TD Asset Management Inc Acquires 81,003 Shares of Toast, Inc. (NYSE:TOST)

Key Points

• TD Asset Management Inc increased its ownership of Toast, Inc. by 7.2% to hold approximately 1.2 million shares, which are valued at about $39.87 million.
• Several hedge funds have also modified their stakes in Toast, with West Branch Capital LLC significantly increasing its holdings by 862.1% during the first quarter.
• Analysts have a moderate buy consensus rating for Toast, with a target price average of $43.42 following significant interest from investors.

TD Asset Management Inc grew its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 7.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,201,944 shares of the company's stock after acquiring an additional 81,003 shares during the period. TD Asset Management Inc owned about 0.24% of Toast worth $39,868,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Toast in the 4th quarter valued at about $205,888,000. Principal Financial Group Inc. raised 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 worth $181,587,000 after buying an additional 5,436,317 shares in the last quarter. FMR LLC raised its position in shares of Toast by 22.1% during the 4th quarter. FMR LLC now owns 29,853,639 shares of the company's stock worth $1,088,165,000 after buying an additional 5,403,896 shares in the last quarter. Voloridge Investment Management LLC raised its holdings in shares of Toast by 898.8% in the 4th quarter. Voloridge Investment Management LLC now owns 2,858,720 shares of the company's stock worth $104,200,000 after purchasing an additional 2,572,503 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Toast by 914.4% in the 4th quarter. Two Sigma Investments LP now owns 2,846,200 shares of the company's stock worth $103,744,000 after purchasing an additional 2,565,634 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Insiders Place Their Bets

In other Toast news, General Counsel Brian R. Elworthy sold 5,681 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $241,953.79. Following the transaction, the general counsel directly owned 221,767 shares in the company, valued at approximately $9,445,056.53. This represents a 2.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Elena Gomez sold 34,170 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $42.56, for a total value of $1,454,275.20. Following the transaction, the chief financial officer owned 139,357 shares in the company, 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. Insiders sold a total of 466,131 shares of company stock valued at $20,048,851 over the last three months. Insiders own 13.32% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup restated a "buy" rating on shares of Toast in a report on Wednesday, July 16th. Jefferies Financial Group boosted their price target on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. 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. DA Davidson boosted their price objective on shares of Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Piper Sandler boosted their price objective on shares of Toast from $35.00 to $37.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Twelve analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Toast presently has an average rating of "Moderate Buy" and an average target price of $43.42.

Toast Stock Performance

Shares of Toast stock traded down $2.23 on Friday, hitting $46.61. The stock had a trading volume of 5,054,918 shares, compared to its average volume of 7,131,576. The stock has a 50 day moving average of $44.07 and a 200 day moving average of $39.50. Toast, Inc. has a twelve month low of $22.10 and a twelve month high of $49.56. The firm has a market capitalization of $23.21 billion, a P/E ratio of 202.56 and a beta of 2.00.

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.