Comerica Bank Grows Stock Holdings in Toast, Inc. (NYSE:TOST)

Comerica Bank increased its stake in shares of Toast, Inc. (NYSE:TOST) by 303.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,378 shares of the company’s stock after buying an additional 25,850 shares during the period. Comerica Bank’s holdings in Toast were worth $1,253,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in TOST. Blue Trust Inc. boosted its holdings in Toast by 120.4% during the fourth quarter. Blue Trust Inc. now owns 692 shares of the company’s stock worth $25,000 after buying an additional 378 shares in the last quarter. Piscataqua Savings Bank purchased a new stake in Toast during the fourth quarter worth about $26,000. Stonebridge Financial Group LLC purchased a new stake in Toast during the fourth quarter worth about $34,000. SBI Securities Co. Ltd. purchased a new stake in Toast during the fourth quarter worth about $35,000. Finally, Wingate Wealth Advisors Inc. acquired a new position in Toast during the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Stock Performance

Shares of TOST stock opened at $40.85 on Monday. Toast, Inc. has a one year low of $21.32 and a one year high of $44.12. The company has a 50 day moving average price of $34.56 and a 200 day moving average price of $36.91. The firm has a market capitalization of $20.32 billion, a price-to-earnings ratio of -4,080.92, a price-to-earnings-growth ratio of 2.16 and a beta of 1.98.

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

Insider Buying and Selling

In other Toast news, President Stephen Fredette sold 70,340 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $33.87, for a total transaction of $2,382,415.80. Following the completion of the sale, the president now directly owns 1,574,316 shares in the company, valued at $53,322,082.92. The trade was a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Deval L. Patrick sold 34,222 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $33.01, for a total transaction of $1,129,668.22. Following the sale, the director now owns 13,260 shares of the company’s stock, valued at approximately $437,712.60. This represents a 72.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 335,991 shares of company stock valued at $11,614,520. Insiders own 13.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TOST shares. Canaccord Genuity Group lifted their target price on shares of Toast from $43.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Morgan Stanley lifted their target price on shares of Toast from $46.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday. Keefe, Bruyette & Woods lifted their target price on shares of Toast from $40.00 to $42.00 and gave the stock a “market perform” rating in a research report on Thursday, February 20th. Piper Sandler lifted their target price on shares of Toast from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Toast in a research report on Thursday, February 20th. Thirteen research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $40.91.

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.