Zurcher Kantonalbank Zurich Cantonalbank Grows Stake in Toast, Inc. (NYSE:TOST)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 32.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,812 shares of the company's stock after buying an additional 28,663 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Toast were worth $3,335,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. West Branch Capital LLC acquired a new stake in shares of Toast in the 2nd quarter valued at $26,000. Toth Financial Advisory Corp acquired a new position in Toast during the 3rd quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Toast in the 2nd quarter valued at approximately $33,000. 1620 Investment Advisors Inc. acquired a new stake in Toast in the second quarter valued at approximately $34,000. Finally, Raleigh Capital Management Inc. grew its stake in shares of Toast by 93.4% during the third quarter. Raleigh Capital Management Inc. now owns 1,491 shares of the company's stock worth $42,000 after buying an additional 720 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company's stock.

Toast Stock Down 8.7 %

Shares of Toast stock traded down $3.70 during trading on Wednesday, reaching $38.72. The company's stock had a trading volume of 14,445,740 shares, compared to its average volume of 7,410,189. The company has a market cap of $18.24 billion, a price-to-earnings ratio of -300.46, a PEG ratio of 53.99 and a beta of 1.93. The firm's 50-day moving average is $33.67 and its two-hundred day moving average is $27.99. Toast, Inc. has a 52-week low of $14.45 and a 52-week high of $44.12.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TOST. Stephens boosted their price objective on Toast from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Friday, October 18th. Robert W. Baird upped their price objective on Toast from $30.00 to $38.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Piper Sandler lifted their target price on shares of Toast from $25.00 to $35.00 and gave the stock a "neutral" rating in a research report on Monday, November 11th. JPMorgan Chase & Co. raised their target price on Toast from $28.00 to $36.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada raised their price objective on shares of Toast from $27.00 to $40.00 and gave the stock a "sector perform" rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Toast currently has an average rating of "Hold" and an average price target of $34.43.

Insider Activity

In related news, President Stephen Fredette sold 101,574 shares of the firm's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $25.73, for a total value of $2,613,499.02. Following the sale, the president now directly owns 2,395,685 shares of the company's stock, valued at $61,640,975.05. This trade represents a 4.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Aman Narang sold 10,106 shares of the company's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $27.77, for a total value of $280,643.62. Following the transaction, the chief executive officer now directly owns 968,095 shares of the company's stock, valued at $26,883,998.15. The trade was a 1.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,688,321 shares of company stock valued at $52,160,120. 13.32% of the stock is currently owned by insiders.

Toast 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.