Allspring Global Investments Holdings LLC Has $74.27 Million Position in Toast, Inc. $TOST

Allspring Global Investments Holdings LLC trimmed its stake in shares of Toast, Inc. (NYSE:TOST) by 19.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,725,975 shares of the company’s stock after selling 411,194 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.35% of Toast worth $74,269,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TOST. Index Fund Advisors Inc. bought a new stake in shares of Toast during the second quarter worth $228,000. LRI Investments LLC grew its position in Toast by 164.0% during the 2nd quarter. LRI Investments LLC now owns 3,311 shares of the company’s stock worth $147,000 after acquiring an additional 2,057 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Toast by 12.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 32,966 shares of the company’s stock worth $1,460,000 after purchasing an additional 3,558 shares in the last quarter. Udine Wealth Management Inc. bought a new position in Toast in the second quarter valued at about $1,280,000. Finally, GFS Advisors LLC acquired a new stake in shares of Toast during the second quarter valued at about $443,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Stock Performance

NYSE:TOST opened at $35.80 on Tuesday. Toast, Inc. has a 52 week low of $27.65 and a 52 week high of $49.66. The firm’s fifty day moving average is $40.87 and its 200-day moving average is $40.89. The firm has a market cap of $18.26 billion, a P/E ratio of 105.28 and a beta of 1.94.

Toast (NYSE:TOST) last released its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm earned $0.02 EPS. Toast’s quarterly revenue was up 24.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Needham & Company LLC upped their price objective on Toast from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. DA Davidson upped their price target on shares of Toast from $40.00 to $46.00 and gave the company a “neutral” rating in a research report on Tuesday, July 29th. Morgan Stanley lifted their price target on shares of Toast from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, August 6th. The Goldman Sachs Group reduced their price objective on shares of Toast from $51.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, JPMorgan Chase & Co. increased their price objective on Toast from $42.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, August 6th. Fifteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.35.

Insider Buying and Selling

In related news, Director Paul D. Bell sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $42.38, for a total transaction of $529,750.00. Following the completion of the sale, the director owned 226,892 shares of the company’s stock, valued at $9,615,682.96. This trade represents a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Elena Gomez sold 9,054 shares of Toast stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $321,960.24. Following the completion of the sale, the chief financial officer owned 149,572 shares of the company’s stock, valued at approximately $5,318,780.32. The trade was a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 62,196 shares of company stock worth $2,398,513 over the last three months. Insiders own 12.14% of the company’s stock.

Toast Company 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.