Assenagon Asset Management S.A. Boosts Holdings in Toast, Inc. $TOST

Key Points

• Assenagon Asset Management S.A. increased its stake in Toast, Inc. by 216.9% during the second quarter, now owning 556,368 shares valued at approximately $24.6 million.
• Insider transactions included CEO Aman Narang selling 1,719 shares for about $83,165, while Director Paul D. Bell sold 12,500 shares worth around $529,750.
• Toast reported earnings of $0.13 per share, missing estimates, but revenue increased by 24.8% year-over-year, totaling $1.55 billion.

Assenagon Asset Management S.A. boosted its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 216.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 556,368 shares of the company's stock after purchasing an additional 380,797 shares during the quarter. Assenagon Asset Management S.A. owned 0.11% of Toast worth $24,642,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wayfinding Financial LLC acquired a new position in shares of Toast in the 1st quarter valued at approximately $34,000. Piscataqua Savings Bank increased its position in Toast by 57.1% in the 1st quarter. Piscataqua Savings Bank now owns 1,100 shares of the company's stock valued at $36,000 after acquiring an additional 400 shares during the period. West Branch Capital LLC increased its position in Toast by 862.1% in the 1st quarter. West Branch Capital LLC now owns 1,116 shares of the company's stock valued at $37,000 after acquiring an additional 1,000 shares during the period. SBI Securities Co. Ltd. increased its position in 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 period. Finally, Signaturefd LLC boosted its stake in shares of Toast by 227.1% in the 1st quarter. Signaturefd LLC now owns 1,472 shares of the company's stock valued at $49,000 after purchasing an additional 1,022 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company's stock.

Insider Buying and Selling

In other news, Director Paul D. Bell sold 12,500 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $42.38, for a total value of $529,750.00. Following the completion of the transaction, the director directly owned 226,892 shares in the company, valued at approximately $9,615,682.96. This trade represents a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Aman Narang sold 13,829 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.59, for a total transaction of $588,977.11. Following the completion of the transaction, the chief executive officer owned 302,498 shares of the company's stock, valued at $12,883,389.82. This trade represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,342 shares of company stock valued at $3,804,710 in the last three months. Insiders own 12.14% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TOST shares. Keefe, Bruyette & Woods increased their target price on shares of Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 6th. Wall Street Zen downgraded shares of Toast from a "buy" rating to a "hold" rating in a report on Monday. Citigroup restated a "buy" rating on shares of Toast in a report on Wednesday, July 16th. Canaccord Genuity Group upped their price objective on shares of Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, Wells Fargo & Company initiated coverage on shares of Toast in a report on Wednesday, July 16th. They set a "buy" rating on the stock. Fifteen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.30.

Toast Stock Down 5.3%

NYSE TOST traded down $2.19 during trading hours on Monday, reaching $38.94. 27,897,915 shares of the company were exchanged, compared to its average volume of 7,925,543. The business's 50 day simple moving average is $44.14 and its 200-day simple moving average is $40.69. Toast, Inc. has a 1 year low of $26.75 and a 1 year high of $49.66. The stock has a market capitalization of $19.86 billion, a P/E ratio of 117.51 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 for the quarter, missing the consensus estimate of $0.23 by ($0.10). The business had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.Toast's revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.02 EPS. As a group, sell-side analysts anticipate that Toast, Inc. will post 0.39 earnings per share 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.