Assenagon Asset Management S.A. Decreases Stake in Toast, Inc. (NYSE:TOST)

Assenagon Asset Management S.A. reduced its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 27.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 175,571 shares of the company's stock after selling 65,456 shares during the period. Assenagon Asset Management S.A.'s holdings in Toast were worth $5,824,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of TOST. Arrowstreet Capital Limited Partnership bought a new position in Toast in the fourth quarter worth approximately $282,010,000. Norges Bank acquired a new position in Toast during the 4th quarter valued at about $205,888,000. FMR LLC raised its stake in Toast by 22.1% in the fourth quarter. FMR LLC now owns 29,853,639 shares of the company's stock valued at $1,088,165,000 after buying an additional 5,403,896 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Toast by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company's stock worth $1,548,186,000 after acquiring an additional 4,147,430 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its stake in shares of Toast by 898.8% during the fourth quarter. Voloridge Investment Management LLC now owns 2,858,720 shares of the company's stock worth $104,200,000 after acquiring an additional 2,572,503 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.

Analyst Ratings Changes

TOST has been the subject of a number of recent analyst reports. Truist Financial started coverage on shares of Toast in a research note on Monday, June 2nd. They issued a "buy" rating and a $48.00 target price for the company. Wall Street Zen lowered shares of Toast from a "strong-buy" rating to a "buy" rating in a report on Sunday, June 1st. The Goldman Sachs Group reduced their target price on Toast from $43.00 to $38.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. BMO Capital Markets boosted their price target on Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Monday, May 12th. Finally, Wolfe Research upgraded Toast from a "peer perform" rating to an "outperform" rating and set a $44.00 price objective for the company in a research note on Wednesday, April 23rd. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Toast currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.21.

Insider Activity at Toast

In related news, Director Richard Kent Bennett sold 9,712 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $43.14, for a total value of $418,975.68. Following the completion of the sale, the director now owns 534,167 shares in the company, valued at $23,043,964.38. This represents a 1.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul D. Bell sold 11,000 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $45.13, for a total transaction of $496,430.00. Following the transaction, the director now directly owns 229,680 shares in the company, valued at $10,365,458.40. The trade was a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 582,268 shares of company stock valued at $23,600,174 in the last ninety days. Insiders own 13.32% of the company's stock.

Toast Trading Up 2.2%

TOST stock traded up $0.92 during trading on Monday, hitting $42.46. 603,631 shares of the company's stock were exchanged, compared to its average volume of 6,694,443. The stock has a market capitalization of $21.14 billion, a price-to-earnings ratio of -4,244.26, a PEG ratio of 2.16 and a beta of 2.02. Toast, Inc. has a 52-week low of $22.10 and a 52-week high of $45.56. The business has a 50-day moving average price of $39.06 and a two-hundred day moving average price of $37.98.

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.