Jupiter Asset Management Ltd. Acquires 953,473 Shares of Toast, Inc. $TOST

Jupiter Asset Management Ltd. boosted its holdings in Toast, Inc. (NYSE:TOST) by 928.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,056,127 shares of the company’s stock after purchasing an additional 953,473 shares during the period. Jupiter Asset Management Ltd.’s holdings in Toast were worth $46,776,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in TOST. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Toast by 96.5% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 360,648 shares of the company’s stock worth $15,973,000 after buying an additional 177,093 shares during the last quarter. Glynn Capital Management LLC boosted its stake in Toast by 10.6% in the second quarter. Glynn Capital Management LLC now owns 573,784 shares of the company’s stock valued at $25,413,000 after acquiring an additional 54,889 shares during the last quarter. Nwam LLC purchased a new position in Toast in the second quarter valued at about $267,000. Allworth Financial LP grew its position in shares of Toast by 75.7% during the 2nd quarter. Allworth Financial LP now owns 1,402 shares of the company’s stock valued at $62,000 after acquiring an additional 604 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Toast by 18.3% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 466,260 shares of the company’s stock worth $20,651,000 after buying an additional 72,253 shares during the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Toast Price Performance

Shares of NYSE:TOST opened at $37.52 on Wednesday. The firm has a fifty day moving average price of $38.06 and a two-hundred day moving average price of $41.49. The company has a market cap of $19.32 billion, a price-to-earnings ratio of 87.26 and a beta of 1.94. Toast, Inc. has a one year low of $28.12 and a one year high of $49.66.

Toast (NYSE:TOST) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the business posted $0.07 EPS. Toast’s quarterly revenue was up 25.1% on a year-over-year basis. Equities research analysts expect that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on TOST. Keefe, Bruyette & Woods cut their price target on Toast from $50.00 to $42.00 and set a “market perform” rating for the company in a research note on Wednesday, October 1st. Wall Street Zen upgraded shares of Toast from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. UBS Group lowered their price target on shares of Toast from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Morgan Stanley raised their price objective on shares of Toast from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Barclays reissued an “overweight” rating on shares of Toast in a report on Wednesday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.64.

Insider Buying and Selling at Toast

In related news, President Stephen Fredette sold 1,732 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $35.54, for a total value of $61,555.28. Following the completion of the transaction, the president directly owned 900,264 shares in the company, valued at approximately $31,995,382.56. The trade was a 0.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Jonathan Vassil sold 1,442 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $35.54, for a total value of $51,248.68. Following the completion of the transaction, the executive directly owned 71,424 shares in the company, valued at approximately $2,538,408.96. This represents a 1.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 62,259 shares of company stock valued at $2,299,020 over the last quarter. Company insiders own 12.14% of the company’s stock.

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.