Arizona State Retirement System Acquires 6,006 Shares of Toast, Inc. (NYSE:TOST)

Arizona State Retirement System raised its stake in shares of Toast, Inc. (NYSE:TOST) by 7.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 90,333 shares of the company’s stock after acquiring an additional 6,006 shares during the period. Arizona State Retirement System’s holdings in Toast were worth $1,649,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Toast by 11.1% during the third quarter. Vanguard Group Inc. now owns 35,079,123 shares of the company’s stock valued at $657,032,000 after acquiring an additional 3,494,579 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Toast by 26.7% in the second quarter. BlackRock Inc. now owns 18,546,558 shares of the company’s stock worth $418,596,000 after buying an additional 3,907,219 shares during the last quarter. Altimeter Capital Management LP grew its position in Toast by 3,508.4% during the first quarter. Altimeter Capital Management LP now owns 18,041,796 shares of the company’s stock valued at $3,933,007,000 after buying an additional 17,541,796 shares during the period. Morgan Stanley increased its holdings in Toast by 149.3% during the third quarter. Morgan Stanley now owns 12,007,286 shares of the company’s stock valued at $224,896,000 after buying an additional 7,191,595 shares during the last quarter. Finally, Abdiel Capital Advisors LP raised its position in Toast by 0.8% in the third quarter. Abdiel Capital Advisors LP now owns 10,876,373 shares of the company’s stock worth $203,714,000 after acquiring an additional 86,536 shares during the period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Evercore ISI began coverage on Toast in a report on Monday, March 4th. They issued an “outperform” rating and a $32.00 target price on the stock. UBS Group increased their target price on shares of Toast from $22.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, March 28th. Wells Fargo & Company upped their price target on shares of Toast from $15.00 to $17.00 and gave the stock an “underweight” rating in a research report on Friday. Mizuho reiterated a “neutral” rating and set a $17.00 target price on shares of Toast in a research report on Wednesday, March 27th. Finally, Piper Sandler boosted their price target on Toast from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Toast has a consensus rating of “Hold” and a consensus price target of $23.53.

Toast Stock Performance

Shares of NYSE TOST opened at $23.83 on Friday. Toast, Inc. has a 12-month low of $13.77 and a 12-month high of $27.00. The firm’s 50-day moving average price is $22.73 and its 200-day moving average price is $18.90.

Toast (NYSE:TOST) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. Toast had a negative return on equity of 21.77% and a negative net margin of 6.36%. The company’s revenue for the quarter was up 34.7% on a year-over-year basis. During the same period last year, the company earned ($0.19) EPS. Analysts anticipate that Toast, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Aman Narang sold 2,471 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $23.40, for a total value of $57,821.40. Following the sale, the chief executive officer now owns 1,114,454 shares of the company’s stock, valued at $26,078,223.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Toast news, General Counsel Brian R. Elworthy sold 1,481 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total value of $34,655.40. Following the sale, the general counsel now owns 162,883 shares in the company, valued at $3,811,462.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Aman Narang sold 2,471 shares of Toast stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total value of $57,821.40. Following the sale, the chief executive officer now owns 1,114,454 shares of the company’s stock, valued at $26,078,223.60. The disclosure for this sale can be found here. Insiders sold a total of 364,747 shares of company stock worth $7,517,515 over the last three months. 13.70% of the stock is owned by insiders.

Toast Company Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.