Principal Financial Group Inc. Boosts Holdings in Toast, Inc. (NYSE:TOST)

Principal Financial Group Inc. raised its position in shares of Toast, Inc. (NYSE:TOST) by 14,258.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,474,443 shares of the company’s stock after acquiring an additional 5,436,317 shares during the period. Principal Financial Group Inc.’s holdings in Toast were worth $181,587,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in TOST. Vanguard Group Inc. grew its holdings in Toast by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company’s stock valued at $1,548,186,000 after purchasing an additional 4,147,430 shares during the last quarter. Capital International Investors grew its stake in shares of Toast by 1.9% during the fourth quarter. Capital International Investors now owns 41,961,233 shares of the company’s stock valued at $1,529,657,000 after buying an additional 785,641 shares during the last quarter. FMR LLC raised its holdings in shares of Toast by 22.1% in the fourth quarter. FMR LLC now owns 29,853,639 shares of the company’s stock worth $1,088,165,000 after buying an additional 5,403,896 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Toast during the 4th quarter worth approximately $282,010,000. Finally, Geode Capital Management LLC lifted its stake in shares of Toast by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 7,061,739 shares of the company’s stock worth $256,970,000 after acquiring an additional 195,805 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Price Performance

Shares of TOST stock opened at $43.58 on Friday. The stock’s 50-day moving average is $41.58 and its 200 day moving average is $38.33. Toast, Inc. has a 1-year low of $22.10 and a 1-year high of $45.56. The company has a market cap of $21.70 billion, a P/E ratio of 189.48 and a beta of 2.00.

Insider Buying and Selling at Toast

In other news, Director Christopher P. Comparato sold 70,000 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $44.74, for a total value of $3,131,800.00. Following the completion of the sale, the director owned 187,140 shares of the company’s stock, valued at $8,372,643.60. This trade represents a 27.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $42.60, for a total value of $12,780,000.00. Following the transaction, the general counsel owned 216,156 shares in the company, valued at approximately $9,208,245.60. This trade represents a 58.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 468,212 shares of company stock valued at $19,551,906. 13.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TOST has been the subject of several research analyst reports. BMO Capital Markets lifted their target price on Toast from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, May 12th. Piper Sandler boosted their price objective on shares of Toast from $35.00 to $37.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Wells Fargo & Company upped their target price on shares of Toast from $39.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Wall Street Zen downgraded shares of Toast from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 1st. Finally, Truist Financial began coverage on Toast in a report on Monday, June 2nd. They issued a “buy” rating and a $48.00 price target for the company. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Toast presently has an average rating of “Moderate Buy” and a consensus price target of $41.21.

About Toast

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.