Toast, Inc. $TOST Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its stake in Toast, Inc. (NYSE:TOST) by 4.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,032,069 shares of the company’s stock after selling 46,844 shares during the quarter. Legal & General Group Plc owned about 0.20% of Toast worth $36,649,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Capital International Investors lifted its position in Toast by 7.4% in the third quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock valued at $1,768,256,000 after buying an additional 3,351,545 shares during the last quarter. Vanguard Group Inc. lifted its position in Toast by 0.8% in the third quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company’s stock valued at $1,634,339,000 after buying an additional 352,435 shares during the last quarter. Jennison Associates LLC lifted its position in Toast by 1.0% in the fourth quarter. Jennison Associates LLC now owns 15,157,955 shares of the company’s stock valued at $538,259,000 after buying an additional 157,394 shares during the last quarter. State Street Corp lifted its position in Toast by 3.5% in the third quarter. State Street Corp now owns 9,538,312 shares of the company’s stock valued at $348,244,000 after buying an additional 325,423 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in Toast by 2,432.8% in the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock valued at $299,957,000 after buying an additional 7,891,383 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Stock Performance

Shares of TOST opened at $26.06 on Friday. The stock has a market capitalization of $13.45 billion, a PE ratio of 40.10 and a beta of 1.81. Toast, Inc. has a 1 year low of $22.26 and a 1 year high of $49.66. The company’s 50-day simple moving average is $26.27 and its 200-day simple moving average is $30.29.

Toast announced that its board has authorized a share buyback program on Thursday, February 12th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, President Stephen Fredette sold 7,289 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $190,898.91. Following the sale, the president directly owned 920,985 shares in the company, valued at approximately $24,120,597.15. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Brian R. Elworthy sold 3,664 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $95,960.16. Following the sale, the general counsel owned 243,642 shares in the company, valued at $6,380,983.98. The trade was a 1.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 39,783 shares of company stock valued at $1,041,917. 12.14% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TOST has been the topic of several research reports. Morgan Stanley set a $45.00 price target on shares of Toast in a research report on Friday, May 8th. Jefferies Financial Group set a $35.00 price target on shares of Toast in a research report on Friday, February 13th. Truist Financial reduced their price target on shares of Toast from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Mizuho reduced their price target on shares of Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Finally, Rothschild & Co Redburn reissued a “neutral” rating and set a $35.00 price target on shares of Toast in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.84.

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.