Royal Bank of Canada Acquires 407,518 Shares of Toast, Inc. $TOST

Royal Bank of Canada grew its holdings in Toast, Inc. (NYSE:TOST) by 193.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 618,456 shares of the company’s stock after acquiring an additional 407,518 shares during the period. Royal Bank of Canada owned 0.12% of Toast worth $20,515,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TOST. Wayfinding Financial LLC bought a new stake in Toast in the first quarter worth approximately $34,000. Piscataqua Savings Bank grew its position in Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company’s stock worth $36,000 after acquiring an additional 400 shares in the last quarter. West Branch Capital LLC grew its position in Toast by 862.1% in the first quarter. West Branch Capital LLC now owns 1,116 shares of the company’s stock worth $37,000 after acquiring an additional 1,000 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Toast by 29.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company’s stock worth $42,000 after buying an additional 284 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Toast by 227.1% during the 1st quarter. Signaturefd LLC now owns 1,472 shares of the company’s stock worth $49,000 after buying an additional 1,022 shares during the period. 82.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on TOST. Truist Financial upped their price objective on shares of Toast from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. BMO Capital Markets upped their price objective on shares of Toast from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, May 12th. Canaccord Genuity Group upped their price objective on shares of Toast from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. The Goldman Sachs Group upped their price objective on shares of Toast from $45.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Toast from $42.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, August 6th. Fifteen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Toast has a consensus rating of “Moderate Buy” and an average price target of $45.54.

Insider Activity at Toast

In other news, CFO Elena Gomez sold 34,170 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $42.56, for a total transaction of $1,454,275.20. Following the completion of the transaction, the chief financial officer directly owned 139,357 shares of the company’s stock, valued at approximately $5,931,033.92. This trade represents a 19.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul D. Bell sold 12,500 shares of the firm’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $42.38, for a total transaction of $529,750.00. Following the transaction, the director directly owned 226,892 shares of the company’s stock, valued at $9,615,682.96. The trade was a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,342 shares of company stock worth $3,804,710 in the last ninety days. Company insiders own 12.14% of the company’s stock.

Toast Price Performance

Shares of Toast stock opened at $40.74 on Tuesday. Toast, Inc. has a fifty-two week low of $23.06 and a fifty-two week high of $49.66. The firm has a fifty day moving average price of $44.82 and a two-hundred day moving average price of $40.41. The company has a market cap of $20.78 billion, a PE ratio of 119.83 and a beta of 2.00.

Toast (NYSE:TOST) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the company earned $0.02 earnings per share. Toast’s revenue for the quarter was up 24.8% on a year-over-year basis. Analysts expect that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast Company 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.