Janney Montgomery Scott LLC Raises Stake in Toast, Inc. (NYSE:TOST)

Janney Montgomery Scott LLC boosted its stake in shares of Toast, Inc. (NYSE:TOST - Free Report) by 554.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 255,191 shares of the company's stock after buying an additional 216,227 shares during the period. Janney Montgomery Scott LLC owned 0.05% of Toast worth $8,465,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its position in Toast by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,938,487 shares of the company's stock valued at $107,108,000 after purchasing an additional 155,446 shares during the period. Procyon Advisors LLC purchased a new stake in Toast in the first quarter valued at $242,000. Wealth Enhancement Advisory Services LLC raised its position in Toast by 19.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock valued at $829,000 after purchasing an additional 3,713 shares during the period. Jupiter Asset Management Ltd. raised its position in Toast by 134.3% in the fourth 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, New York Life Investment Management LLC purchased a new stake in Toast in the fourth quarter valued at $1,572,000. Institutional investors and hedge funds own 82.91% of the company's stock.

Toast Stock Performance

Shares of NYSE:TOST traded down $0.21 during trading hours on Friday, reaching $42.37. The stock had a trading volume of 6,167,562 shares, compared to its average volume of 6,627,969. The firm's 50 day moving average is $40.00 and its 200-day moving average is $38.03. The stock has a market capitalization of $21.10 billion, a price-to-earnings ratio of 184.22 and a beta of 2.02. Toast, Inc. has a 1 year low of $22.10 and a 1 year high of $45.56.

Wall Street Analyst Weigh In

TOST has been the topic of a number of research analyst reports. Evercore ISI initiated coverage on Toast in a research report on Wednesday, April 9th. They issued an "in-line" rating and a $29.00 target price on the stock. The Goldman Sachs Group reduced their target price on Toast from $43.00 to $38.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 2nd. BMO Capital Markets boosted their price objective on Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Piper Sandler boosted their price objective on Toast from $35.00 to $37.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, Wells Fargo & Company boosted their price objective on Toast from $39.00 to $46.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $41.21.

Insider Activity at Toast

In related news, Director Richard Kent Bennett sold 9,712 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $43.14, for a total value of $418,975.68. Following the transaction, the director now directly owns 534,167 shares of the company's stock, valued at $23,043,964.38. This trade represents a 1.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul D. Bell sold 11,000 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $45.13, for a total transaction of $496,430.00. Following the completion of the transaction, the director now directly owns 229,680 shares in the company, valued at $10,365,458.40. This trade represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 468,212 shares of company stock valued at $19,551,906 in the last ninety days. Insiders own 13.32% of the company's stock.

About Toast

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.