Toast, Inc. $TOST Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its holdings in shares of Toast, Inc. (NYSE:TOST) by 36.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 7,977,244 shares of the company’s stock after acquiring an additional 2,111,009 shares during the period. Principal Financial Group Inc. owned approximately 1.55% of Toast worth $211,478,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bayban acquired a new stake in Toast in the 4th quarter worth approximately $25,000. SHP Wealth Management acquired a new position in Toast during the 4th quarter valued at approximately $29,000. Strive Financial Group LLC acquired a new position in Toast during the 4th quarter valued at approximately $29,000. Central Pacific Bank Trust Division raised its holdings in shares of Toast by 123.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock worth $33,000 after buying an additional 521 shares during the last quarter. Finally, Silicon Valley Capital Partners purchased a new position in shares of Toast in the fourth quarter worth $36,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TOST. Zacks Research lowered shares of Toast from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Mizuho lowered their price target on Toast from $45.00 to $38.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Oppenheimer reiterated an “outperform” rating and set a $36.00 price target on shares of Toast in a research note on Friday, May 8th. Barclays began coverage on Toast in a report on Tuesday, July 7th. They issued an “overweight” rating and a $35.00 price objective on the stock. Finally, BMO Capital Markets restated an “outperform” rating on shares of Toast in a research note on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.59.

Insider Buying and Selling at Toast

In related news, CRO Jonathan Vassil sold 3,150 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $30.03, for a total value of $94,594.50. Following the completion of the transaction, the executive directly owned 69,966 shares in the company, valued at $2,101,078.98. The trade was a 4.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Brian R. Elworthy sold 6,352 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $183,255.20. Following the sale, the general counsel directly owned 196,909 shares in the company, valued at $5,680,824.65. This trade represents a 3.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is currently owned by insiders.

Toast Trading Up 0.3%

Shares of TOST stock opened at $30.04 on Wednesday. The stock has a 50 day moving average of $25.75 and a 200 day moving average of $28.33. The stock has a market cap of $15.50 billion, a P/E ratio of 46.21 and a beta of 1.74. Toast, Inc. has a twelve month low of $22.26 and a twelve month 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.