Nikko Asset Management Americas Inc. Sells 543,132 Shares of Toast, Inc. (NYSE:TOST)

Nikko Asset Management Americas Inc. trimmed its stake in Toast, Inc. (NYSE:TOST) by 10.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,846,921 shares of the company’s stock after selling 543,132 shares during the quarter. Toast accounts for 1.9% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 13th biggest holding. Nikko Asset Management Americas Inc.’s holdings in Toast were worth $176,670,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of TOST. Blue Trust Inc. increased its position in Toast by 120.4% during the fourth quarter. Blue Trust Inc. now owns 692 shares of the company’s stock valued at $25,000 after acquiring an additional 378 shares during the last quarter. Piscataqua Savings Bank bought a new stake in Toast during the fourth quarter valued at about $26,000. Stonebridge Financial Group LLC bought a new position in shares of Toast in the fourth quarter worth about $34,000. SBI Securities Co. Ltd. bought a new position in shares of Toast in the fourth quarter worth about $35,000. Finally, Wingate Wealth Advisors Inc. bought a new position in shares of Toast in the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insider Transactions at Toast

In other Toast news, Director Deval L. Patrick sold 34,222 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $33.01, for a total value of $1,129,668.22. Following the completion of the sale, the director now directly owns 13,260 shares in the company, valued at $437,712.60. This represents a 72.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Brian R. Elworthy sold 653 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 value of $25,878.39. Following the completion of the sale, the general counsel now owns 209,206 shares of the company’s stock, valued at $8,290,833.78. This trade represents a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,641 shares of company stock valued at $8,937,776. Insiders own 13.32% of the company’s stock.

Toast Stock Up 5.5 %

Shares of TOST opened at $34.41 on Monday. The firm has a market cap of $17.00 billion, a PE ratio of -3,437.06, a price-to-earnings-growth ratio of 2.16 and a beta of 1.99. The company’s fifty day moving average is $38.05 and its two-hundred day moving average is $34.78. Toast, Inc. has a fifty-two week low of $21.32 and a fifty-two week high of $44.12.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TOST shares. UBS Group upped their price objective on Toast from $41.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Compass Point assumed coverage on Toast in a report on Wednesday, November 20th. They set a “buy” rating and a $49.00 price objective on the stock. Royal Bank of Canada increased their target price on Toast from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Thursday, February 20th. BMO Capital Markets raised their price objective on Toast from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Finally, Canaccord Genuity Group raised their target price on Toast from $43.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus 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.