Sumitomo Mitsui Trust Group Inc. Sells 484,321 Shares of Toast, Inc. $TOST

Sumitomo Mitsui Trust Group Inc. lowered its position in Toast, Inc. (NYSE:TOST) by 6.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,032,895 shares of the company’s stock after selling 484,321 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 1.37% of Toast worth $249,738,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Capital International Investors increased its holdings in shares of Toast by 7.4% in the third quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock valued at $1,768,256,000 after purchasing an additional 3,351,545 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Toast by 0.8% in the third quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company’s stock valued at $1,634,339,000 after purchasing an additional 352,435 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Toast by 74.4% in the third quarter. Jennison Associates LLC now owns 15,000,561 shares of the company’s stock valued at $547,670,000 after purchasing an additional 6,398,674 shares in the last quarter. State Street Corp increased its holdings in shares of Toast by 3.5% in the third quarter. State Street Corp now owns 9,538,312 shares of the company’s stock valued at $348,244,000 after purchasing an additional 325,423 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Toast by 2,432.8% in the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock valued at $299,957,000 after purchasing an additional 7,891,383 shares in the last quarter. Institutional investors own 82.91% of the company’s stock.

Insider Activity

In other Toast news, CRO Jonathan Vassil sold 6,438 shares of Toast stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $168,611.22. Following the completion of the sale, the executive owned 146,618 shares of the company’s stock, valued at approximately $3,839,925.42. The trade was a 4.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Stephen Fredette sold 7,289 shares of Toast stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $190,898.91. Following the sale, the president directly owned 920,985 shares of the company’s stock, valued at $24,120,597.15. This represents a 0.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 46,030 shares of company stock worth $1,231,451. Corporate insiders own 12.14% of the company’s stock.

Wall Street Analysts Forecast Growth

TOST has been the subject of a number of research reports. DA Davidson lowered their price target on shares of Toast from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Tuesday, February 17th. Loop Capital initiated coverage on shares of Toast in a report on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price target for the company. Truist Financial set a $36.00 price target on shares of Toast in a report on Wednesday, February 25th. Sanford C. Bernstein set a $39.00 price target on shares of Toast in a report on Monday, February 16th. Finally, Wells Fargo & Company lowered their price target on shares of Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $39.88.

Toast Stock Performance

TOST opened at $25.45 on Monday. The company has a fifty day moving average price of $27.52 and a two-hundred day moving average price of $32.75. Toast, Inc. has a 52 week low of $24.35 and a 52 week high of $49.66. The firm has a market capitalization of $13.34 billion, a PE ratio of 47.14 and a beta of 1.90.

Toast (NYSE:TOST) last released its earnings results on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 18.14% and a net margin of 5.56%.The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period in the prior year, the firm posted $0.05 EPS. Toast’s revenue was up 22.0% on a year-over-year basis. Equities analysts forecast that Toast, Inc. will post 0.39 EPS for the current year.

Toast declared that its Board of Directors has initiated a stock repurchase plan on Thursday, February 12th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership 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.