Synovus Financial Corp Takes Position in Toast, Inc. (NYSE:TOST)

Synovus Financial Corp acquired a new position in shares of Toast, Inc. (NYSE:TOST - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,006 shares of the company's stock, valued at approximately $425,000.

Several other hedge funds have also added to or reduced their stakes in TOST. Envestnet Portfolio Solutions Inc. lifted its position in shares of Toast by 46.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 18,393 shares of the company's stock valued at $474,000 after buying an additional 5,793 shares during the last quarter. Raymond James & Associates lifted its holdings in Toast by 6.0% during the second quarter. Raymond James & Associates now owns 407,773 shares of the company's stock valued at $10,508,000 after purchasing an additional 22,936 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Toast during the second quarter worth about $34,000. Raymond James Trust N.A. increased its stake in shares of Toast by 31.6% in the second quarter. Raymond James Trust N.A. now owns 20,400 shares of the company's stock worth $526,000 after purchasing an additional 4,900 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Toast by 22.2% in the second quarter. Bank of New York Mellon Corp now owns 2,236,203 shares of the company's stock valued at $57,627,000 after purchasing an additional 406,686 shares during the period. Institutional investors own 82.91% of the company's stock.

Insiders Place Their Bets

In other Toast news, CEO Aman Narang sold 10,106 shares of Toast stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $27.77, for a total transaction of $280,643.62. Following the transaction, the chief executive officer now directly owns 968,095 shares of the company's stock, valued at approximately $26,883,998.15. This trade represents a 1.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Stephen Fredette sold 144,238 shares of the company's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $27.34, for a total transaction of $3,943,466.92. Following the completion of the sale, the president now directly owns 2,160,499 shares of the company's stock, valued at $59,068,042.66. This trade represents a 6.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,374,261 shares of company stock valued at $44,535,582 over the last 90 days. Insiders own 13.32% of the company's stock.

Toast Stock Down 1.0 %

NYSE:TOST traded down $0.36 during midday trading on Thursday, hitting $35.93. The company had a trading volume of 5,417,802 shares, compared to its average volume of 7,382,249. The company has a market capitalization of $16.92 billion, a PE ratio of -276.38, a P/E/G ratio of 23.40 and a beta of 1.93. Toast, Inc. has a 52-week low of $16.13 and a 52-week high of $44.12. The stock's fifty day moving average price is $35.90 and its 200-day moving average price is $28.96.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on TOST shares. DA Davidson reaffirmed a "neutral" rating and issued a $38.00 price objective (down from $44.00) on shares of Toast in a report on Thursday, December 5th. Compass Point initiated coverage on Toast in a research report on Wednesday, November 20th. They set a "buy" rating and a $49.00 target price on the stock. Bank of America lifted their price target on Toast from $26.00 to $28.00 and gave the company a "neutral" rating in a research report on Tuesday, September 17th. Wells Fargo & Company boosted their price objective on Toast from $23.00 to $25.00 and gave the company an "underweight" rating in a research note on Friday, November 8th. Finally, Piper Sandler raised their target price on Toast from $25.00 to $35.00 and gave the stock a "neutral" rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $34.81.

Toast Company Profile

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.