Legal & General Group Plc Cuts Position in Toast, Inc. $TOST

Legal & General Group Plc trimmed its position in shares of Toast, Inc. (NYSE:TOST) by 4.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,032,069 shares of the company’s stock after selling 46,844 shares during the quarter. Legal & General Group Plc’s holdings in Toast were worth $36,649,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in TOST. Central Pacific Bank Trust Division increased its stake in Toast by 123.5% in the fourth 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 during the last quarter. Smartleaf Asset Management LLC increased its stake in Toast by 59.1% in the third quarter. Smartleaf Asset Management LLC now owns 1,182 shares of the company’s stock valued at $44,000 after purchasing an additional 439 shares during the last quarter. Cornerstone Planning Group LLC increased its stake in Toast by 8,807.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 1,247 shares of the company’s stock valued at $44,000 after purchasing an additional 1,233 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Toast in the fourth quarter valued at approximately $45,000. Finally, GHP Investment Advisors Inc. increased its stake in Toast by 40.0% in the fourth quarter. GHP Investment Advisors Inc. now owns 1,400 shares of the company’s stock valued at $50,000 after purchasing an additional 400 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 brokerages have commented on TOST. Weiss Ratings reiterated a “hold (c)” rating on shares of Toast in a research note on Wednesday, May 20th. BMO Capital Markets began coverage on shares of Toast in a research note on Tuesday, April 21st. They issued an “outperform” rating and a $35.00 price target on the stock. Mizuho dropped their price target on shares of Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Loop Capital began coverage on shares of Toast in a research note on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price target on the stock. Finally, The Goldman Sachs Group dropped their price target on shares of Toast from $43.00 to $31.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 17th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Toast presently has a consensus rating of “Moderate Buy” and an average price target of $37.84.

Insiders Place Their Bets

In other news, CRO Jonathan Vassil sold 6,438 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $168,611.22. Following the completion of the sale, the executive directly owned 146,618 shares of the company’s stock, valued at approximately $3,839,925.42. This represents a 4.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Brian R. Elworthy sold 3,664 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $95,960.16. Following the completion of the sale, the general counsel directly owned 243,642 shares of the company’s stock, valued at $6,380,983.98. The trade was a 1.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 39,783 shares of company stock valued at $1,041,917. 12.14% of the stock is owned by insiders.

Toast Trading Up 4.4%

TOST stock opened at $26.06 on Friday. The company has a market capitalization of $13.45 billion, a P/E ratio of 40.10 and a beta of 1.81. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The business has a 50 day simple moving average of $26.27 and a 200-day simple moving average of $30.29.

Toast announced that its board has authorized a stock buyback plan on Thursday, February 12th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management 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.