Norges Bank Takes $205.89 Million Position in Toast, Inc. (NYSE:TOST)

Norges Bank bought a new stake in Toast, Inc. (NYSE:TOST) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,648,498 shares of the company’s stock, valued at approximately $205,888,000. Norges Bank owned approximately 1.20% of Toast at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Toast by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company’s stock valued at $1,548,186,000 after buying an additional 4,147,430 shares in the last quarter. ValueAct Holdings L.P. acquired a new stake in shares of Toast in the 3rd quarter worth about $438,301,000. State Street Corp lifted its position in Toast by 2.5% in the 3rd quarter. State Street Corp now owns 8,325,292 shares of the company’s stock valued at $235,689,000 after acquiring an additional 206,789 shares in the last quarter. Geode Capital Management LLC boosted its stake in Toast by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 6,865,934 shares of the company’s stock valued at $193,992,000 after purchasing an additional 155,212 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Toast by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,938,487 shares of the company’s stock worth $107,108,000 after purchasing an additional 155,446 shares in the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Christopher P. Comparato sold 70,000 shares of Toast stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $35.71, for a total transaction of $2,499,700.00. Following the completion of the sale, the director now owns 164,796 shares in the company, valued at approximately $5,884,865.16. This trade represents a 29.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Stephen Fredette sold 1,068 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $39.63, for a total transaction of $42,324.84. Following the completion of the transaction, the president now owns 1,644,656 shares in the company, valued at approximately $65,177,717.28. This trade represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 270,770 shares of company stock valued at $9,409,211. Company insiders own 13.32% of the company’s stock.

Toast Trading Down 5.2 %

TOST opened at $33.53 on Monday. The company has a 50 day moving average of $37.72 and a 200 day moving average of $35.48. Toast, Inc. has a 12 month low of $21.32 and a 12 month high of $44.12. The company has a market cap of $16.56 billion, a PE ratio of -3,349.25, a price-to-earnings-growth ratio of 2.16 and a beta of 1.99.

Toast (NYSE:TOST) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Toast had a net margin of 0.40% and a return on equity of 1.54%. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. Research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TOST. UBS Group lifted their target price on Toast from $41.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Royal Bank of Canada lifted their price objective on shares of Toast from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Thursday, February 20th. BNP Paribas set a $37.00 price target on shares of Toast and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Canaccord Genuity Group boosted their price target on shares of Toast from $43.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Toast from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Toast presently has an average rating of “Hold” and an average target price of $40.48.

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.