Bank of New York Mellon Corp Decreases Position in Toast, Inc. $TOST

Bank of New York Mellon Corp decreased its position in Toast, Inc. (NYSE:TOST) by 17.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,767,142 shares of the company’s stock after selling 376,128 shares during the period. Bank of New York Mellon Corp owned about 0.35% of Toast worth $78,267,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Ameritas Advisory Services LLC bought a new stake in shares of Toast in the second quarter valued at $31,000. REAP Financial Group LLC increased its holdings in Toast by 173.3% in the 2nd quarter. REAP Financial Group LLC now owns 798 shares of the company’s stock worth $35,000 after acquiring an additional 506 shares during the last quarter. SBI Securities Co. Ltd. raised its stake in Toast by 29.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company’s stock valued at $42,000 after acquiring an additional 284 shares during the period. Motco bought a new stake in Toast in the 2nd quarter valued at about $44,000. Finally, Cullen Frost Bankers Inc. lifted its holdings in Toast by 1,383.8% during the second quarter. Cullen Frost Bankers Inc. now owns 1,009 shares of the company’s stock valued at $45,000 after purchasing an additional 941 shares during the last quarter. 82.91% of the stock is owned by institutional investors.

Toast Price Performance

TOST opened at $36.99 on Friday. The firm has a market capitalization of $19.05 billion, a P/E ratio of 86.02 and a beta of 1.94. Toast, Inc. has a one year low of $28.12 and a one year high of $49.66. The company has a fifty day moving average price of $38.33 and a 200-day moving average price of $41.42.

Toast (NYSE:TOST) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 15.77% and a net margin of 4.68%.The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the business posted $0.07 EPS. The company’s quarterly revenue was up 25.1% on a year-over-year basis. On average, analysts expect that Toast, Inc. will post 0.39 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on TOST. Jefferies Financial Group lowered their price target on shares of Toast from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Toast in a research note on Thursday, July 17th. They issued a “buy” rating and a $54.00 price objective for the company. Wolfe Research restated an “outperform” rating and set a $48.00 target price on shares of Toast in a research report on Wednesday. The Goldman Sachs Group cut their price target on Toast from $51.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, October 13th. Finally, Morgan Stanley lifted their price target on Toast from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.64.

Insider Transactions at Toast

In other news, General Counsel Brian R. Elworthy sold 1,059 shares of Toast stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $35.54, for a total transaction of $37,636.86. Following the completion of the sale, the general counsel owned 229,017 shares in the company, valued at approximately $8,139,264.18. This trade represents a 0.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Elena Gomez sold 2,021 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $35.54, for a total transaction of $71,826.34. Following the completion of the transaction, the chief financial officer owned 151,463 shares in the company, valued at approximately $5,382,995.02. This trade represents a 1.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 62,259 shares of company stock worth $2,299,020. 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.