Trust Point Inc. Trims Holdings in Toast, Inc. (NYSE:TOST)

Trust Point Inc. trimmed its position in Toast, Inc. (NYSE:TOST) by 9.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,790 shares of the company’s stock after selling 1,594 shares during the period. Trust Point Inc.’s holdings in Toast were worth $524,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Toast by 10.8% in the 4th quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company’s stock valued at $1,548,186,000 after purchasing an additional 4,147,430 shares in the last quarter. Capital International Investors lifted its holdings in shares of Toast by 1.9% during the 4th quarter. Capital International Investors now owns 41,961,233 shares of the company’s stock worth $1,529,657,000 after acquiring an additional 785,641 shares during the period. FMR LLC lifted its holdings in shares of Toast by 22.1% during the 4th quarter. FMR LLC now owns 29,853,639 shares of the company’s stock worth $1,088,165,000 after acquiring an additional 5,403,896 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Toast during the 4th quarter worth about $282,010,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Toast by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 7,061,739 shares of the company’s stock worth $256,970,000 after acquiring an additional 195,805 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Toast

In other news, Director Susan Chapman-Hughes sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $44.00, for a total transaction of $330,000.00. Following the completion of the sale, the director now owns 23,030 shares of the company’s stock, valued at approximately $1,013,320. This trade represents a 24.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $42.60, for a total transaction of $12,780,000.00. Following the sale, the general counsel now directly owns 216,156 shares of the company’s stock, valued at $9,208,245.60. The trade was a 58.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 582,268 shares of company stock valued at $23,600,174. 13.32% of the stock is currently owned by corporate insiders.

Toast Stock Up 2.6%

Shares of NYSE:TOST opened at $42.62 on Tuesday. Toast, Inc. has a 52-week low of $22.10 and a 52-week high of $45.56. The company has a market capitalization of $21.23 billion, a price-to-earnings ratio of -4,258.14, a price-to-earnings-growth ratio of 2.16 and a beta of 2.02. The company has a 50 day moving average of $39.32 and a two-hundred day moving average of $37.97.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Toast in a report on Thursday, February 20th. BMO Capital Markets raised their price target on shares of Toast from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, May 12th. Royal Bank of Canada raised their price target on shares of Toast from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Thursday, February 20th. UBS Group raised their price target on shares of Toast from $41.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Finally, Evercore ISI initiated coverage on shares of Toast in a report on Wednesday, April 9th. They issued an “in-line” rating and a $29.00 price target on the stock. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.21.

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.