Fmr LLC Purchases 8,205,053 Shares of Toast, Inc. (NYSE:TOST)

Fmr LLC grew its holdings in shares of Toast, Inc. (NYSE:TOST) by 50.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 24,449,743 shares of the company’s stock after purchasing an additional 8,205,053 shares during the quarter. Fmr LLC owned about 0.05% of Toast worth $692,172,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TOST. Assenagon Asset Management S.A. raised its stake in shares of Toast by 2,889.8% in the third quarter. Assenagon Asset Management S.A. now owns 3,829,995 shares of the company’s stock worth $108,427,000 after purchasing an additional 3,701,893 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Toast by 175.8% during the 2nd quarter. Marshall Wace LLP now owns 2,517,288 shares of the company’s stock worth $64,871,000 after buying an additional 1,604,716 shares during the period. Hamilton Lane Advisors LLC acquired a new position in Toast during the second quarter worth $19,517,000. 1832 Asset Management L.P. raised its position in shares of Toast by 335.7% during the 2nd quarter. 1832 Asset Management L.P. now owns 607,800 shares of the company’s stock worth $15,663,000 after purchasing an additional 468,300 shares during the last quarter. Finally, Armistice Capital LLC raised its holdings in shares of Toast by 45.8% during the second quarter. Armistice Capital LLC now owns 1,362,569 shares of the company’s stock valued at $35,113,000 after acquiring an additional 427,882 shares during the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Toast

In other news, President Stephen Fredette sold 211,686 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total value of $4,989,439.02. Following the completion of the sale, the president now directly owns 2,638,023 shares of the company’s stock, valued at approximately $62,178,202.11. This represents a 7.43 % 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 this hyperlink. Also, Director Richard Kent Bennett sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $36.67, for a total transaction of $3,667,000.00. Following the transaction, the director now owns 418,591 shares in the company, valued at approximately $15,349,731.97. This trade represents a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,688,321 shares of company stock valued at $52,160,120 in the last three months. 13.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

TOST has been the subject of a number of recent research reports. BNP Paribas cut shares of Toast from an “outperform” rating to a “neutral” rating and set a $37.00 target price for the company. in a research report on Wednesday, November 20th. Stephens upped their price target on Toast from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Royal Bank of Canada upped their price objective on shares of Toast from $27.00 to $40.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Wedbush raised their target price on Toast from $35.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, DA Davidson boosted their price target on shares of Toast from $35.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Toast has a consensus rating of “Hold” and a consensus price target of $33.86.

Toast Stock Performance

Shares of TOST stock opened at $43.18 on Friday. The stock’s 50-day moving average is $32.45 and its two-hundred day moving average is $27.54. Toast, Inc. has a 1 year low of $14.00 and a 1 year high of $44.12. The firm has a market cap of $20.34 billion, a price-to-earnings ratio of -332.15, a PEG ratio of 54.80 and a beta of 1.74.

Toast Profile

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.