Zurcher Kantonalbank Zurich Cantonalbank Purchases 52,959 Shares of Toast, Inc. $TOST

Key Points

• Zurcher Kantonalbank boosted its stake in Toast by 11.5% in Q4, buying 52,959 shares to hold 514,992 shares (about 0.10% of the company) valued at roughly $18.29 million.
• Company insiders have been selling: President Stephen Fredette sold 7,289 shares and CEO Aman Narang sold 13,463 shares on April 2, and insiders have sold 46,030 shares (~$1.23M) in the last 90 days while still owning 12.14% of the stock.
• Analyst sentiment is mixed but positive overall: the consensus rating is a “Moderate Buy” with a consensus target price of $39.48, though several firms recently cut price targets (e.g., Mizuho to $45, Wells Fargo to $36).

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 11.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 514,992 shares of the company's stock after buying an additional 52,959 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.10% of Toast worth $18,287,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TOST. NewEdge Advisors LLC boosted its holdings in shares of Toast by 1,555.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company's stock worth $578,000 after buying an additional 16,379 shares during the period. Cerity Partners LLC boosted its holdings in shares of Toast by 24.0% during the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company's stock worth $3,613,000 after buying an additional 15,774 shares during the period. State Street Corp boosted its holdings in shares of Toast by 2.7% during the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company's stock worth $408,039,000 after buying an additional 245,276 shares during the period. Frontier Capital Management Co. LLC bought a new stake in shares of Toast during the 2nd quarter worth $4,479,000. Finally, Sei Investments Co. boosted its holdings in shares of Toast by 24.6% during the 2nd quarter. Sei Investments Co. now owns 1,030,007 shares of the company's stock worth $45,619,000 after buying an additional 203,404 shares during the period. 82.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

TOST has been the subject of several recent analyst reports. Mizuho decreased their price objective on shares of Toast from $57.00 to $45.00 and set an "outperform" rating for the company in a report on Tuesday, February 17th. Canaccord Genuity Group set a $37.00 price target on shares of Toast in a report on Friday, February 13th. Wells Fargo & Company reduced their price target on shares of Toast from $47.00 to $36.00 and set an "overweight" rating for the company in a report on Friday, February 13th. Wolfe Research downgraded shares of Toast from an "outperform" rating to a "peer perform" rating in a report on Thursday, January 8th. Finally, UBS Group set a $40.00 price target on shares of Toast in a report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $39.48.

Insider Activity at Toast

In other news, President Stephen Fredette sold 7,289 shares of the firm's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $190,898.91. Following the completion of the transaction, the president directly owned 920,985 shares of the company's stock, valued at approximately $24,120,597.15. This trade represents a 0.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Aman Narang sold 13,463 shares of the firm's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $352,595.97. Following the transaction, the chief executive officer directly owned 54,013 shares of the company's stock, valued at $1,414,600.47. The trade was a 19.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 46,030 shares of company stock worth $1,231,451 in the last ninety days. Company insiders own 12.14% of the company's stock.

Toast Price Performance

Shares of Toast stock opened at $29.38 on Thursday. Toast, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $49.66. The firm has a fifty day moving average price of $27.48 and a two-hundred day moving average price of $32.32. The company has a market cap of $15.40 billion, a PE ratio of 54.42 and a beta of 1.90.

Toast (NYSE:TOST - Get Free Report) last issued 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). The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.62 billion. Toast had a net margin of 5.56% and a return on equity of 18.14%. Toast's revenue for the quarter was up 22.0% on a year-over-year basis. During the same period last year, the company earned $0.05 earnings per share. Analysts expect that Toast, Inc. will post 0.81 earnings per share for the current fiscal year.

Toast declared that its board has approved a share repurchase program on Thursday, February 12th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

About Toast

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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