Jennison Associates LLC Sells 11,931,453 Shares of Toast, Inc. $TOST

Key Points

• Jennison Associates LLC cut its stake in Toast by 78.7% in the first quarter, selling 11.93 million shares and ending with 3.23 million shares valued at about $85.5 million.
• Several analysts remain constructive on Toast, with firms like Oppenheimer, BMO Capital Markets, and UBS keeping buy/outperform views; the stock’s consensus rating is Moderate Buy with a target price of $36.96.
• Toast reported Q1 EPS of $0.20, below estimates, while revenue matched expectations at $1.63 billion and rose 21.9% year over year. Shares last traded around $30.08, above the 50-day average but below the 52-week high of $49.66.

Jennison Associates LLC decreased its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 78.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,226,502 shares of the company's stock after selling 11,931,453 shares during the quarter. Jennison Associates LLC owned 0.63% of Toast worth $85,535,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TOST. Wynn Capital LLC boosted its position in shares of Toast by 2.1% during the 4th quarter. Wynn Capital LLC now owns 13,755 shares of the company's stock worth $488,000 after acquiring an additional 280 shares in the last quarter. BOKF NA lifted its stake in Toast by 4.5% during the third quarter. BOKF NA now owns 8,023 shares of the company's stock worth $293,000 after purchasing an additional 345 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Toast by 0.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company's stock valued at $1,800,000 after purchasing an additional 358 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Toast by 1.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company's stock valued at $1,012,000 after purchasing an additional 380 shares during the last quarter. Finally, Seven Mile Advisory raised its holdings in shares of Toast by 3.1% during the 3rd quarter. Seven Mile Advisory now owns 12,689 shares of the company's stock worth $463,000 after buying an additional 381 shares in the last quarter. 82.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TOST. Oppenheimer reaffirmed an "outperform" rating and issued a $36.00 price objective on shares of Toast in a research note on Friday, May 8th. Loop Capital assumed coverage on shares of Toast in a research note on Tuesday, March 31st. They issued a "hold" rating and a $26.00 price target on the stock. BMO Capital Markets reaffirmed an "outperform" rating on shares of Toast in a report on Monday, June 1st. UBS Group dropped their price objective on shares of Toast from $40.00 to $34.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Truist Financial decreased their target price on shares of Toast from $36.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $36.96.

Insider Activity

In related news, President Stephen Fredette sold 9,146 shares of the business's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $263,862.10. Following the transaction, the president directly owned 931,449 shares in the company, valued at approximately $26,872,303.65. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Aman Narang sold 14,365 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $414,430.25. Following the completion of the sale, the chief executive officer owned 70,451 shares of the company's stock, valued at approximately $2,032,511.35. This trade represents a 16.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 159,265 shares of company stock valued at $4,278,832. 10.03% of the stock is currently owned by insiders.

Toast Stock Performance

NYSE:TOST opened at $30.08 on Monday. The company has a 50 day simple moving average of $25.91 and a two-hundred day simple moving average of $28.20. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $49.66. The company has a market capitalization of $15.52 billion, a PE ratio of 46.28 and a beta of 1.74.

Toast (NYSE:TOST - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.08). The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Toast had a return on equity of 20.86% and a net margin of 6.39%.The company's quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 earnings per share. Research analysts predict that Toast, Inc. will post 0.97 EPS for the current year.

Toast Company Profile

Toast, Inc NYSE: TOST is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast's product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.

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