Japanese financial institution Sumitomo Mitsui Trust Holdings Inc. has recently decreased its stake in Toast Inc. (TOST), a technology company specializing in restaurant management software. According to a 13F filing with the Securities and Exchange Commission (SEC), Sumitomo Mitsui Trust Holdings now owns 3,005,737 shares of Toast after selling 1,559,168 shares in the first quarter. This represents a 34.2% reduction in their ownership of the company. The total value of their remaining stake is approximately $53,352,000.
In addition to Sumitomo Mitsui Trust Holdings, several other hedge funds have made adjustments to their positions in Toast. Advisor Group Holdings Inc. increased its stake by 4.3% during the fourth quarter, Raymond James & Associates raised its position by 5.1% in the same period, and PNC Financial Services Group Inc. boosted its stake by 277.5%. Whittier Trust Co. and Mercer Global Advisors Inc. also increased their positions by 365.0% and 3.6% respectively. Overall, hedge funds and institutional investors now hold 57.12% of Toast’s stock.
Wall Street Analysts Offer Insight
Various Wall Street analysts have recently shared their assessments of Toast’s stock. Mizuho raised their price target for the company from $25.00 to $27.00 in a research report, while Jefferies Financial Group initiated coverage on Toast, giving it a “buy” rating and a price target of $28.00. Bank of America also initiated coverage and provided a “buy” rating. Deutsche Bank Aktiengesellschaft gave the company a “hold” rating with a $20.00 price target, and Stephens assigned Toast an “equal weight” rating with an $18.00 price target. Currently, the stock has an average consensus rating of “Buy” and an average target price of $24.22, according to STA Research.
Toast’s Stock Performance and Financial Results
Toast’s stock, traded under the ticker symbol TOST on the New York Stock Exchange (NYE), opened at $26.76 on the most recent trading day. Over the past 50 days, the stock has had an average price of $22.11, and its 200-day moving average price is $20.17. The company’s stock has seen a 12-month low of $13.65 and a 12-month high of $24.22.
In terms of market performance, Toast reported its quarterly earnings results on May 9th. The company exceeded expectations with an EPS (earnings per share) of ($0.16), surpassing the consensus estimate of ($0.18) by $0.02. Despite a negative net margin of 11.01% and a negative return on equity of 29.74%, Toast generated $819.00 million in revenue for the quarter, representing a 53.1% increase compared to the same period the previous year. Analysts predict that Toast will post an EPS of -0.52 for the current fiscal year.
Insider Trading Activity
In recent insider trading activity, major shareholder Bessemer Venture Partners Ix L sold 500,000 shares of Toast stock at an average price of $20.93, resulting in a total transaction value of $10,465,000. Another major shareholder, Stephen Fredette, sold 160,000 shares at an average price of $26.06, totaling $4,169,600. As a result of this transaction, Fredette now owns 2,813,744 shares valued at $73,326,168.64. In the last three months, insiders have sold a total of 2,832,474 shares, amounting to approximately $61,543,736. Currently, insiders hold 13.70% of the company’s stock.
For investors interested in discussions and forecasts regarding Toast’s stock, platforms like StockTwits provide a community-driven environment where users can share their opinions and predictions. Looking ahead to 2025, it’s important to note that TOST stock price predictions are speculative and should be treated as such. Professional analysts and research reports may offer insights, but investors should conduct thorough due diligence before making any investment decisions.
