AGF Management Ltd. Increases Holdings in Toast, Inc. (NYSE:TOST)

Key Points

• AGF Management Ltd. increased its stake in Toast, Inc. by 8.5% in the first quarter, now holding a total of 234,438 shares valued at approximately $7.78 million.
• Toast, Inc. reported $1.55 billion in revenue for the latest quarter, surpassing analyst expectations and showing a 24.8% year-over-year growth.
• Several analysts have upgraded Toast's stock rating, with target prices ranging from $44.00 to $60.00, indicating positive sentiment towards the company's future performance.

AGF Management Ltd. increased its stake in Toast, Inc. (NYSE:TOST - Free Report) by 8.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 234,438 shares of the company's stock after purchasing an additional 18,318 shares during the quarter. AGF Management Ltd.'s holdings in Toast were worth $7,776,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. lifted its stake in shares of Toast by 29.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company's stock valued at $42,000 after acquiring an additional 284 shares during the last quarter. Stonekeep Investments LLC increased its stake in shares of Toast by 4.0% during the first quarter. Stonekeep Investments LLC now owns 7,791 shares of the company's stock valued at $258,000 after buying an additional 297 shares during the period. Keel Point LLC increased its stake in shares of Toast by 2.7% during the fourth quarter. Keel Point LLC now owns 12,269 shares of the company's stock valued at $447,000 after buying an additional 326 shares during the period. Piscataqua Savings Bank increased its stake in shares of Toast by 57.1% during the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after buying an additional 400 shares during the period. Finally, Legacy Advisors LLC increased its stake in shares of Toast by 1.7% during the first quarter. Legacy Advisors LLC now owns 26,318 shares of the company's stock valued at $873,000 after buying an additional 438 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Stock Performance

Shares of TOST opened at $43.26 on Tuesday. The business's 50-day moving average is $44.69 and its two-hundred day moving average is $40.01. The company has a market capitalization of $22.06 billion, a P/E ratio of 127.24 and a beta of 2.01. Toast, Inc. has a fifty-two week low of $22.91 and a fifty-two week high of $49.66.

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

Insider Activity

In related news, General Counsel Brian R. Elworthy sold 1,051 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $48.38, for a total value of $50,847.38. Following the transaction, the general counsel directly owned 222,868 shares of the company's stock, valued at approximately $10,782,353.84. This trade represents a 0.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Stephen Fredette sold 1,720 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $83,213.60. Following the completion of the transaction, the president directly owned 890,818 shares in the company, valued at $43,097,774.84. This represents a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 474,054 shares of company stock worth $20,432,166. 12.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TOST has been the subject of several research reports. Wolfe Research raised Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 target price for the company in a research report on Wednesday, April 23rd. Morgan Stanley raised their price objective on Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group raised their price objective on Toast from $45.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Piper Sandler raised their price objective on Toast from $35.00 to $37.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Needham & Company LLC raised their price objective on Toast from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Eleven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $45.54.

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.

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