Renaissance Technologies LLC Takes $2.88 Million Position in Toast, Inc. (NYSE:TOST)

Renaissance Technologies LLC acquired a new stake in Toast, Inc. (NYSE:TOST) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 111,700 shares of the company’s stock, valued at approximately $2,879,000.

Several other hedge funds also recently modified their holdings of TOST. Menard Financial Group LLC bought a new stake in Toast in the 2nd quarter valued at about $350,000. Dimensional Fund Advisors LP raised its stake in Toast by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,161,572 shares of the company’s stock valued at $29,933,000 after acquiring an additional 68,875 shares during the period. Nia Impact Advisors LLC bought a new stake in Toast in the 2nd quarter valued at about $1,659,000. J.W. Cole Advisors Inc. bought a new stake in Toast in the 2nd quarter valued at about $269,000. Finally, Envestnet Asset Management Inc. raised its stake in Toast by 46.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 333,013 shares of the company’s stock valued at $8,582,000 after acquiring an additional 105,739 shares during the period. Institutional investors own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Mizuho upgraded Toast from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $21.00 to $33.00 in a research note on Thursday, July 18th. The Goldman Sachs Group reiterated a “buy” rating and set a $29.00 price target on shares of Toast in a research report on Thursday, September 12th. Wedbush upgraded Toast to a “strong-buy” rating in a research report on Friday, September 6th. Needham & Company LLC reiterated a “buy” rating and set a $30.00 price target on shares of Toast in a research report on Wednesday, August 7th. Finally, Bank of America upped their price target on Toast from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Insiders Place Their Bets

In other Toast news, General Counsel Brian R. Elworthy sold 2,573 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $25.64, for a total value of $65,971.72. Following the completion of the sale, the general counsel now owns 170,531 shares of the company’s stock, valued at $4,372,414.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, General Counsel Brian R. Elworthy sold 2,573 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $25.64, for a total transaction of $65,971.72. Following the completion of the sale, the general counsel now owns 170,531 shares of the company’s stock, valued at $4,372,414.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CRO Jonathan Vassil sold 100,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $25.55, for a total value of $2,555,000.00. Following the sale, the executive now directly owns 31,919 shares of the company’s stock, valued at approximately $815,530.45. The disclosure for this sale can be found here. Insiders sold a total of 775,476 shares of company stock valued at $19,635,486 over the last quarter. 13.32% of the stock is owned by corporate insiders.

Toast Stock Up 1.1 %

Shares of TOST opened at $28.31 on Tuesday. The stock has a 50 day simple moving average of $25.17 and a two-hundred day simple moving average of $24.68. Toast, Inc. has a 1 year low of $13.77 and a 1 year high of $29.92.

Toast (NYSE:TOST) last issued its earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Toast had a negative return on equity of 11.27% and a negative net margin of 3.10%. Toast’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.19) earnings per share. On average, equities research analysts forecast that Toast, Inc. will post -0.1 EPS for the current fiscal year.

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.