Sun Sep 15 15:22:54 UTC 2024: ## Federated Hermes Increases Stake in Toast, Inc. Amid Mixed Investor Sentiment

**New York, NY (MarketBeat News) -** Federated Hermes Inc., a prominent institutional investor, has expanded its holdings in Toast, Inc. (NYSE:TOST) by 7.7% during the second quarter of 2024, according to a recent SEC filing. The investment firm now owns 1,731,600 shares of the restaurant technology company, representing a 0.38% stake worth approximately $44.6 million.

This move comes amidst a period of mixed investor sentiment surrounding Toast. While Federated Hermes’ increased stake reflects a positive outlook, other hedge funds and institutional investors have exhibited more cautious behavior. Notably, LRI Investments LLC, West Branch Capital LLC, Thurston Springer Miller Herd & Titak Inc., 1620 Investment Advisors Inc., and Harbor Investment Advisory LLC all initiated new positions in Toast during the first or second quarter, but with relatively small investments.

Despite these varied approaches, institutional investors collectively hold a significant 82.91% stake in Toast. However, insider activity has been more bearish. CEO Aman Narang sold 6,355 shares on July 2nd, and Director Christopher P. Comparato sold 80,000 shares on June 18th, totaling over 731,600 shares sold by insiders in the past three months.

Analyst sentiment on Toast is also somewhat divided. Stephens reaffirmed an “equal weight” rating with a $28.00 price target, while Morgan Stanley raised their price objective to $30.00 and assigned an “overweight” rating. Conversely, Bank of America lowered their target price to $26.00 and assigned a “neutral” rating. Robert W. Baird downgraded the stock from “outperform” to “neutral,” further highlighting the mixed opinions.

Overall, Toast currently holds a “Moderate Buy” consensus rating with a $28.22 average price target, according to data from MarketBeat.com. The company’s stock opened at $26.19 on Friday, with a market capitalization of $12.07 billion and a price-to-earnings ratio of -52.38.

Toast, Inc. provides a cloud-based digital technology platform for the restaurant industry in the US, Ireland, and India. The company offers software and hardware products for various aspects of restaurant operations, including point of sale, kitchen display systems, mobile ordering, and more.

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