Toast, Inc. (NYSE:TOST) Shares Sold by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC reduced its stake in Toast, Inc. by 1.4% during the first quarter, holding 1,904,078 shares valued at approximately $63.16 million.
• Insider trading includes Director Paul D. Bell selling 11,000 shares and General Counsel Brian R. Elworthy selling 300,000 shares, indicating significant transactions within the company.
• Analysts have varying outlooks for Toast, with some firms raising price targets, like Truist Financial increasing it to $50.00, while others like DA Davidson lowered it to $40.00.

ARK Investment Management LLC lessened its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,904,078 shares of the company's stock after selling 27,734 shares during the quarter. ARK Investment Management LLC owned approximately 0.38% of Toast worth $63,158,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HB Wealth Management LLC purchased a new position in shares of Toast during the 1st quarter worth $357,000. TD Asset Management Inc raised its holdings in shares of Toast by 7.2% during the 1st quarter. TD Asset Management Inc now owns 1,201,944 shares of the company's stock worth $39,868,000 after acquiring an additional 81,003 shares during the period. Nikko Asset Management Americas Inc. raised its holdings in shares of Toast by 3.2% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 5,002,752 shares of the company's stock worth $165,941,000 after acquiring an additional 155,831 shares during the period. Mediolanum International Funds Ltd raised its holdings in shares of Toast by 41.6% during the 1st quarter. Mediolanum International Funds Ltd now owns 53,573 shares of the company's stock worth $1,799,000 after acquiring an additional 15,729 shares during the period. Finally, Angeles Wealth Management LLC purchased a new position in shares of Toast during the 1st quarter worth $285,000. Institutional investors and hedge funds own 82.91% of the company's stock.

Insider Buying and Selling at Toast

In other news, Director Paul D. Bell sold 11,000 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $45.13, for a total transaction of $496,430.00. Following the completion of the transaction, the director directly owned 229,680 shares of the company's stock, valued at approximately $10,365,458.40. The trade was a 4.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $42.60, for a total value of $12,780,000.00. Following the transaction, the general counsel directly owned 216,156 shares of the company's stock, valued at approximately $9,208,245.60. This represents a 58.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 466,131 shares of company stock valued at $20,048,851. 13.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on TOST. Truist Financial lifted their price target on Toast from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. DA Davidson reduced their price target on Toast from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. BMO Capital Markets lifted their price target on Toast from $44.00 to $45.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Wolfe Research upgraded shares of Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price objective on the stock in a report on Wednesday, April 23rd. Finally, Evercore ISI initiated coverage on shares of Toast in a report on Wednesday, April 9th. They issued an "in-line" rating and a $29.00 price objective on the stock. Twelve investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $43.17.

Toast Price Performance

NYSE TOST opened at $48.76 on Friday. The company has a market cap of $24.28 billion, a P/E ratio of 211.98 and a beta of 2.00. The stock has a 50-day moving average of $43.78 and a two-hundred day moving average of $39.25. Toast, Inc. has a 1-year low of $22.10 and a 1-year high of $49.20.

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.

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