SEB Asset Management AB Invests $2.35 Million in Toast, Inc. $TOST

SEB Asset Management AB bought a new position in Toast, Inc. (NYSE:TOST) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 88,732 shares of the company’s stock, valued at approximately $2,352,000.

A number of other hedge funds have also added to or reduced their stakes in TOST. Bayban bought a new position in shares of Toast in the fourth quarter valued at approximately $25,000. Strive Financial Group LLC bought a new stake in Toast during the fourth quarter worth $29,000. SHP Wealth Management bought a new stake in shares of Toast in the 4th quarter worth $29,000. Silicon Valley Capital Partners bought a new position in shares of Toast in the fourth quarter valued at approximately $36,000. Finally, Quadrant Capital Group LLC grew its holdings in shares of Toast by 2,083.3% in the fourth quarter. Quadrant Capital Group LLC now owns 1,048 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Insider Activity

In other news, General Counsel Brian R. Elworthy sold 108,000 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.89, for a total transaction of $2,796,120.00. Following the completion of the transaction, the general counsel owned 189,642 shares in the company, valued at approximately $4,909,831.38. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan Vassil sold 6,647 shares of Toast stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $191,765.95. Following the completion of the sale, the executive directly owned 69,966 shares of the company’s stock, valued at approximately $2,018,519.10. This trade represents a 8.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 159,265 shares of company stock worth $4,278,832. 10.03% of the stock is owned by company insiders.

Toast Trading Down 2.8%

Toast stock opened at $28.38 on Friday. Toast, Inc. has a 12 month low of $22.26 and a 12 month high of $49.66. The business’s 50 day simple moving average is $26.43 and its 200 day simple moving average is $28.04. The company has a market cap of $14.64 billion, a price-to-earnings ratio of 43.66 and a beta of 1.74.

Toast (NYSE:TOST) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.08). Toast had a net margin of 6.39% and a return on equity of 20.86%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the company posted $0.09 earnings per share. Toast’s revenue for the quarter was up 21.9% on a year-over-year basis. As a group, equities research analysts forecast that Toast, Inc. will post 0.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on TOST shares. BMO Capital Markets reiterated an “outperform” rating on shares of Toast in a report on Monday, June 1st. Loop Capital assumed coverage on Toast in a research note on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price objective for the company. UBS Group decreased their target price on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, May 8th. The Goldman Sachs Group upgraded Toast from a “neutral” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Thursday, July 9th. Finally, Mizuho cut their price target on shares of Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Two investment 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 currently has an average rating of “Moderate Buy” and an average price target of $36.96.

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.