Jain Global LLC Buys New Shares in Toast, Inc. $TOST

Jain Global LLC acquired a new stake in shares of Toast, Inc. (NYSE:TOST) in the third quarter, HoldingsChannel reports. The institutional investor acquired 271,714 shares of the company’s stock, valued at approximately $9,920,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TOST. Quent Capital LLC purchased a new position in shares of Toast during the 3rd quarter valued at $27,000. RiverPark Advisors LLC purchased a new stake in Toast in the 2nd quarter worth $30,000. Alpine Bank Wealth Management purchased a new stake in Toast in the 3rd quarter worth $30,000. Wolff Wiese Magana LLC bought a new stake in Toast during the third quarter valued at about $37,000. Finally, Loomis Sayles & Co. L P bought a new stake in Toast during the second quarter valued at about $42,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TOST. Mizuho dropped their price objective on Toast from $57.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. Needham & Company LLC decreased their target price on Toast from $60.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Citigroup lowered their price target on Toast from $51.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Stephens set a $42.00 price target on Toast in a research note on Friday, January 16th. Finally, Canaccord Genuity Group set a $37.00 price objective on shares of Toast in a research report on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $40.46.

Insider Activity

In related news, CEO Aman Narang sold 8,591 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $295,358.58. Following the sale, the chief executive officer owned 338,850 shares in the company, valued at approximately $11,649,663. This represents a 2.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Brian R. Elworthy sold 3,303 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $34.38, for a total value of $113,557.14. Following the completion of the sale, the general counsel owned 235,757 shares of the company’s stock, valued at approximately $8,105,325.66. This represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 100,856 shares of company stock worth $3,540,449. Company insiders own 12.14% of the company’s stock.

Toast Price Performance

Shares of NYSE TOST opened at $28.10 on Tuesday. The business’s 50 day moving average is $30.32 and its two-hundred day moving average is $34.67. Toast, Inc. has a 1-year low of $24.35 and a 1-year high of $49.66. The stock has a market capitalization of $14.72 billion, a P/E ratio of 52.04 and a beta of 1.95.

Toast (NYSE:TOST) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Toast had a net margin of 5.56% and a return on equity of 18.14%. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter last year, the company earned $0.05 earnings per share. As a group, equities research analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast declared that its board has approved a share repurchase program on Thursday, February 12th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Toast Company 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.