Capital International Investors Has $1.61 Billion Position in Toast, Inc. $TOST

Capital International Investors reduced its holdings in Toast, Inc. (NYSE:TOST) by 6.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 45,391,459 shares of the company’s stock after selling 3,036,601 shares during the quarter. Capital International Investors owned about 8.81% of Toast worth $1,612,038,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in TOST. Alliancebernstein L.P. grew its position in shares of 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 purchasing an additional 7,891,383 shares during the last quarter. Norges Bank acquired a new stake in shares of Toast in the fourth quarter valued at about $202,808,000. ValueAct Holdings L.P. acquired a new stake in shares of Toast in the third quarter valued at about $124,032,000. Worldquant Millennium Advisors LLC grew its position in shares of Toast by 343.6% in the second quarter. Worldquant Millennium Advisors LLC now owns 1,792,209 shares of the company’s stock valued at $79,377,000 after purchasing an additional 1,388,210 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in shares of Toast by 843.0% in the fourth quarter. Nordea Investment Management AB now owns 1,307,158 shares of the company’s stock valued at $46,888,000 after purchasing an additional 1,168,539 shares during the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Stock Performance

Shares of Toast stock opened at $24.64 on Friday. The firm’s 50-day simple moving average is $26.13 and its 200-day simple moving average is $29.89. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The firm has a market cap of $12.71 billion, a P/E ratio of 37.91 and a beta of 1.76.

Toast announced that its board has authorized a stock repurchase plan on Thursday, February 12th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TOST. DA Davidson dropped their price objective on shares of Toast from $33.00 to $28.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Mizuho lowered their price target on Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Oppenheimer restated an “outperform” rating and set a $36.00 price target on shares of Toast in a research note on Friday, May 8th. Zacks Research upgraded Toast from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company lowered their price target on Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Toast presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.84.

Insider Buying and Selling at Toast

In other news, CEO Aman Narang sold 13,463 shares of Toast stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $352,595.97. Following the sale, the chief executive officer directly owned 54,013 shares in the company, valued at approximately $1,414,600.47. The trade was a 19.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Elena Gomez sold 8,929 shares of Toast stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $233,850.51. Following the sale, the chief financial officer owned 173,064 shares in the company, valued at approximately $4,532,546.16. This trade represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 147,783 shares of company stock worth $3,838,037 in the last 90 days. 10.03% of the stock is currently owned by insiders.

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.