Capital International Investors Sells 3,036,601 Shares of Toast, Inc. $TOST

Capital International Investors lessened its holdings in Toast, Inc. (NYSE:TOST) by 6.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. 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 approximately 0.09% of Toast worth $1,612,038,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Allianz Asset Management GmbH boosted its stake in shares of Toast by 322.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company’s stock valued at $13,245,000 after purchasing an additional 276,803 shares during the last quarter. Candriam S.C.A. boosted its stake in shares of Toast by 10.9% in the 3rd quarter. Candriam S.C.A. now owns 602,200 shares of the company’s stock valued at $21,986,000 after purchasing an additional 59,045 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Toast by 17.2% in the 3rd quarter. Citigroup Inc. now owns 1,042,102 shares of the company’s stock valued at $38,047,000 after purchasing an additional 152,807 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Toast in the 3rd quarter valued at about $2,891,000. Finally, Jag Capital Management LLC boosted its stake in shares of Toast by 3,853.3% in the 3rd quarter. Jag Capital Management LLC now owns 207,510 shares of the company’s stock valued at $7,576,000 after purchasing an additional 202,261 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Toast Stock Performance

Shares of NYSE TOST opened at $24.64 on Friday. The stock has a market cap of $12.71 billion, a P/E ratio of 37.91 and a beta of 1.76. The firm has a 50 day moving average price of $26.13 and a 200 day moving average price of $29.89. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $49.66.

Toast announced that its Board of Directors has approved a stock repurchase program on Thursday, February 12th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on TOST. Wells Fargo & Company reduced their target price on shares of Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. UBS Group reduced their price objective on shares of Toast from $40.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Jefferies Financial Group set a $35.00 price objective on shares of Toast in a report on Friday, February 13th. Sanford C. Bernstein set a $39.00 price objective on shares of Toast in a report on Monday, February 16th. Finally, Citigroup decreased their price objective on shares of Toast from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Toast has an average rating of “Moderate Buy” and a consensus price target of $37.84.

Insider Buying and Selling at Toast

In other Toast news, CRO Jonathan Vassil sold 6,438 shares of the firm’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 $168,611.22. Following the sale, the executive directly owned 146,618 shares in the company, valued at approximately $3,839,925.42. This trade represents a 4.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Elena Gomez sold 8,929 shares of the firm’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 $233,850.51. Following the sale, the chief financial officer owned 173,064 shares in the company, valued at $4,532,546.16. This trade represents a 4.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 147,783 shares of company stock worth $3,838,037 in the last quarter. Company insiders own 10.03% of the company’s stock.

Toast Company Profile

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.