Truist Financial Corp Increases Stock Holdings in Toast, Inc. $TOST

Key Points

• Truist Financial Corp increased its holdings in Toast, Inc. by 34.2% during the second quarter, now owning 33,448 shares valued at approximately $1.48 million.
• Toast's latest earnings report showed earnings per share of $0.13, missing the consensus estimate, but revenue rose by 24.8% from the previous year.
• Several analysts have issued buy ratings for Toast with target prices ranging from $50.00 to $54.00, indicating strong upside potential for the stock.

Truist Financial Corp increased its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 34.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,448 shares of the company's stock after buying an additional 8,530 shares during the period. Truist Financial Corp's holdings in Toast were worth $1,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Toast by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock valued at $1,457,675,000 after purchasing an additional 1,471,352 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Toast by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company's stock valued at $777,978,000 after purchasing an additional 3,490,686 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Toast by 7.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 15,520,360 shares of the company's stock valued at $514,811,000 after purchasing an additional 1,082,958 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Toast by 2.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,755,872 shares of the company's stock valued at $190,922,000 after purchasing an additional 160,088 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Toast by 14,258.8% in the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after purchasing an additional 5,436,317 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Toast Price Performance

NYSE TOST opened at $35.04 on Friday. The company has a market cap of $17.87 billion, a P/E ratio of 103.04 and a beta of 1.94. The stock has a 50-day moving average of $41.14 and a two-hundred day moving average of $40.84. Toast, Inc. has a 1-year low of $27.65 and a 1-year high of $49.66.

Toast (NYSE:TOST - Get Free Report) last released its 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 during 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 business's revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.02 earnings per share. On average, analysts anticipate that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on TOST shares. Deutsche Bank Aktiengesellschaft started coverage on Toast in a report on Thursday, July 17th. They issued a "buy" rating and a $54.00 price objective on the stock. Wells Fargo & Company initiated coverage on Toast in a report on Wednesday, July 16th. They issued a "buy" rating on the stock. Canaccord Genuity Group raised their target price on Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Truist Financial raised their target price on Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Finally, Jefferies Financial Group raised their target price on Toast from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Fifteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, Toast currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.78.

Insider Buying and Selling

In other news, Director Paul D. Bell sold 12,500 shares of Toast stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $42.38, for a total value of $529,750.00. Following the completion of the transaction, the director owned 226,892 shares in the company, valued at approximately $9,615,682.96. This trade represents a 5.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Jonathan Vassil sold 6,530 shares of Toast stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $232,206.80. Following the completion of the transaction, the executive owned 69,932 shares of the company's stock, valued at $2,486,781.92. The trade was a 8.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 62,196 shares of company stock worth $2,398,513 over the last 90 days. 12.14% of the stock is owned by insiders.

About Toast

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.

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