Principal Financial Group Inc. boosted its holdings in shares of Toast, Inc. (NYSE:TOST – Free Report) by 36.0% during the first quarter, HoldingsChannel.com reports. The firm owned 7,977,244 shares of the company’s stock after purchasing an additional 2,111,009 shares during the period. Principal Financial Group Inc.’s holdings in Toast were worth $211,478,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of TOST. NewEdge Advisors LLC lifted its position in shares of Toast by 1,555.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock valued at $578,000 after buying an additional 16,379 shares in the last quarter. Cerity Partners LLC raised its position in Toast by 24.0% during the second quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock worth $3,613,000 after acquiring an additional 15,774 shares during the period. State Street Corp raised its position in Toast by 2.7% during the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock worth $408,039,000 after acquiring an additional 245,276 shares during the period. Frontier Capital Management Co. LLC purchased a new position in Toast during the second quarter valued at $4,479,000. Finally, Sei Investments Co. lifted its holdings in Toast by 24.6% during the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock valued at $45,619,000 after purchasing an additional 203,404 shares in the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently commented on TOST. Piper Sandler assumed coverage on shares of Toast in a research note on Wednesday, June 10th. They set an “overweight” rating and a $32.00 target price for the company. Morgan Stanley set a $45.00 price target on shares of Toast in a research note on Friday, May 8th. Citigroup lowered their price objective on Toast from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Rothschild & Co Redburn reiterated a “neutral” rating and set a $35.00 price objective on shares of Toast in a research note on Tuesday, May 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Toast in a report on Wednesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.59.
Insider Transactions at Toast
In related news, CFO Elena Gomez sold 11,605 shares of the business’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $334,804.25. Following the transaction, the chief financial officer directly owned 185,150 shares in the company, valued at approximately $5,341,577.50. The trade was a 5.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Aman Narang sold 14,365 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $414,430.25. Following the sale, the chief executive officer directly owned 70,451 shares of the company’s stock, valued at approximately $2,032,511.35. This represents a 16.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 159,265 shares of company stock valued at $4,278,832. Company insiders own 10.03% of the company’s stock.
Toast Stock Up 0.3%
Toast stock opened at $30.04 on Wednesday. The company has a fifty day simple moving average of $25.75 and a 200-day simple moving average of $28.33. The firm has a market capitalization of $15.50 billion, a price-to-earnings ratio of 46.21 and a beta of 1.74. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $49.66.
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.
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