Westfield Capital Management Co. LP Acquires 234,032 Shares of Toast, Inc. $TOST

Key Points

• Westfield Capital Management increased its stake in Toast by 22.6% in the fourth quarter, buying 234,032 additional shares and bringing its total holding to 1,268,337 shares worth about $45 million.
• Toast remains heavily owned by institutions, with 82.91% of shares held by institutional investors, while insiders own about 10.03% of the stock.
• Analysts are mixed but generally positive on Toast, with a consensus rating of “Moderate Buy” and an average price target of $37.84, even as the stock was recently trading at $24.64.

Westfield Capital Management Co. LP increased its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 22.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,268,337 shares of the company's stock after purchasing an additional 234,032 shares during the quarter. Westfield Capital Management Co. LP owned 0.25% of Toast worth $45,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wynn Capital LLC lifted its holdings in Toast by 2.1% in the fourth quarter. Wynn Capital LLC now owns 13,755 shares of the company's stock valued at $488,000 after acquiring an additional 280 shares during the period. Bridgewater Advisors Inc. lifted its holdings in Toast by 2.3% in the third quarter. Bridgewater Advisors Inc. now owns 13,107 shares of the company's stock valued at $472,000 after acquiring an additional 294 shares during the period. BOKF NA lifted its holdings in Toast by 4.5% in the third quarter. BOKF NA now owns 8,023 shares of the company's stock valued at $293,000 after acquiring an additional 345 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Toast by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company's stock valued at $1,012,000 after acquiring an additional 380 shares during the period. Finally, Seven Mile Advisory lifted its holdings in Toast by 3.1% in the third quarter. Seven Mile Advisory now owns 12,689 shares of the company's stock valued at $463,000 after acquiring an additional 381 shares during the period. 82.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on TOST. Oppenheimer reissued an "outperform" rating and issued a $36.00 target price on shares of Toast in a report on Friday, May 8th. Weiss Ratings restated a "hold (c)" rating on shares of Toast in a research report on Wednesday, May 20th. Loop Capital started coverage on Toast in a research report on Tuesday, March 31st. They issued a "hold" rating and a $26.00 price target for the company. Sanford C. Bernstein set a $39.00 price target on Toast in a research report on Monday, February 16th. Finally, Jefferies Financial Group set a $35.00 price target on Toast in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Toast presently has a consensus rating of "Moderate Buy" and an average price target of $37.84.

Toast Stock Down 2.3%

Shares of TOST opened at $24.64 on Friday. The business has a 50-day simple moving average of $26.13 and a two-hundred day simple moving average of $29.89. The stock has a market cap of $12.71 billion, a price-to-earnings ratio of 37.91 and a beta of 1.76. Toast, Inc. has a 52 week low of $22.26 and a 52 week high of $49.66.

Toast announced that its board has initiated a stock repurchase program on Thursday, February 12th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Activity

In related news, President Stephen Fredette sold 7,289 shares of the stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $190,898.91. Following the completion of the sale, the president owned 920,985 shares in the company, valued at approximately $24,120,597.15. This trade represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Aman Narang sold 13,463 shares of the stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $352,595.97. Following the sale, the chief executive officer owned 54,013 shares of the company's stock, valued at $1,414,600.47. This represents a 19.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 147,783 shares of company stock valued at $3,838,037 in the last three months. 10.03% of the stock is currently owned by insiders.

Toast Company Profile

Toast, Inc NYSE: TOST is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast's product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.

Want to see what other hedge funds are holding TOST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Toast, Inc. (NYSE:TOST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.