Pallas Capital Advisors LLC Makes New Investment in Toast, Inc. (NYSE:TOST)

Pallas Capital Advisors LLC acquired a new stake in Toast, Inc. (NYSE:TOST - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,613 shares of the company's stock, valued at approximately $816,000.

Several other large investors have also modified their holdings of TOST. Vanguard Group Inc. raised its stake in shares of Toast by 10.8% during the fourth quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company's stock worth $1,548,186,000 after purchasing an additional 4,147,430 shares during the last quarter. Capital International Investors raised its stake in shares of Toast by 1.9% during the fourth quarter. Capital International Investors now owns 41,961,233 shares of the company's stock worth $1,529,657,000 after purchasing an additional 785,641 shares during the last quarter. FMR LLC raised its stake in shares of Toast by 22.1% during the fourth quarter. FMR LLC now owns 29,853,639 shares of the company's stock worth $1,088,165,000 after purchasing an additional 5,403,896 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Toast during the fourth quarter worth approximately $282,010,000. Finally, Geode Capital Management LLC raised its stake in shares of Toast by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 7,061,739 shares of the company's stock worth $256,970,000 after purchasing an additional 195,805 shares during the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Trading Down 1.6%

Shares of TOST stock traded down $0.69 during mid-day trading on Thursday, reaching $42.54. The stock had a trading volume of 3,515,292 shares, compared to its average volume of 6,743,899. Toast, Inc. has a 12-month low of $21.32 and a 12-month high of $45.56. The company has a market cap of $21.18 billion, a P/E ratio of -4,249.75, a price-to-earnings-growth ratio of 2.16 and a beta of 2.02. The business has a 50-day simple moving average of $38.83 and a 200 day simple moving average of $38.06.

Insider Buying and Selling

In related news, General Counsel Brian R. Elworthy sold 300,000 shares of Toast stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $42.60, for a total transaction of $12,780,000.00. Following the completion of the sale, the general counsel now owns 216,156 shares in the company, valued at approximately $9,208,245.60. This trade represents a 58.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul D. Bell sold 11,000 shares of Toast stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $45.13, for a total value of $496,430.00. Following the sale, the director now owns 229,680 shares of the company's stock, valued at approximately $10,365,458.40. This represents a 4.57% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 629,341 shares of company stock worth $25,249,141. 13.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TOST has been the subject of several analyst reports. BNP Paribas set a $37.00 price target on Toast and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Royal Bank of Canada upped their price target on Toast from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Thursday, February 20th. UBS Group upped their price target on Toast from $41.00 to $47.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. DA Davidson cut their price objective on Toast from $42.00 to $40.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. Finally, Truist Financial started coverage on Toast in a research report on Monday, June 2nd. They issued a "buy" rating and a $48.00 price objective for the company. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $41.21.

Toast 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.