Comerica Bank Increases Stock Position in Toast, Inc. (NYSE:TOST)

Comerica Bank increased its position in Toast, Inc. (NYSE:TOST) by 303.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 34,378 shares of the company’s stock after buying an additional 25,850 shares during the quarter. Comerica Bank’s holdings in Toast were worth $1,253,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Voleon Capital Management LP purchased a new position in shares of Toast in the fourth quarter valued at $8,181,000. Utah Retirement Systems raised its holdings in Toast by 2.5% in the fourth quarter. Utah Retirement Systems now owns 24,400 shares of the company’s stock valued at $889,000 after acquiring an additional 600 shares in the last quarter. Soros Fund Management LLC acquired a new stake in Toast in the fourth quarter valued at $2,813,000. PDT Partners LLC raised its holdings in Toast by 28.1% in the fourth quarter. PDT Partners LLC now owns 115,125 shares of the company’s stock valued at $4,196,000 after acquiring an additional 25,283 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Toast in the fourth quarter valued at $4,075,000. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on TOST shares. Wolfe Research raised shares of Toast from a “peer perform” rating to an “outperform” rating and set a $44.00 price target on the stock in a report on Wednesday, April 23rd. DA Davidson cut their price target on shares of Toast from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Wednesday, April 30th. Robert W. Baird upped their price target on shares of Toast from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Oppenheimer started coverage on shares of Toast in a report on Friday, January 24th. They issued an “outperform” rating and a $46.00 price target on the stock. Finally, Canaccord Genuity Group upped their price target on shares of Toast from $43.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Thirteen analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Toast presently has a consensus rating of “Hold” and a consensus target price of $40.91.

Toast Stock Up 11.5%

TOST stock opened at $40.85 on Monday. Toast, Inc. has a fifty-two week low of $21.32 and a fifty-two week high of $44.12. The firm’s 50-day simple moving average is $34.56 and its 200 day simple moving average is $36.91. The stock has a market cap of $20.32 billion, a PE ratio of -4,080.92, a price-to-earnings-growth ratio of 2.16 and a beta of 1.98.

Toast (NYSE:TOST) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Toast had a return on equity of 1.54% and a net margin of 0.40%. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Equities analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Stephen Fredette sold 70,340 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $33.87, for a total value of $2,382,415.80. Following the completion of the transaction, the president now owns 1,574,316 shares in the company, valued at $53,322,082.92. This represents a 4.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Christopher P. Comparato sold 70,000 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $35.71, for a total transaction of $2,499,700.00. Following the completion of the transaction, the director now owns 164,796 shares of the company’s stock, valued at $5,884,865.16. This represents a 29.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 335,991 shares of company stock valued at $11,614,520 in the last quarter. Company insiders own 13.32% of the company’s stock.

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.