has a consensus rating of "Moderate Buy" and an average target price of $39.88.

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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