Toast, Inc. $TOST Stake Lowered by Swiss Life Asset Management Ltd

Key Points

• Swiss Life Asset Management cut its stake in Toast by 75.4% in the fourth quarter, selling 156,203 shares and leaving it with 50,991 shares worth about $1.81 million.
• Toast still has significant institutional interest, with 82.91% of shares held by hedge funds and other institutional investors, even as some insiders have recently sold stock.
• Analysts remain generally positive on Toast, with a Moderate Buy consensus and an average price target of $37.84, though the stock recently traded near $23.02 after a mixed earnings report that missed EPS estimates but beat revenue expectations.

Swiss Life Asset Management Ltd reduced its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 75.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,991 shares of the company's stock after selling 156,203 shares during the period. Swiss Life Asset Management Ltd's holdings in Toast were worth $1,811,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Quent Capital LLC bought a new position in shares of Toast during the 3rd quarter valued at $27,000. Central Pacific Bank Trust Division raised its holdings in shares of Toast by 123.5% during the 4th 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 in the last quarter. Wolff Wiese Magana LLC acquired a new position in shares of Toast during the 3rd quarter valued at about $37,000. Root Financial Partners LLC acquired a new position in shares of Toast during the 3rd quarter valued at about $42,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Toast by 59.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,182 shares of the company's stock valued at $44,000 after acquiring an additional 439 shares during the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on TOST shares. Stephens set a $42.00 price objective on Toast in a research report on Friday, January 16th. Rothschild & Co Redburn reissued a "neutral" rating and set a $35.00 target price on shares of Toast in a research report on Tuesday. Loop Capital initiated coverage on Toast in a research report on Tuesday, March 31st. They set a "hold" rating and a $26.00 target price on the stock. Citigroup reduced their target price on Toast from $42.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, May 8th. Finally, BMO Capital Markets initiated coverage on Toast in a research report on Tuesday, April 21st. They issued an "outperform" rating and a $35.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Toast presently has a consensus rating of "Moderate Buy" and an average price target of $37.84.

Insider Transactions at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 3,664 shares of the company's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $95,960.16. Following the sale, the general counsel directly owned 243,642 shares in the company, valued at $6,380,983.98. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Stephen Fredette sold 7,289 shares of the company's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $190,898.91. Following the completion of the sale, the president owned 920,985 shares in the company, valued at $24,120,597.15. This trade represents a 0.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 39,783 shares of company stock valued at $1,041,917. 12.14% of the stock is owned by insiders.

Toast Stock Down 0.2%

NYSE:TOST opened at $23.02 on Friday. Toast, Inc. has a 12-month low of $22.26 and a 12-month high of $49.66. The firm has a market capitalization of $11.88 billion, a PE ratio of 35.41 and a beta of 1.81. The firm has a 50-day moving average price of $27.27 and a 200 day moving average price of $31.19.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly 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). Toast had a net margin of 6.39% and a return on equity of 20.86%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the company earned $0.05 earnings per share. The business's revenue was up 22.0% on a year-over-year basis. On average, research analysts expect that Toast, Inc. will post 0.81 EPS for the current year.

Toast declared that its board has approved a share buyback plan on Thursday, February 12th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically 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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