Jennison Associates LLC Cuts Stake in Toast, Inc. $TOST

Jennison Associates LLC lowered its stake in shares of Toast, Inc. (NYSE:TOST) by 78.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,226,502 shares of the company’s stock after selling 11,931,453 shares during the quarter. Jennison Associates LLC’s holdings in Toast were worth $85,535,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Bayban purchased a new stake in Toast in the fourth quarter worth $25,000. SHP Wealth Management bought a new stake in shares of Toast in the fourth quarter valued at approximately $29,000. Strive Financial Group LLC purchased a new stake in shares of Toast during the 4th quarter valued at approximately $29,000. Central Pacific Bank Trust Division lifted its stake in shares of Toast by 123.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock valued at $33,000 after buying an additional 521 shares in the last quarter. Finally, Silicon Valley Capital Partners bought a new position in Toast in the 4th quarter worth approximately $36,000. Institutional investors own 82.91% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Aman Narang sold 14,365 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $414,430.25. Following the transaction, the chief executive officer owned 70,451 shares in the company, valued at approximately $2,032,511.35. This represents a 16.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Jonathan Vassil sold 6,647 shares of the business’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $191,765.95. Following the completion of the transaction, the executive owned 69,966 shares of the company’s stock, valued at $2,018,519.10. This represents a 8.68% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 159,265 shares of company stock valued at $4,278,832. 10.03% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

TOST has been the subject of a number of recent analyst reports. Truist Financial reduced their target price on Toast from $36.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. DA Davidson decreased their price objective on shares of Toast from $33.00 to $28.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Toast in a research note on Monday, June 1st. UBS Group lowered their price target on Toast from $40.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Finally, The Goldman Sachs Group upgraded shares of Toast from a “neutral” rating to a “buy” rating and set a $36.00 price target for the company in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.96.

Toast Stock Up 0.0%

NYSE TOST opened at $30.08 on Monday. The firm has a market capitalization of $15.52 billion, a PE ratio of 46.28 and a beta of 1.74. The stock’s 50 day moving average is $25.91 and its 200 day moving average is $28.20. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66.

Toast (NYSE:TOST) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.08). Toast had a return on equity of 20.86% and a net margin of 6.39%.The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the company posted $0.09 EPS. Toast’s revenue for the quarter was up 21.9% compared to the same quarter last year. On average, research analysts anticipate that Toast, Inc. will post 0.97 earnings per share for the current year.

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.