ARK Investment Management LLC Purchases 185,574 Shares of Toast, Inc. $TOST

ARK Investment Management LLC raised its holdings in shares of Toast, Inc. (NYSE:TOST) by 9.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,063,456 shares of the company’s stock after acquiring an additional 185,574 shares during the quarter. ARK Investment Management LLC’s holdings in Toast were worth $75,337,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of TOST. Allianz Asset Management GmbH grew its position in Toast by 322.0% during the third quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company’s stock valued at $13,245,000 after buying an additional 276,803 shares during the period. Candriam S.C.A. boosted its stake in shares of Toast by 10.9% during the 3rd quarter. Candriam S.C.A. now owns 602,200 shares of the company’s stock worth $21,986,000 after acquiring an additional 59,045 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Toast by 49.5% during the 3rd quarter. Nordea Investment Management AB now owns 138,619 shares of the company’s stock valued at $4,988,000 after acquiring an additional 45,898 shares during the period. Citigroup Inc. increased its stake in shares of Toast by 17.2% in the 3rd quarter. Citigroup Inc. now owns 1,042,102 shares of the company’s stock worth $38,047,000 after purchasing an additional 152,807 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Toast in the 3rd quarter worth $2,891,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Trading Up 1.5%

Shares of NYSE TOST opened at $29.55 on Thursday. Toast, Inc. has a 12-month low of $24.35 and a 12-month high of $49.66. The firm’s 50-day moving average price is $31.39 and its 200-day moving average price is $35.53. The stock has a market capitalization of $15.48 billion, a price-to-earnings ratio of 54.72 and a beta of 1.95.

Toast (NYSE:TOST) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a net margin of 5.56% and a return on equity of 18.14%. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the company posted $0.05 EPS. The business’s quarterly revenue was up 22.0% on a year-over-year basis. On average, equities analysts predict that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Toast announced that its board has initiated a stock repurchase plan on Thursday, February 12th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on TOST shares. Stephens set a $42.00 price target on Toast in a research report on Friday, January 16th. Jefferies Financial Group set a $35.00 target price on shares of Toast in a report on Friday, February 13th. Sanford C. Bernstein set a $39.00 target price on shares of Toast in a research note on Monday, February 16th. Citigroup dropped their price target on shares of Toast from $51.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Finally, Truist Financial set a $36.00 price objective on shares of Toast in a research report on Wednesday, February 25th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Toast presently has a consensus rating of “Moderate Buy” and an average price target of $40.46.

Insider Activity at Toast

In other news, CRO Jonathan Vassil sold 66,390 shares of Toast stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $35.86, for a total transaction of $2,380,745.40. Following the completion of the sale, the executive directly owned 84,589 shares in the company, valued at approximately $3,033,361.54. This trade represents a 43.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Elena Gomez sold 6,672 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $229,383.36. Following the completion of the transaction, the chief financial officer owned 162,153 shares in the company, valued at approximately $5,574,820.14. The trade was a 3.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 100,856 shares of company stock worth $3,540,449 over the last quarter. 12.14% of the stock is 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.