ARK Investment Management LLC Boosts Position in Toast, Inc. $TOST

ARK Investment Management LLC increased its position in shares of Toast, Inc. (NYSE:TOST) by 9.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,063,456 shares of the company’s stock after acquiring an additional 185,574 shares during the period. ARK Investment Management LLC owned approximately 0.40% of Toast worth $75,337,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of Toast by 5.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,327,263 shares of the company’s stock worth $48,467,000 after purchasing an additional 67,310 shares in the last quarter. Cresset Asset Management LLC grew its stake in Toast by 14.0% in the 3rd quarter. Cresset Asset Management LLC now owns 39,629 shares of the company’s stock worth $1,447,000 after buying an additional 4,861 shares in the last quarter. NZS Capital LLC grew its stake in Toast by 6.1% in the 3rd quarter. NZS Capital LLC now owns 1,286,284 shares of the company’s stock worth $46,962,000 after buying an additional 74,047 shares in the last quarter. AustralianSuper Pty Ltd increased its holdings in shares of Toast by 9.9% in the 3rd quarter. AustralianSuper Pty Ltd now owns 1,100,256 shares of the company’s stock worth $40,170,000 after buying an additional 98,763 shares during the last quarter. Finally, Wisconsin Capital Management LLC raised its position in shares of Toast by 0.3% during the 3rd quarter. Wisconsin Capital Management LLC now owns 127,843 shares of the company’s stock valued at $4,668,000 after buying an additional 384 shares in the last quarter. 82.91% of the stock is owned by institutional investors.

Toast Price Performance

NYSE TOST opened at $29.55 on Thursday. Toast, Inc. has a 1 year low of $24.35 and a 1 year high of $49.66. The stock has a market capitalization of $15.48 billion, a PE ratio of 54.72 and a beta of 1.95. The business’s 50-day moving average is $31.39 and its 200 day moving average is $35.53.

Toast (NYSE:TOST) last announced its earnings results on Thursday, February 12th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a net margin of 5.56% and a return on equity of 18.14%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the previous year, the firm posted $0.05 EPS. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, equities research analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current year.

Toast declared that its board has authorized a share buyback plan on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently commented on TOST. Evercore raised Toast from an “in-line” rating to an “outperform” rating and set a $40.00 target price on the stock in a research note on Tuesday, January 20th. DA Davidson reduced their price objective on Toast from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 17th. JPMorgan Chase & Co. upgraded Toast from a “neutral” rating to an “overweight” rating and set a $43.00 target price for the company in a research report on Thursday, December 4th. Citigroup cut their target price on Toast from $51.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Finally, Jefferies Financial Group set a $35.00 price target on shares of Toast in a research note on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.46.

Insider Activity

In other Toast news, CRO Jonathan Vassil sold 66,390 shares of the firm’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 completion of the transaction, the executive owned 84,589 shares of the company’s stock, valued at approximately $3,033,361.54. This trade represents a 43.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Elena Gomez sold 6,672 shares of the business’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 sale, the chief financial officer owned 162,153 shares in the company, valued at approximately $5,574,820.14. This trade represents a 3.95% 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 worth $3,540,449. Company insiders own 12.14% of the company’s stock.

About Toast

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.