Alkeon Capital Management LLC Has $39.86 Million Stake in Toast, Inc. $TOST

Alkeon Capital Management LLC raised its stake in shares of Toast, Inc. (NYSE:TOST) by 80.0% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 900,000 shares of the company’s stock after purchasing an additional 400,000 shares during the quarter. Alkeon Capital Management LLC’s holdings in Toast were worth $39,861,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Toast by 1.1% during the second quarter. Vanguard Group Inc. now owns 44,411,722 shares of the company’s stock valued at $1,966,995,000 after purchasing an additional 466,138 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Toast by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company’s stock worth $777,978,000 after purchasing an additional 3,490,686 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of Toast by 7.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 15,520,360 shares of the company’s stock valued at $514,811,000 after buying an additional 1,082,958 shares during the period. State Street Corp increased its position in shares of Toast by 2.7% in the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after buying an additional 245,276 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in Toast by 331.0% during the 2nd quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock worth $380,978,000 after buying an additional 6,606,245 shares during the period. 82.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, President Stephen Fredette sold 7,550 shares of Toast stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $268,478.00. Following the sale, the president owned 898,475 shares of the company’s stock, valued at approximately $31,949,771. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Elena Gomez sold 9,054 shares of the company’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $321,960.24. Following the sale, the chief financial officer owned 149,572 shares in the company, valued at $5,318,780.32. The trade was a 5.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,759 shares of company stock worth $1,769,270 over the last three months. Company insiders own 12.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TOST. Weiss Ratings reissued a “hold (c-)” rating on shares of Toast in a research note on Monday. DA Davidson set a $42.00 price objective on Toast in a research report on Wednesday, November 5th. UBS Group set a $43.00 target price on shares of Toast in a report on Thursday, December 4th. Royal Bank Of Canada set a $45.00 price target on shares of Toast in a report on Wednesday, November 5th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Toast from $50.00 to $42.00 and set a “market perform” rating on the stock in a report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.18.

Toast Stock Down 2.0%

NYSE TOST opened at $35.26 on Friday. The firm’s 50 day moving average is $35.98 and its 200-day moving average is $40.59. The company has a market capitalization of $18.16 billion, a PE ratio of 82.00 and a beta of 1.94. Toast, Inc. has a 12-month low of $28.12 and a 12-month high of $49.66.

Toast (NYSE:TOST) last released its earnings results on Tuesday, November 4th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a net margin of 4.68% and a return on equity of 15.77%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the business posted $0.07 EPS. The firm’s revenue for the quarter was up 25.1% on a year-over-year basis. As a group, sell-side analysts expect that Toast, Inc. will post 0.39 EPS for the current year.

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.