Principal Financial Group Inc. Decreases Stock Holdings in Toast, Inc. (NYSE:TOST)

Principal Financial Group Inc. reduced its holdings in shares of Toast, Inc. (NYSE:TOST) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,133 shares of the company’s stock after selling 530 shares during the quarter. Principal Financial Group Inc.’s holdings in Toast were worth $1,080,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC raised its stake in shares of Toast by 50.5% during the 3rd quarter. FMR LLC now owns 24,449,743 shares of the company’s stock worth $692,172,000 after purchasing an additional 8,205,053 shares during the period. ValueAct Holdings L.P. purchased a new stake in Toast during the third quarter worth about $438,301,000. State Street Corp raised its position in Toast by 2.5% in the third quarter. State Street Corp now owns 8,325,292 shares of the company’s stock worth $235,689,000 after acquiring an additional 206,789 shares during the period. Geode Capital Management LLC boosted its stake in Toast by 2.3% in the third quarter. Geode Capital Management LLC now owns 6,865,934 shares of the company’s stock valued at $193,992,000 after acquiring an additional 155,212 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Toast by 2,889.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,829,995 shares of the company’s stock valued at $108,427,000 after acquiring an additional 3,701,893 shares during the period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insider Buying and Selling at Toast

In related news, President Stephen Fredette sold 40,459 shares of Toast stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $29.04, for a total value of $1,174,929.36. Following the transaction, the president now owns 1,700,282 shares in the company, valued at $49,376,189.28. This trade represents a 2.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $30.39, for a total transaction of $9,117,000.00. Following the sale, the general counsel now owns 177,836 shares of the company’s stock, valued at approximately $5,404,436.04. The trade was a 62.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,149,075 shares of company stock worth $39,389,680 over the last 90 days. Corporate insiders own 13.32% of the company’s stock.

Toast Price Performance

Shares of TOST opened at $37.60 on Friday. Toast, Inc. has a 1-year low of $16.13 and a 1-year high of $44.12. The company has a market capitalization of $17.71 billion, a P/E ratio of -289.23, a P/E/G ratio of 23.40 and a beta of 1.93. The firm’s 50 day simple moving average is $37.83 and its 200 day simple moving average is $30.14.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TOST shares. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $45.00 price target (up previously from $34.00) on shares of Toast in a report on Monday, December 2nd. JPMorgan Chase & Co. upped their price target on Toast from $28.00 to $36.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft increased their price target on Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Stephens upped their price objective on shares of Toast from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Finally, Robert W. Baird increased their target price on shares of Toast from $30.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $34.81.

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.