1832 Asset Management L.P. Takes $86.65 Million Position in Toast, Inc. $TOST

Key Points

• 1832 Asset Management L.P. has acquired a significant stake in Toast, Inc. valued at approximately $86.65 million, owning 2,612,300 shares as of the latest SEC filing.
• Several institutional investors, including SBI Securities Co. Ltd. and Stonekeep Investments LLC, have increased their holdings in Toast, resulting in institutions owning over 82% of the company's stock.
• Goldman Sachs and other analysts have raised their target prices for Toast, with an average rating of "Moderate Buy" and a target price of $45.54, signaling positive expectations for the company's growth.

1832 Asset Management L.P. bought a new stake in Toast, Inc. (NYSE:TOST - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,612,300 shares of the company's stock, valued at approximately $86,650,000. 1832 Asset Management L.P. owned 0.53% of Toast as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. SBI Securities Co. Ltd. grew its position in shares of Toast by 29.2% in the first quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after purchasing an additional 284 shares during the period. Stonekeep Investments LLC grew its position in shares of Toast by 4.0% in the first quarter. Stonekeep Investments LLC now owns 7,791 shares of the company's stock valued at $258,000 after purchasing an additional 297 shares during the period. Keel Point LLC grew its position in shares of Toast by 2.7% in the fourth quarter. Keel Point LLC now owns 12,269 shares of the company's stock valued at $447,000 after purchasing an additional 326 shares during the period. Piscataqua Savings Bank grew its position in shares of Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after purchasing an additional 400 shares during the period. Finally, Legacy Advisors LLC grew its position in shares of Toast by 1.7% in the first quarter. Legacy Advisors LLC now owns 26,318 shares of the company's stock valued at $873,000 after purchasing an additional 438 shares during the period. Institutional investors and hedge funds own 82.91% of the company's stock.

Wall Street Analysts Forecast Growth

TOST has been the topic of several research analyst reports. The Goldman Sachs Group lifted their target price on shares of Toast from $45.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Citigroup restated a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Barclays restated an "overweight" rating on shares of Toast in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods boosted their price target on shares of Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 6th. Finally, Piper Sandler boosted their price target on shares of Toast from $35.00 to $37.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $45.54.

Insider Activity at Toast

In other Toast news, Director Paul D. Bell sold 12,500 shares of Toast stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $42.38, for a total transaction of $529,750.00. Following the transaction, the director directly owned 226,892 shares of the company's stock, valued at $9,615,682.96. The trade was a 5.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Elena Gomez sold 34,170 shares of Toast stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.56, for a total transaction of $1,454,275.20. Following the transaction, the chief financial officer directly owned 139,357 shares in the company, valued at $5,931,033.92. This trade represents a 19.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 405,554 shares of company stock valued at $17,333,686 over the last ninety days. Corporate insiders own 12.14% of the company's stock.

Toast Price Performance

Shares of TOST stock opened at $43.9010 on Friday. The firm's 50-day moving average is $44.76 and its two-hundred day moving average is $40.21. Toast, Inc. has a 12 month low of $22.91 and a 12 month high of $49.66. The company has a market capitalization of $22.39 billion, a PE ratio of 129.12 and a beta of 2.01.

Toast (NYSE:TOST - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same period last year, the firm earned $0.02 earnings per share. Toast's revenue for the quarter was up 24.8% on a year-over-year basis. Sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current year.

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.

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