Sumitomo Mitsui Trust Group Inc. Sells 173,262 Shares of Toast, Inc. $TOST

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Toast, Inc. (NYSE:TOST) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,859,633 shares of the company’s stock after selling 173,262 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Toast were worth $181,849,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Wynn Capital LLC boosted its position in Toast by 2.1% during the 4th quarter. Wynn Capital LLC now owns 13,755 shares of the company’s stock valued at $488,000 after acquiring an additional 280 shares in the last quarter. BOKF NA raised its position in shares of Toast by 4.5% in the 3rd quarter. BOKF NA now owns 8,023 shares of the company’s stock worth $293,000 after acquiring an additional 345 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of Toast by 0.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company’s stock worth $1,800,000 after acquiring an additional 358 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Toast by 1.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company’s stock valued at $1,012,000 after purchasing an additional 380 shares during the period. Finally, Seven Mile Advisory lifted its stake in shares of Toast by 3.1% in the 3rd quarter. Seven Mile Advisory now owns 12,689 shares of the company’s stock valued at $463,000 after purchasing an additional 381 shares during the period. 82.91% of the stock is owned by institutional investors.

Toast Stock Performance

Shares of Toast stock opened at $28.82 on Friday. Toast, Inc. has a one year low of $22.26 and a one year high of $49.66. The stock’s fifty day moving average is $25.68 and its 200 day moving average is $28.47. The stock has a market cap of $14.87 billion, a P/E ratio of 44.34 and a beta of 1.74.

Toast News Roundup

Here are the key news stories impacting Toast this week:

• Positive Sentiment: Goldman Sachs upgraded Toast (TOST) to Buy, citing new products and market expansion as drivers of longer-term growth. Toast upgraded to Buy at Goldman Sachs on new product and market expansion efforts
• Neutral Sentiment: Toast remains in focus after several insider sales were disclosed, including a recent sale by CRO Jonathan Vassil under a pre-arranged trading plan, which may add some caution but does not necessarily signal a change in business fundamentals.
• Neutral Sentiment: A broader payments-industry article noted that bank efforts to own more of the debit-network infrastructure could reshape competition across merchant payments, an indirect theme for Toast’s competitive landscape. Fiserv’s Debit Network Talks Raise a Bigger Question for Visa and Mastercard (TOST)
• Negative Sentiment: Zacks Research downgraded Toast (TOST) from Strong-Buy to Hold, which signals some near-term skepticism after the stock’s recent run. Zacks.com

Insiders Place Their Bets

In other Toast news, President Stephen Fredette sold 9,146 shares of Toast stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $263,862.10. Following the transaction, the president owned 931,449 shares of the company’s stock, valued at $26,872,303.65. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Elena Gomez sold 11,605 shares of Toast stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $334,804.25. Following the transaction, the chief financial officer owned 185,150 shares in the company, valued at approximately $5,341,577.50. This trade represents a 5.90% decrease in their position. 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 90 days, insiders have sold 159,265 shares of company stock valued at $4,278,832. 10.03% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TOST has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Toast in a research note on Wednesday, May 20th. Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Morgan Stanley set a $45.00 target price on shares of Toast in a report on Friday, May 8th. Truist Financial reduced their target price on shares of Toast from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Finally, Mizuho decreased their price target on shares of Toast from $45.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.59.

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.