Toast, Inc. $TOST Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia cut its stake in Toast, Inc. (NYSE:TOST) by 97.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,053 shares of the company’s stock after selling 1,213,984 shares during the period. Bank of Nova Scotia’s holdings in Toast were worth $876,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Jennison Associates LLC increased its position in shares of Toast by 1.0% during the fourth quarter. Jennison Associates LLC now owns 15,157,955 shares of the company’s stock worth $538,259,000 after purchasing an additional 157,394 shares in the last quarter. Morgan Stanley boosted its position in shares of Toast by 6.7% in the 4th quarter. Morgan Stanley now owns 10,372,626 shares of the company’s stock valued at $368,332,000 after purchasing an additional 653,487 shares during the period. State Street Corp boosted its position in shares of Toast by 3.0% in the 4th quarter. State Street Corp now owns 9,820,594 shares of the company’s stock valued at $348,729,000 after purchasing an additional 282,282 shares during the period. XN LP grew its stake in 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 last quarter. Finally, Geode Capital Management LLC grew its stake in Toast by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 8,675,056 shares of the company’s stock worth $307,214,000 after buying an additional 169,230 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Wall Street Analysts Forecast Growth

TOST has been the subject of a number of research reports. Zacks Research cut Toast from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings restated a “hold (c)” rating on shares of Toast in a research report on Wednesday, May 20th. BMO Capital Markets restated an “outperform” rating on shares of Toast in a research report on Monday, June 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Toast in a report on Friday, May 8th. Finally, Wall Street Zen downgraded shares of Toast from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.15.

Toast Stock Up 0.6%

NYSE TOST opened at $32.55 on Thursday. The firm has a market cap of $16.79 billion, a P/E ratio of 50.07 and a beta of 1.74. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $49.66. The business’s 50-day moving average price is $27.08 and its 200 day moving average price is $27.90.

Toast (NYSE:TOST) last posted its quarterly earnings data 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 net margin of 6.39% and a return on equity of 20.86%. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the company earned $0.09 earnings per share. The firm’s revenue was up 21.9% on a year-over-year basis. As a group, analysts anticipate that Toast, Inc. will post 0.97 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Elena Gomez sold 11,605 shares of the company’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 $334,804.25. Following the completion of the sale, the chief financial officer owned 185,150 shares in the company, valued at $5,341,577.50. This represents a 5.90% decrease in their ownership of the stock. 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 6,647 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 value of $191,765.95. Following the sale, the executive directly owned 69,966 shares of the company’s stock, valued at approximately $2,018,519.10. This represents a 8.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is currently owned by insiders.

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.