Convergence Investment Partners LLC Takes Position in Toast, Inc. $TOST

Convergence Investment Partners LLC bought a new position in shares of Toast, Inc. (NYSE:TOST) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 26,700 shares of the company’s stock, valued at approximately $975,000.

Other hedge funds have also recently bought and sold shares of the company. Jennison Associates LLC boosted its stake in Toast by 331.0% during the second quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock worth $380,978,000 after buying an additional 6,606,245 shares in the last quarter. Norges Bank acquired a new stake in shares of Toast during the 2nd quarter valued at about $219,324,000. Marshall Wace LLP increased its stake in Toast by 108.3% in the second quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock valued at $349,333,000 after acquiring an additional 4,100,104 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in Toast by 35.8% in the third 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 in the last quarter. Finally, 1832 Asset Management L.P. boosted its holdings in Toast by 65.1% during the second quarter. 1832 Asset Management L.P. now owns 4,314,200 shares of the company’s stock valued at $191,076,000 after purchasing an additional 1,701,900 shares in the last quarter. 82.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TOST shares. Citigroup upgraded Toast to a “strong-buy” rating in a research note on Thursday, October 23rd. Royal Bank Of Canada set a $45.00 target price on shares of Toast in a research report on Wednesday, November 5th. Oppenheimer cut their target price on shares of Toast from $49.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, January 12th. Evercore ISI upgraded Toast from an “in-line” rating to an “outperform” rating and set a $40.00 price target on the stock in a research report on Tuesday, January 20th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Toast in a research report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Toast presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.55.

Toast Stock Up 1.4%

Shares of TOST stock opened at $31.54 on Tuesday. The company has a market capitalization of $16.24 billion, a price-to-earnings ratio of 73.34 and a beta of 1.93. The firm has a fifty day moving average of $34.71 and a 200-day moving average of $38.40. Toast, Inc. has a 12-month low of $28.12 and a 12-month high of $49.66.

Toast (NYSE:TOST) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.16 earnings per share (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 the consensus estimate of $1.58 billion. Toast had a return on equity of 15.77% and a net margin of 4.68%.The firm’s quarterly revenue was up 25.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.07 earnings per share. On average, equities analysts expect that Toast, Inc. will post 0.39 EPS for the current year.

Insider Activity

In other Toast news, CFO Elena Gomez sold 6,672 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $229,383.36. Following the transaction, the chief financial officer owned 162,153 shares of the company’s stock, valued at $5,574,820.14. The trade was a 3.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Jonathan Vassil sold 66,390 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $35.86, for a total transaction of $2,380,745.40. Following the transaction, the executive owned 84,589 shares in the company, valued at approximately $3,033,361.54. The trade was a 43.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 94,609 shares of company stock valued at $3,350,915. Corporate insiders own 12.14% of the company’s stock.

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.