Meeder Asset Management Inc. Increases Stake in Toast, Inc. (NYSE:TOST)

Meeder Asset Management Inc. raised its position in Toast, Inc. (NYSE:TOST) by 2,521.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,854 shares of the company’s stock after acquiring an additional 3,707 shares during the period. Meeder Asset Management Inc.’s holdings in Toast were worth $128,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Capital International Investors grew its stake in shares of Toast by 1.9% during the 4th quarter. Capital International Investors now owns 41,961,233 shares of the company’s stock worth $1,529,657,000 after purchasing an additional 785,641 shares during the period. FMR LLC grew its position in Toast by 22.1% during the fourth quarter. FMR LLC now owns 29,853,639 shares of the company’s stock worth $1,088,165,000 after buying an additional 5,403,896 shares during the period. Geode Capital Management LLC increased its holdings in Toast by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 7,061,739 shares of the company’s stock valued at $256,970,000 after buying an additional 195,805 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Toast by 2.9% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,755,872 shares of the company’s stock valued at $190,922,000 after acquiring an additional 160,088 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Toast by 14,258.8% in the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company’s stock worth $181,587,000 after acquiring an additional 5,436,317 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Price Performance

Shares of NYSE:TOST opened at $48.65 on Thursday. The stock has a market cap of $24.23 billion, a price-to-earnings ratio of 211.52 and a beta of 2.00. Toast, Inc. has a 12 month low of $22.10 and a 12 month high of $49.56. The stock’s 50 day moving average price is $44.07 and its 200 day moving average price is $39.50.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wolfe Research raised Toast from a “peer perform” rating to an “outperform” rating and set a $44.00 price objective for the company in a report on Wednesday, April 23rd. Evercore ISI started coverage on shares of Toast in a report on Wednesday, April 9th. They set an “in-line” rating and a $29.00 target price for the company. Truist Financial upped their target price on Toast from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. Wells Fargo & Company started coverage on Toast in a research report on Wednesday, July 16th. They issued a “buy” rating on the stock. Finally, Jefferies Financial Group raised their price target on shares of Toast from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 18th. Twelve investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Toast has an average rating of “Moderate Buy” and an average target price of $43.42.

Insider Buying and Selling at Toast

In other news, CRO Jonathan Vassil sold 6,592 shares of the firm’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $280,753.28. Following the completion of the sale, the executive directly owned 61,791 shares of the company’s stock, valued at $2,631,678.69. This trade represents a 9.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Brian R. Elworthy sold 5,681 shares of the company’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $42.59, for a total value of $241,953.79. Following the sale, the general counsel directly owned 221,767 shares of the company’s stock, valued at approximately $9,445,056.53. This represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 466,131 shares of company stock valued at $20,048,851. Corporate insiders own 13.32% 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.