Assenagon Asset Management S.A. Buys 339,762 Shares of Toast, Inc. $TOST

Assenagon Asset Management S.A. boosted its position in shares of Toast, Inc. (NYSE:TOST) by 106.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 658,722 shares of the company’s stock after buying an additional 339,762 shares during the quarter. Assenagon Asset Management S.A. owned 0.13% of Toast worth $17,463,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of TOST. Alliancebernstein L.P. lifted its stake in Toast by 2,432.8% in the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock worth $299,957,000 after purchasing an additional 7,891,383 shares during the last quarter. Norges Bank purchased a new stake in shares of Toast in the fourth quarter worth approximately $202,808,000. ValueAct Holdings L.P. raised its holdings in shares of Toast by 135.9% in the fourth quarter. ValueAct Holdings L.P. now owns 8,015,277 shares of the company’s stock worth $284,622,000 after buying an additional 4,618,077 shares during the period. Capital International Investors lifted its stake in shares of Toast by 7.4% during the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after acquiring an additional 3,351,545 shares during the last quarter. Finally, XN LP lifted its stake in shares of Toast by 50.8% during the 4th quarter. XN LP now owns 8,988,386 shares of the company’s stock worth $319,178,000 after acquiring an additional 3,029,856 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on TOST shares. Mizuho lowered their target price on shares of Toast from $45.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Truist Financial decreased their price objective on shares of Toast from $36.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. DA Davidson lowered their price objective on shares of Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Piper Sandler initiated coverage on shares of Toast in a research report on Wednesday, June 10th. They issued an “overweight” rating and a $32.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Toast from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.62.

Insiders Place Their Bets

In other news, General Counsel Brian R. Elworthy sold 108,000 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.89, for a total value of $2,796,120.00. Following the completion of the transaction, the general counsel directly owned 189,642 shares of the company’s stock, valued at approximately $4,909,831.38. The trade was a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Stephen Fredette sold 7,289 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $190,898.91. Following the sale, the president owned 920,985 shares of the company’s stock, valued at $24,120,597.15. This trade represents a 0.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 147,783 shares of company stock worth $3,838,037. Insiders own 10.03% of the company’s stock.

Toast Stock Performance

NYSE TOST opened at $27.16 on Friday. Toast, Inc. has a one year low of $22.26 and a one year high of $49.66. The company has a market capitalization of $14.01 billion, a price-to-earnings ratio of 41.78 and a beta of 1.76. The company’s 50-day simple moving average is $25.69 and its two-hundred day simple moving average is $28.94.

Toast 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.