Allstate Corp Buys Shares of 17,856 Toast, Inc. $TOST

Allstate Corp bought a new stake in Toast, Inc. (NYSE:TOST) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 17,856 shares of the company’s stock, valued at approximately $652,000.

Several other large investors have also modified their holdings of TOST. NewEdge Advisors LLC grew its position in Toast by 1,555.5% in the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock valued at $578,000 after buying an additional 16,379 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Toast by 23.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 32,217 shares of the company’s stock valued at $1,404,000 after acquiring an additional 6,111 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Toast by 61.6% in the second quarter. Farther Finance Advisors LLC now owns 5,092 shares of the company’s stock valued at $226,000 after acquiring an additional 1,941 shares in the last quarter. Sowell Financial Services LLC acquired a new position in shares of Toast during the second quarter worth about $204,000. Finally, Park Avenue Securities LLC raised its holdings in Toast by 2.2% during the second quarter. Park Avenue Securities LLC now owns 39,736 shares of the company’s stock worth $1,760,000 after purchasing an additional 874 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insider Activity

In related news, CEO Aman Narang sold 8,591 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $34.38, for a total value of $295,358.58. Following the sale, the chief executive officer owned 338,850 shares of the company’s stock, valued at approximately $11,649,663. This represents a 2.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Jonathan Vassil sold 66,390 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $35.86, for a total value of $2,380,745.40. Following the sale, the executive owned 84,589 shares in the company, valued at approximately $3,033,361.54. This trade represents a 43.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 102,595 shares of company stock worth $3,634,737. 12.14% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. UBS Group reaffirmed a “buy” rating on shares of Toast in a report on Thursday, December 18th. DA Davidson set a $42.00 price target on Toast in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Toast in a report on Monday, December 29th. Keefe, Bruyette & Woods cut their price objective on Toast from $50.00 to $42.00 and set a “market perform” rating for the company in a research report on Wednesday, October 1st. Finally, Oppenheimer reduced their target price on Toast from $49.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, January 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $45.82.

Toast Trading Up 3.3%

Shares of NYSE TOST opened at $34.23 on Friday. The company’s 50-day moving average price is $34.95 and its 200 day moving average price is $39.09. Toast, Inc. has a 52 week low of $28.12 and a 52 week high of $49.66. The stock has a market cap of $17.63 billion, a price-to-earnings ratio of 79.60 and a beta of 1.93.

Toast (NYSE:TOST) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.08). The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Toast had a net margin of 4.68% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 25.1% on a year-over-year basis. During the same period last year, the company earned $0.07 EPS. As a group, research analysts expect that Toast, Inc. will post 0.39 earnings per share for the current year.

About Toast

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.