Norges Bank acquired a new stake in shares of Toast, Inc. (NYSE:TOST – Free Report) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 5,711,282 shares of the company’s stock, valued at approximately $202,808,000.
Other large investors also recently bought and sold shares of the company. Allianz Asset Management GmbH grew its stake in Toast by 322.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company’s stock valued at $13,245,000 after acquiring an additional 276,803 shares in the last quarter. Candriam S.C.A. grew its stake in Toast by 10.9% during the 3rd quarter. Candriam S.C.A. now owns 602,200 shares of the company’s stock valued at $21,986,000 after acquiring an additional 59,045 shares in the last quarter. Citigroup Inc. grew its stake in Toast by 17.2% during the 3rd quarter. Citigroup Inc. now owns 1,042,102 shares of the company’s stock valued at $38,047,000 after acquiring an additional 152,807 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Toast during the 3rd quarter valued at about $2,891,000. Finally, Capital International Investors grew its stake in Toast by 7.4% during the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock valued at $1,768,256,000 after acquiring an additional 3,351,545 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.
Toast Price Performance
Toast stock opened at $26.40 on Wednesday. The firm has a 50 day simple moving average of $26.28 and a 200-day simple moving average of $30.16. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66. The stock has a market cap of $13.62 billion, a price-to-earnings ratio of 40.61 and a beta of 1.76.
Insiders Place Their Bets
In other news, President Stephen Fredette sold 7,289 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $190,898.91. Following the completion of the sale, the president owned 920,985 shares of the company’s stock, valued at $24,120,597.15. This represents a 0.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Elena Gomez sold 8,929 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $233,850.51. Following the completion of the sale, the chief financial officer directly owned 173,064 shares of the company’s stock, valued at approximately $4,532,546.16. This trade represents a 4.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 147,783 shares of company stock worth $3,838,037. 10.03% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several brokerages recently issued reports on TOST. Needham & Company LLC dropped their price objective on shares of Toast from $60.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Canaccord Genuity Group set a $37.00 price objective on shares of Toast in a research note on Friday, February 13th. Loop Capital initiated coverage on shares of Toast in a research note on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price target for the company. Wall Street Zen cut shares of Toast from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Toast in a research note on Monday. One investment analyst has 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 MarketBeat, Toast presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.84.
Read Our Latest Stock Analysis on TOST
Toast Profile
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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