Adage Capital Partners GP L.L.C. Invests $3.32 Million in Toast, Inc. $TOST

Adage Capital Partners GP L.L.C. purchased a new stake in shares of Toast, Inc. (NYSE:TOST - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 100,000 shares of the company's stock, valued at approximately $3,317,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Procyon Advisors LLC acquired a new position in Toast during the 1st quarter worth about $242,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Toast by 19.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock worth $829,000 after purchasing an additional 3,713 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new position in shares of Toast during the first quarter worth approximately $252,000. Charles Schwab Investment Management Inc. lifted its position in shares of Toast by 5.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,092,210 shares of the company's stock worth $102,569,000 after purchasing an additional 153,723 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Toast by 14,258.8% during the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock worth $181,587,000 after purchasing an additional 5,436,317 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TOST shares. Needham & Company LLC upped their target price on shares of Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Keefe, Bruyette & Woods upped their target price 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. Citigroup reiterated a "buy" rating on shares of Toast in a research report on Wednesday, July 16th. Canaccord Genuity Group upped their target price on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group upped their target price on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

Insider Buying and Selling at Toast

In related news, President Stephen Fredette sold 1,720 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total transaction of $83,213.60. Following the completion of the sale, the president directly owned 890,818 shares of the company's stock, valued at approximately $43,097,774.84. This represents a 0.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jonathan Vassil sold 1,427 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $69,038.26. Following the sale, the executive directly owned 63,298 shares of the company's stock, valued at approximately $3,062,357.24. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,342 shares of company stock worth $3,804,710 in the last quarter. Company insiders own 12.14% of the company's stock.

Toast Stock Performance

NYSE TOST traded down $1.08 during trading hours on Wednesday, reaching $39.84. 10,767,254 shares of the company's stock were exchanged, compared to its average volume of 7,454,505. The company's 50-day moving average is $44.78 and its two-hundred day moving average is $40.42. Toast, Inc. has a one year low of $23.06 and a one year high of $49.66. The company has a market capitalization of $20.32 billion, a price-to-earnings ratio of 117.19 and a beta of 2.00.

Toast (NYSE:TOST - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (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 business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the company posted $0.02 earnings per share. Toast's revenue for the quarter was up 24.8% compared to the same quarter last year. Research analysts predict that Toast, Inc. will post 0.39 earnings per share for the current fiscal 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.