Toast, Inc. (NYSE:TOST) Shares Sold by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management Ltd. reduced its stake in Toast, Inc. by 73.9% in the first quarter, selling 290,199 shares and leaving it with 102,654 shares valued at $3,405,000.
• Several hedge funds significantly increased their holdings in Toast, with Principal Financial Group Inc. boosting its position by 14,258.8% to own over 5 million shares valued at $181.6 million.
• Toast received positive analyst attention, with firms like Jefferies Financial Group raising the price target to $54.00, and the stock currently has a consensus rating of "Moderate Buy."

Jupiter Asset Management Ltd. decreased its position in shares of Toast, Inc. (NYSE:TOST - Free Report) by 73.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,654 shares of the company's stock after selling 290,199 shares during the quarter. Jupiter Asset Management Ltd.'s holdings in Toast were worth $3,405,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Procyon Advisors LLC purchased a new position in shares of Toast in the 1st quarter worth $242,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Toast by 19.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company's stock worth $829,000 after acquiring an additional 3,713 shares during the last quarter. Yorktown Management & Research Co Inc bought a new stake in shares of Toast during the first quarter valued at approximately $252,000. Principal Financial Group Inc. raised its holdings in shares of Toast by 14,258.8% during the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock valued at $181,587,000 after buying an additional 5,436,317 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of Toast during the fourth quarter valued at approximately $83,684,000. Hedge funds and other institutional investors own 82.91% of the company's stock.

Analysts Set New Price Targets

TOST has been the topic of several research analyst reports. DA Davidson lifted their price objective on shares of Toast from $40.00 to $46.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Barclays restated an "overweight" rating on shares of Toast in a report on Wednesday, July 16th. Wells Fargo & Company began coverage on shares of Toast in a research report on Wednesday, July 16th. They issued a "buy" rating for the company. Jefferies Financial Group raised their target price on shares of Toast from $50.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Wall Street Zen lowered shares of Toast from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Twelve research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $43.42.

Toast Price Performance

Shares of NYSE:TOST traded down $1.49 during mid-day trading on Tuesday, reaching $47.81. 14,128,709 shares of the company traded hands, compared to its average volume of 8,333,251. The firm has a market cap of $23.81 billion, a PE ratio of 207.87 and a beta of 2.01. Toast, Inc. has a 52 week low of $22.10 and a 52 week high of $49.66. The company's 50 day moving average price is $44.52 and its 200-day moving average price is $39.85.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a net margin of 3.04% and a return on equity of 11.01%. The firm's revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.02 EPS. On average, research analysts predict that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Insider Transactions at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 5,681 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $241,953.79. Following the sale, the general counsel owned 221,767 shares in the company, valued at $9,445,056.53. This represents a 2.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Aman Narang sold 13,829 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total value of $588,977.11. Following the transaction, the chief executive officer directly owned 302,498 shares of the company's stock, valued at approximately $12,883,389.82. This represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 466,131 shares of company stock valued at $20,048,851. 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.