Concurrent Investment Advisors LLC Purchases New Holdings in Toast, Inc. (NYSE:TOST)

Concurrent Investment Advisors LLC purchased a new stake in shares of Toast, Inc. (NYSE:TOST - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 22,808 shares of the company's stock, valued at approximately $757,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TOST. Procyon Advisors LLC bought a new position in Toast during the first quarter valued at approximately $242,000. Wealth Enhancement Advisory Services LLC increased its position in Toast by 19.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock valued at $829,000 after acquiring an additional 3,713 shares during the last quarter. Yorktown Management & Research Co Inc bought a new position in Toast in the first quarter valued at about $252,000. Jupiter Asset Management Ltd. grew its stake in shares of Toast by 134.3% during the 4th quarter. Jupiter Asset Management Ltd. now owns 392,853 shares of the company's stock valued at $14,319,000 after purchasing an additional 225,215 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Toast by 14,258.8% during the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after purchasing an additional 5,436,317 shares during the last quarter. Institutional investors own 82.91% of the company's stock.

Toast Price Performance

Shares of NYSE TOST traded down $0.33 during midday trading on Thursday, reaching $44.31. 5,499,358 shares of the stock traded hands, compared to its average volume of 6,799,283. The company's 50 day moving average is $42.24 and its 200 day moving average is $38.53. Toast, Inc. has a one year low of $22.10 and a one year high of $46.57. The stock has a market capitalization of $22.07 billion, a PE ratio of 192.67 and a beta of 2.00.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TOST. Truist Financial initiated coverage on shares of Toast in a research report on Monday, June 2nd. They set a "buy" rating and a $48.00 target price for the company. Morgan Stanley boosted their price objective on shares of Toast from $46.00 to $50.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Wells Fargo & Company raised their target price on Toast from $39.00 to $46.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Wolfe Research raised Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price target for the company in a report on Wednesday, April 23rd. Finally, Piper Sandler raised their price objective on Toast from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Thirteen equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $41.21.

Insider Activity

In related news, General Counsel Brian R. Elworthy sold 5,681 shares of Toast stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $241,953.79. Following the completion of the transaction, the general counsel owned 221,767 shares in the company, valued at approximately $9,445,056.53. This trade represents a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Elena Gomez sold 34,170 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $42.56, for a total value of $1,454,275.20. Following the completion of the sale, the chief financial officer directly owned 139,357 shares of the company's stock, valued at $5,931,033.92. The trade was a 19.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 536,131 shares of company stock worth $22,443,551. 13.32% of the stock is owned by insiders.

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.