Jennison Associates LLC Acquires 6,398,674 Shares of Toast, Inc. $TOST

Jennison Associates LLC grew its holdings in shares of Toast, Inc. (NYSE:TOST) by 74.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,000,561 shares of the company’s stock after buying an additional 6,398,674 shares during the quarter. Jennison Associates LLC owned 2.94% of Toast worth $547,670,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new position in Toast during the second quarter valued at $219,324,000. Marshall Wace LLP grew its holdings in Toast by 108.3% during the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock valued at $349,333,000 after purchasing an additional 4,100,104 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Toast by 35.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,517,216 shares of the company’s stock worth $274,454,000 after purchasing an additional 1,982,566 shares during the period. 1832 Asset Management L.P. raised its position in Toast by 65.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 4,314,200 shares of the company’s stock worth $191,076,000 after purchasing an additional 1,701,900 shares during the period. Finally, Federated Hermes Inc. lifted its stake in Toast by 59.7% in the second quarter. Federated Hermes Inc. now owns 4,024,942 shares of the company’s stock worth $178,265,000 after purchasing an additional 1,504,507 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors.

Toast Price Performance

Toast stock opened at $33.78 on Friday. Toast, Inc. has a 1-year low of $28.12 and a 1-year high of $49.66. The business has a fifty day moving average price of $34.91 and a 200-day moving average price of $39.01. The stock has a market capitalization of $17.40 billion, a price-to-earnings ratio of 78.56 and a beta of 1.93.

Toast (NYSE:TOST) last announced its earnings results 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). The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.58 billion. Toast had a net margin of 4.68% and a return on equity of 15.77%. The company’s quarterly revenue was up 25.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.07 earnings per share. On average, equities research analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on TOST shares. Wall Street Zen raised Toast from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Wolfe Research downgraded Toast from an “outperform” rating to a “peer perform” rating in a research report on Thursday, January 8th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Toast in a research note on Monday, December 29th. Royal Bank Of Canada set a $45.00 target price on shares of Toast in a research note on Wednesday, November 5th. Finally, DA Davidson set a $42.00 price target on shares of Toast in a research note on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.82.

Insider Transactions at Toast

In related news, CEO Aman Narang sold 8,591 shares of Toast stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $34.38, for a total value of $295,358.58. Following the completion of the sale, the chief executive officer directly owned 338,850 shares in the company, valued at $11,649,663. This trade represents a 2.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Stephen Fredette sold 4,866 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $167,293.08. Following the transaction, the president owned 910,606 shares in the company, valued at $31,306,634.28. The trade was a 0.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 102,595 shares of company stock worth $3,634,737 over the last ninety days. 12.14% of the stock is currently owned by insiders.

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.