Oppenheimer Asset Management Inc. Purchases 34,838 Shares of Toast, Inc. $TOST

Oppenheimer Asset Management Inc. increased its position in shares of Toast, Inc. (NYSE:TOST) by 43.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 114,392 shares of the company’s stock after purchasing an additional 34,838 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Toast were worth $4,176,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TOST. Jennison Associates LLC lifted 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 purchasing an additional 6,606,245 shares during the last quarter. Norges Bank bought a new position in shares of Toast in the 2nd quarter valued at $219,324,000. Marshall Wace LLP raised its holdings in shares of Toast by 108.3% during the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock worth $349,333,000 after buying an additional 4,100,104 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Toast by 35.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,517,216 shares of the company’s stock worth $274,454,000 after buying an additional 1,982,566 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its position in shares of Toast by 65.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 4,314,200 shares of the company’s stock worth $191,076,000 after buying an additional 1,701,900 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Truist Financial set a $42.00 target price on Toast in a research report on Tuesday, January 20th. Stephens set a $42.00 price target on shares of Toast in a research note on Friday, January 16th. Oppenheimer decreased their price target on shares of Toast from $49.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, January 12th. Wolfe Research cut shares of Toast from an “outperform” rating to a “peer perform” rating in a research report on Thursday, January 8th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Toast in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.55.

Toast Price Performance

Shares of NYSE TOST opened at $28.06 on Thursday. The company has a 50 day simple moving average of $33.90 and a 200 day simple moving average of $37.51. Toast, Inc. has a 1 year low of $26.92 and a 1 year high of $49.66. The firm has a market cap of $14.45 billion, a PE ratio of 65.27 and a beta of 1.93.

Insider Activity

In other news, CFO Elena Gomez sold 6,672 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $34.38, for a total transaction of $229,383.36. Following the completion of the transaction, the chief financial officer owned 162,153 shares of the company’s stock, valued at approximately $5,574,820.14. This trade represents a 3.95% decrease in their ownership of the stock. The transaction 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 Toast stock in a transaction on Monday, January 5th. The stock was 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 approximately $31,306,634.28. This trade represents a 0.53% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 100,856 shares of company stock valued at $3,540,449. 12.14% of the stock is currently owned by company insiders.

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.