Magnetar Financial LLC Purchases Shares of 9,470 Toast, Inc. $TOST

Key Points

• Magnetar Financial LLC has invested approximately $314,000 in Toast, Inc. by acquiring 9,470 shares during the first quarter of the year.
• Toast, Inc.'s stock has received a "Moderate Buy" consensus rating from analysts, with an average price target of $45.54, indicating positive expectations for the company's growth.
• The company reported a 24.8% year-over-year increase in revenue, with earnings per share (EPS) of $0.13 for the latest quarter, falling short of the consensus estimate of $0.23.

Magnetar Financial LLC acquired a new stake in shares of Toast, Inc. (NYSE:TOST - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,470 shares of the company's stock, valued at approximately $314,000.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Toast by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock worth $1,457,675,000 after buying an additional 1,471,352 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Toast by 17.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company's stock valued at $777,978,000 after acquiring an additional 3,490,686 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Toast by 7.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 15,520,360 shares of the company's stock worth $514,811,000 after purchasing an additional 1,082,958 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Toast by 2.9% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,755,872 shares of the company's stock worth $190,922,000 after purchasing an additional 160,088 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings 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. 82.91% of the stock is currently owned by institutional investors.

Insider Activity at Toast

In related news, Director Paul D. Bell sold 12,500 shares of Toast 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 sale, the director owned 226,892 shares in the company, valued at approximately $9,615,682.96. This trade represents a 5.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard Kent Bennett sold 9,712 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $43.14, for a total value of $418,975.68. Following the transaction, the director owned 534,167 shares in the company, valued at $23,043,964.38. This trade represents a 1.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,554 shares of company stock valued at $4,553,686 in the last three months. Company insiders own 12.14% of the company's stock.

Toast Trading Down 3.1%

Toast stock traded down $1.32 during mid-day trading on Thursday, hitting $41.14. The company had a trading volume of 11,089,322 shares, compared to its average volume of 7,277,126. The company has a market capitalization of $20.98 billion, a price-to-earnings ratio of 121.29 and a beta of 2.00. Toast, Inc. has a 12-month low of $22.91 and a 12-month high of $49.66. The company's fifty day moving average is $44.95 and its 200-day moving average is $40.40.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). The company had revenue of $1.55 billion for 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%.The firm's revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 EPS. As a group, sell-side analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TOST has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Toast from $42.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Truist Financial lifted their price objective on shares of Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Morgan Stanley boosted their price objective on shares of Toast from $50.00 to $54.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Canaccord Genuity Group raised their target price on Toast from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Wall Street Zen raised Toast from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Fifteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, Toast presently has a consensus rating of "Moderate Buy" and an average target price of $45.54.

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.