Fifth Third Bancorp Acquires 29,867 Shares of Toast, Inc. $TOST

Fifth Third Bancorp grew its stake in Toast, Inc. (NYSE:TOST) by 9,989.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 30,166 shares of the company’s stock after purchasing an additional 29,867 shares during the quarter. Fifth Third Bancorp’s holdings in Toast were worth $800,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jennison Associates LLC increased its holdings in Toast by 1.0% in the fourth quarter. Jennison Associates LLC now owns 15,157,955 shares of the company’s stock valued at $538,259,000 after purchasing an additional 157,394 shares during the last quarter. Morgan Stanley boosted its holdings in Toast by 6.7% during the fourth quarter. Morgan Stanley now owns 10,372,626 shares of the company’s stock worth $368,332,000 after buying an additional 653,487 shares during the last quarter. State Street Corp grew its position in shares of Toast by 3.0% during the 4th quarter. State Street Corp now owns 9,820,594 shares of the company’s stock worth $348,729,000 after buying an additional 282,282 shares during the period. XN LP grew its position in shares of Toast by 50.8% during the 4th quarter. XN LP now owns 8,988,386 shares of the company’s stock worth $319,178,000 after buying an additional 3,029,856 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Toast by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 8,675,056 shares of the company’s stock valued at $307,214,000 after acquiring an additional 169,230 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 6,352 shares of the business’s stock in a transaction that occurred 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 transaction, the general counsel owned 196,909 shares of the company’s stock, valued at $5,680,824.65. The trade was a 3.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Jonathan Vassil sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $30.03, for a total value of $94,594.50. Following the sale, the executive owned 69,966 shares in the company, valued at approximately $2,101,078.98. This represents a 4.31% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 159,265 shares of company stock valued at $4,278,832 in the last ninety days. Insiders own 10.03% of the company’s stock.

Toast Trading Up 6.2%

Shares of TOST opened at $30.83 on Tuesday. The stock has a market capitalization of $15.91 billion, a price-to-earnings ratio of 47.43 and a beta of 1.74. Toast, Inc. has a 12 month low of $22.26 and a 12 month high of $49.66. The firm has a fifty day simple moving average of $26.72 and a 200 day simple moving average of $27.96.

Toast (NYSE:TOST) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.08). Toast had a return on equity of 20.86% and a net margin of 6.39%.The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm earned $0.09 earnings per share. The company’s quarterly revenue was up 21.9% compared to the same quarter last year. As a group, research analysts predict that Toast, Inc. will post 0.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. The Goldman Sachs Group raised shares of Toast from a “neutral” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Thursday, July 9th. Citigroup cut their target price on shares of Toast from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Zacks Research cut shares of Toast from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. BMO Capital Markets reissued an “outperform” rating on shares of Toast in a report on Monday, June 1st. Finally, Barclays began coverage on shares of Toast in a research report on Tuesday, July 7th. They issued an “overweight” rating and a $35.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Toast has an average rating of “Moderate Buy” and an average price target of $37.08.

Toast 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.