Toast, Inc. (NYSE:TOST) Stake Lifted by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its stake in Toast, Inc. (NYSE:TOST) by 71.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,977 shares of the company’s stock after acquiring an additional 4,989 shares during the period. PNC Financial Services Group Inc.’s holdings in Toast were worth $397,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Principal Financial Group Inc. lifted its stake in Toast by 14,258.8% during the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company’s stock valued at $181,587,000 after purchasing an additional 5,436,317 shares during the last quarter. Voloridge Investment Management LLC lifted its stake in Toast by 898.8% during the fourth quarter. Voloridge Investment Management LLC now owns 2,858,720 shares of the company’s stock valued at $104,200,000 after purchasing an additional 2,572,503 shares during the last quarter. Two Sigma Investments LP lifted its stake in Toast by 914.4% during the fourth quarter. Two Sigma Investments LP now owns 2,846,200 shares of the company’s stock valued at $103,744,000 after purchasing an additional 2,565,634 shares during the last quarter. Two Sigma Advisers LP acquired a new stake in Toast during the fourth quarter valued at approximately $87,188,000. Finally, BNP Paribas Financial Markets acquired a new stake in Toast during the fourth quarter valued at approximately $83,684,000. 82.91% of the stock is currently owned by institutional investors.

Toast Stock Down 3.1%

TOST stock opened at $42.97 on Friday. Toast, Inc. has a 12-month low of $22.91 and a 12-month high of $49.66. The company has a market cap of $21.92 billion, a price-to-earnings ratio of 126.39 and a beta of 2.01. The company has a 50 day moving average of $44.79 and a two-hundred day moving average of $40.10.

Toast (NYSE:TOST) last released its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the company earned $0.02 EPS. The firm’s quarterly revenue was up 24.8% compared to the same quarter last year. On average, research analysts anticipate that Toast, Inc. will post 0.39 EPS for the current year.

Insider Buying and Selling

In other Toast news, CFO Elena Gomez sold 2,006 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $48.38, for a total value of $97,050.28. Following the completion of the sale, the chief financial officer owned 141,263 shares in the company, valued at $6,834,303.94. This represents a 1.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Stephen Fredette sold 1,720 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total transaction of $83,213.60. Following the completion of the sale, the president owned 890,818 shares of the company’s stock, valued at approximately $43,097,774.84. The trade was a 0.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 393,054 shares of company stock worth $16,803,936. Insiders own 12.14% of the company’s stock.

Analyst Upgrades and Downgrades

TOST has been the subject of several recent research reports. Wolfe Research raised shares of Toast from a “peer perform” rating to an “outperform” rating and set a $44.00 target price for the company in a research note on Wednesday, April 23rd. Morgan Stanley increased their target price on shares of Toast from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Toast in a research note on Thursday, July 17th. They set a “buy” rating and a $54.00 target price for the company. DA Davidson increased their target price on shares of Toast from $40.00 to $46.00 and gave the company a “neutral” rating in a research note on Tuesday, July 29th. Finally, Jefferies Financial Group increased their target price on shares of Toast from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Eleven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.54.

Toast Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.