Forsta AP Fonden Trims Stake in Toast, Inc. $TOST

Forsta AP Fonden trimmed its holdings in shares of Toast, Inc. (NYSE:TOST) by 21.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 231,800 shares of the company’s stock after selling 65,000 shares during the quarter. Forsta AP Fonden’s holdings in Toast were worth $8,231,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TOST. Alliancebernstein L.P. grew its position in Toast by 2,432.8% during the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock worth $299,957,000 after buying an additional 7,891,383 shares in the last quarter. Norges Bank purchased a new position in shares of Toast in the 4th quarter worth about $202,808,000. ValueAct Holdings L.P. purchased a new position in shares of Toast in the 3rd quarter worth about $124,032,000. Capital International Investors boosted its holdings in shares of Toast by 7.4% in the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after purchasing an additional 3,351,545 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its holdings in shares of Toast by 343.6% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company’s stock worth $79,377,000 after purchasing an additional 1,388,210 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Price Performance

TOST opened at $27.66 on Tuesday. The business has a 50 day simple moving average of $26.28 and a two-hundred day simple moving average of $30.16. The firm has a market capitalization of $14.27 billion, a price-to-earnings ratio of 42.56 and a beta of 1.76. Toast, Inc. has a one year low of $22.26 and a one year high of $49.66.

Toast declared that its board has approved a share buyback plan on Thursday, February 12th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Toast

In other Toast news, CRO Jonathan Vassil sold 6,438 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $168,611.22. Following the completion of the transaction, the executive owned 146,618 shares of the company’s stock, valued at $3,839,925.42. This represents a 4.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Stephen Fredette sold 7,289 shares of the company’s 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 transaction, the president directly owned 920,985 shares of the company’s stock, valued at $24,120,597.15. The trade was a 0.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 39,783 shares of company stock worth $1,041,917 over the last three months. 10.03% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TOST has been the subject of a number of research reports. Sanford C. Bernstein set a $39.00 price objective on Toast in a report on Monday, February 16th. Loop Capital initiated coverage on Toast in a report on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price objective for the company. Jefferies Financial Group set a $35.00 price objective on Toast in a report on Friday, February 13th. Zacks Research upgraded Toast from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. Finally, DA Davidson cut their price objective on Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.84.

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.