Alkeon Capital Management LLC Purchases 250,000 Shares of Toast, Inc. $TOST

Alkeon Capital Management LLC lifted its position in shares of Toast, Inc. (NYSE:TOST) by 27.8% during the 4th quarter, HoldingsChannel reports. The firm owned 1,150,000 shares of the company’s stock after acquiring an additional 250,000 shares during the period. Alkeon Capital Management LLC’s holdings in Toast were worth $40,836,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in TOST. Central Pacific Bank Trust Division boosted its position in shares of Toast by 123.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock valued at $33,000 after purchasing an additional 521 shares in the last quarter. Silicon Valley Capital Partners bought a new stake in Toast in the fourth quarter worth $36,000. Quadrant Capital Group LLC boosted its holdings in Toast by 2,083.3% in the fourth quarter. Quadrant Capital Group LLC now owns 1,048 shares of the company’s stock worth $37,000 after acquiring an additional 1,000 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Toast by 59.1% in the third quarter. Smartleaf Asset Management LLC now owns 1,182 shares of the company’s stock worth $44,000 after acquiring an additional 439 shares in the last quarter. Finally, Cornerstone Planning Group LLC boosted its holdings in Toast by 8,807.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 1,247 shares of the company’s stock worth $44,000 after acquiring an additional 1,233 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors.

Insider Activity at Toast

In other news, CFO Elena Gomez sold 8,929 shares of Toast stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $233,850.51. Following the transaction, the chief financial officer directly owned 173,064 shares in the company, valued at approximately $4,532,546.16. This trade represents a 4.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Stephen Fredette sold 7,289 shares of Toast stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $190,898.91. Following the completion of the transaction, the president owned 920,985 shares in the company, valued at $24,120,597.15. This represents a 0.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 147,783 shares of company stock worth $3,838,037 over the last three months. Corporate insiders own 10.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on TOST. DA Davidson dropped their target price on Toast from $33.00 to $28.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Sanford C. Bernstein set a $39.00 target price on Toast in a report on Monday, February 16th. Loop Capital began coverage on Toast in a report on Tuesday, March 31st. They set a “hold” rating and a $26.00 price target on the stock. BMO Capital Markets reaffirmed an “outperform” rating on shares of Toast in a report on Monday, June 1st. Finally, Zacks Research upgraded Toast from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.62.

Toast Trading Up 1.0%

Shares of Toast stock opened at $25.07 on Tuesday. The stock has a 50 day moving average of $25.95 and a 200 day moving average of $29.49. Toast, Inc. has a 12 month low of $22.26 and a 12 month high of $49.66. The firm has a market cap of $12.94 billion, a PE ratio of 38.58 and a beta of 1.76.

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.