Jennison Associates LLC Increases Holdings in Toast, Inc. $TOST

Jennison Associates LLC increased its position in shares of Toast, Inc. (NYSE:TOST) by 74.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,000,561 shares of the company’s stock after purchasing an additional 6,398,674 shares during the quarter. Jennison Associates LLC’s holdings in Toast were worth $547,670,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Quent Capital LLC acquired a new stake in Toast during the 3rd quarter valued at approximately $27,000. RiverPark Advisors LLC purchased a new position in shares of Toast during the second quarter worth $30,000. Alpine Bank Wealth Management acquired a new position in Toast during the third quarter valued at $30,000. Ameritas Advisory Services LLC purchased a new stake in Toast in the second quarter valued at $31,000. Finally, REAP Financial Group LLC grew its position in Toast by 173.3% during the 2nd quarter. REAP Financial Group LLC now owns 798 shares of the company’s stock worth $35,000 after purchasing an additional 506 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.

Insider Buying and Selling at Toast

In related news, CRO Jonathan Vassil sold 4,787 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $164,577.06. Following the completion of the sale, the executive owned 79,802 shares of the company’s stock, valued at approximately $2,743,592.76. This represents a 5.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Stephen Fredette sold 4,866 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $167,293.08. Following the completion of the sale, the president owned 910,606 shares of the company’s stock, valued at approximately $31,306,634.28. The trade was a 0.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 102,595 shares of company stock valued at $3,634,737. 12.14% of the stock is owned by company insiders.

Toast Trading Down 1.3%

TOST stock opened at $33.78 on Friday. Toast, Inc. has a 12-month low of $28.12 and a 12-month high of $49.66. The business’s 50-day moving average is $34.91 and its 200 day moving average is $39.01. The stock has a market cap 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 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The firm 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%. Toast’s revenue was up 25.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.07 EPS. As a group, equities analysts forecast that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

TOST has been the subject of several analyst reports. Wolfe Research cut Toast from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 8th. Stephens set a $42.00 price target on Toast in a report on Friday, January 16th. Wall Street Zen upgraded Toast from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Morgan Stanley boosted their target price on shares of Toast from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Finally, DA Davidson set a $42.00 price target on shares of Toast in a report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.82.

Toast 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.