Toast, Inc. $TOST Stock Position Trimmed by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in Toast, Inc. (NYSE:TOST) by 3.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,534,650 shares of the company’s stock after selling 221,222 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Toast were worth $245,130,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Asset Management One Co. Ltd. lifted its position in Toast by 17.5% in the 2nd quarter. Asset Management One Co. Ltd. now owns 168,530 shares of the company’s stock valued at $7,464,000 after purchasing an additional 25,052 shares during the last quarter. AlTi Global Inc. acquired a new position in Toast during the 2nd quarter valued at about $264,000. Smith Group Asset Management LLC acquired a new position in Toast during the 2nd quarter valued at about $252,000. Prentice Wealth Management LLC acquired a new position in Toast during the 2nd quarter valued at about $471,000. Finally, Bleakley Financial Group LLC acquired a new position in Toast during the 2nd quarter valued at about $495,000. 82.91% of the stock is currently owned by institutional investors.

Toast Stock Performance

TOST stock opened at $38.32 on Friday. The stock has a market cap of $19.54 billion, a P/E ratio of 112.71 and a beta of 1.94. The firm has a 50 day simple moving average of $39.70 and a 200 day simple moving average of $41.12. Toast, Inc. has a 52 week low of $28.12 and a 52 week high of $49.66.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TOST shares. Wall Street Zen raised shares of Toast from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Citigroup raised shares of Toast to a “strong-buy” rating in a research note on Thursday. Keefe, Bruyette & Woods lowered their price objective on shares of Toast from $50.00 to $42.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 1st. Needham & Company LLC lifted their price objective on shares of Toast from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Finally, Wells Fargo & Company raised shares of Toast to a “strong-buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.17.

Insider Transactions at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 4,987 shares of Toast stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $177,337.72. Following the completion of the sale, the general counsel directly owned 227,924 shares in the company, valued at $8,104,977.44. The trade was a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Elena Gomez sold 9,054 shares of Toast stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction 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 $5,318,780.32. This trade represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,196 shares of company stock valued at $2,398,513. Insiders own 12.14% of the company’s stock.

Toast 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.