Citigroup Inc. Buys 152,807 Shares of Toast, Inc. $TOST

Citigroup Inc. grew its stake in shares of Toast, Inc. (NYSE:TOST) by 17.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,042,102 shares of the company’s stock after acquiring an additional 152,807 shares during the quarter. Citigroup Inc. owned about 0.20% of Toast worth $38,047,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Allianz Asset Management GmbH boosted its stake in Toast by 322.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company’s stock valued at $13,245,000 after purchasing an additional 276,803 shares during the last quarter. K.J. Harrison & Partners Inc purchased a new position in shares of Toast in the second quarter worth $1,329,000. Candriam S.C.A. lifted its holdings in shares of Toast by 10.9% during the third quarter. Candriam S.C.A. now owns 602,200 shares of the company’s stock valued at $21,986,000 after purchasing an additional 59,045 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Toast by 49.5% during the third quarter. Nordea Investment Management AB now owns 138,619 shares of the company’s stock valued at $4,988,000 after buying an additional 45,898 shares during the last quarter. Finally, Reliant Investment Partners LLC purchased a new stake in shares of Toast during the second quarter valued at $472,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insiders Place Their Bets

In other news, General Counsel Brian R. Elworthy sold 3,303 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $113,557.14. Following the sale, the general counsel directly owned 235,757 shares in the company, valued at $8,105,325.66. This trade represents a 1.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jonathan Vassil sold 66,390 shares of Toast stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $35.86, for a total transaction of $2,380,745.40. Following the transaction, 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. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 100,856 shares of company stock valued at $3,540,449. Insiders own 12.14% of the company’s stock.

Toast Stock Performance

NYSE TOST opened at $25.55 on Wednesday. The business’s fifty day moving average is $32.40 and its 200 day moving average is $36.13. Toast, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $49.66. The company has a market capitalization of $13.39 billion, a PE ratio of 47.31 and a beta of 1.93.

Toast (NYSE:TOST) last posted 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). Toast had a return on equity of 18.14% and a net margin of 5.56%.The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same period last year, the business earned $0.05 EPS. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. On average, sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. DA Davidson lowered their target price on shares of Toast from $36.00 to $33.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 17th. BNP Paribas Exane upgraded shares of Toast from a “hold” rating to an “outperform” rating and set a $40.00 price objective on the stock in a research report on Monday, December 1st. Morgan Stanley set a $51.00 target price on shares of Toast in a research report on Friday, February 13th. Canaccord Genuity Group set a $37.00 price target on Toast in a report on Friday, February 13th. Finally, Jefferies Financial Group set a $35.00 price target on Toast in a research note on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.71.

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.