Amova Asset Management Americas Inc. Increases Stake in Toast, Inc. $TOST

Amova Asset Management Americas Inc. raised its holdings in shares of Toast, Inc. (NYSE:TOST) by 0.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,817,961 shares of the company’s stock after buying an additional 16,614 shares during the quarter. Toast comprises about 1.4% of Amova Asset Management Americas Inc.’s portfolio, making the stock its 21st biggest holding. Amova Asset Management Americas Inc. owned approximately 0.74% of Toast worth $101,176,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. NewEdge Advisors LLC lifted its position in Toast by 1,555.5% during the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock worth $578,000 after buying an additional 16,379 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Toast by 24.0% in the second quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after purchasing an additional 15,774 shares during the period. State Street Corp grew its holdings in shares of Toast by 2.7% in the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after purchasing an additional 245,276 shares during the period. Frontier Capital Management Co. LLC purchased a new position in Toast during the second quarter worth about $4,479,000. Finally, Sei Investments Co. raised its stake in Toast by 24.6% during the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock worth $45,619,000 after purchasing an additional 203,404 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on TOST. Morgan Stanley set a $45.00 price target on shares of Toast in a research note on Friday, May 8th. Citigroup decreased their price objective on Toast from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, May 8th. DA Davidson cut their target price on Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. The Goldman Sachs Group raised Toast from a “neutral” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Thursday, July 9th. Finally, Mizuho cut their target price on Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Toast presently has an average rating of “Moderate Buy” and a consensus target price of $36.96.

Toast Trading Up 2.7%

Toast stock opened at $30.89 on Tuesday. The stock has a market cap of $15.94 billion, a P/E ratio of 47.52 and a beta of 1.74. The company has a fifty day simple moving average of $26.05 and a 200-day simple moving average of $28.16. Toast, Inc. has a 12-month low of $22.26 and a 12-month high of $49.66.

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

Insider Buying and Selling

In related news, General Counsel Brian R. Elworthy sold 108,000 shares of Toast stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.89, for a total transaction of $2,796,120.00. Following the sale, the general counsel directly owned 189,642 shares in the company, valued at $4,909,831.38. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Stephen Fredette sold 9,146 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $263,862.10. Following the completion of the sale, the president directly owned 931,449 shares of the company’s stock, valued at approximately $26,872,303.65. This trade represents a 0.97% 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. Insiders sold a total of 159,265 shares of company stock valued at $4,278,832 over the last three months. 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.