Daiwa Securities Group Inc. Boosts Stake in Toast, Inc. (NYSE:TOST)

Daiwa Securities Group Inc. grew its stake in shares of Toast, Inc. (NYSE:TOST) by 16.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 56,972 shares of the company’s stock after buying an additional 8,000 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Toast were worth $1,613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in TOST. Assenagon Asset Management S.A. raised its position in shares of Toast by 2,889.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,829,995 shares of the company’s stock valued at $108,427,000 after buying an additional 3,701,893 shares in the last quarter. Marshall Wace LLP raised its position in Toast by 175.8% in the 2nd quarter. Marshall Wace LLP now owns 2,517,288 shares of the company’s stock worth $64,871,000 after purchasing an additional 1,604,716 shares during the period. Hamilton Lane Advisors LLC purchased a new position in Toast in the 2nd quarter worth $19,517,000. 1832 Asset Management L.P. raised its position in Toast by 335.7% in 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 period. Finally, Armistice Capital LLC raised its position in Toast by 45.8% in the 2nd quarter. Armistice Capital LLC now owns 1,362,569 shares of the company’s stock worth $35,113,000 after purchasing an additional 427,882 shares during the period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Trading Down 0.1 %

Shares of TOST opened at $43.18 on Friday. The firm’s 50-day moving average price is $32.45 and its 200-day moving average price is $27.54. The firm has a market capitalization 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, Inc. has a 1-year low of $14.00 and a 1-year high of $44.12.

Analysts Set New Price Targets

A number of brokerages recently commented on TOST. Bank of America lifted their target price on shares of Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 17th. Piper Sandler lifted their target price on shares of Toast from $25.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Morgan Stanley lifted their target price on shares of Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. DA Davidson lifted their target price on shares of Toast from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Wells Fargo & Company raised their price target on shares of Toast from $23.00 to $25.00 and gave the stock an “underweight” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $33.86.

Insider Activity at Toast

In related news, Director David Yuan sold 189,785 shares of Toast stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $43.01, for a total transaction of $8,162,652.85. Following the completion of the transaction, the director now directly owns 198,829 shares of the company’s stock, valued at $8,551,635.29. This trade represents a 48.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Stephen Fredette sold 211,686 shares of Toast stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $23.57, for a total transaction of $4,989,439.02. Following the transaction, the president now directly owns 2,638,023 shares of the company’s stock, valued at approximately $62,178,202.11. This trade represents a 7.43 % 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. Company insiders own 13.32% of the company’s stock.

About Toast

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.