Capital Group Private Client Services Inc. Sells 468,450 Shares of Toast, Inc. $TOST

Capital Group Private Client Services Inc. decreased its holdings in shares of Toast, Inc. (NYSE:TOST) by 78.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 128,863 shares of the company’s stock after selling 468,450 shares during the period. Capital Group Private Client Services Inc.’s holdings in Toast were worth $4,705,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Legal & General Group Plc increased its position in shares of Toast by 2.6% during the third quarter. Legal & General Group Plc now owns 1,078,913 shares of the company’s stock worth $39,391,000 after acquiring an additional 27,670 shares in the last quarter. Vestcor Inc lifted its position in Toast by 143.6% in the 3rd quarter. Vestcor Inc now owns 18,752 shares of the company’s stock valued at $685,000 after acquiring an additional 11,054 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Toast by 28.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 471,899 shares of the company’s stock valued at $17,231,000 after purchasing an additional 104,679 shares during the last quarter. Private Advisor Group LLC increased its holdings in Toast by 43.5% during the 3rd quarter. Private Advisor Group LLC now owns 20,439 shares of the company’s stock worth $746,000 after purchasing an additional 6,192 shares in the last quarter. Finally, Pinnacle Associates Ltd. increased its holdings in Toast by 41.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 15,696 shares of the company’s stock worth $573,000 after purchasing an additional 4,625 shares in the last quarter. 82.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Aman Narang sold 1,648 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total value of $50,000.32. Following the sale, the chief executive officer owned 340,723 shares of the company’s stock, valued at $10,337,535.82. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Stephen Fredette sold 1,060 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total transaction of $32,160.40. Following the sale, the president owned 913,067 shares in the company, valued at $27,702,452.78. The trade was a 0.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 100,856 shares of company stock valued at $3,540,449. Corporate insiders own 12.14% of the company’s stock.

Toast Stock Performance

Shares of TOST opened at $28.88 on Wednesday. The business has a 50-day moving average of $30.87 and a 200 day moving average of $35.12. Toast, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $49.66. The firm has a market cap of $15.13 billion, a P/E ratio of 53.48 and a beta of 1.95.

Toast (NYSE:TOST) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Toast had a net margin of 5.56% and a return on equity of 18.14%. Toast’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period last year, the company earned $0.05 earnings per share. As a group, research analysts predict that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Toast declared that its board has approved a share buyback program on Thursday, February 12th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

TOST has been the topic of a number of recent research reports. The Goldman Sachs Group dropped their target price on Toast from $43.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, February 17th. DA Davidson decreased their price target on Toast from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Tuesday, February 17th. Morgan Stanley set a $51.00 price target on Toast in a research report on Friday, February 13th. Wolfe Research cut Toast from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 8th. Finally, Canaccord Genuity Group set a $37.00 target price on shares of Toast in a research note on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.46.

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.