Assenagon Asset Management S.A. Sells 21,460 Shares of Toast, Inc. $TOST

Assenagon Asset Management S.A. lowered its stake in Toast, Inc. (NYSE:TOST) by 6.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 318,960 shares of the company’s stock after selling 21,460 shares during the period. Assenagon Asset Management S.A. owned 0.06% of Toast worth $11,326,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in TOST. Diversified Trust Co. lifted its position in Toast by 58.9% during the fourth quarter. Diversified Trust Co. now owns 29,365 shares of the company’s stock valued at $1,043,000 after purchasing an additional 10,881 shares during the period. TABR Capital Management LLC bought a new stake in Toast during the fourth quarter valued at approximately $987,000. Elevation Wealth Partners LLC purchased a new stake in Toast during the fourth quarter valued at approximately $53,000. Chesapeake Asset Management LLC purchased a new position in shares of Toast during the 4th quarter worth $51,000. Finally, Nordea Investment Management AB grew its position in shares of Toast by 843.0% during the 4th quarter. Nordea Investment Management AB now owns 1,307,158 shares of the company’s stock valued at $46,888,000 after acquiring an additional 1,168,539 shares during the period. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analyst Ratings Changes

TOST has been the subject of several recent research reports. Wells Fargo & Company cut their price target on Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a report on Friday, February 13th. UBS Group set a $40.00 price objective on Toast in a research report on Friday, February 13th. Canaccord Genuity Group set a $37.00 price objective on Toast in a research note on Friday, February 13th. Needham & Company LLC decreased their target price on shares of Toast from $60.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Finally, Stephens set a $42.00 target price on shares of Toast in a report on Friday, January 16th. Seventeen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.46.

Toast Trading Down 2.9%

TOST stock opened at $25.63 on Friday. The stock has a market cap of $13.43 billion, a PE ratio of 47.45 and a beta of 1.95. Toast, Inc. has a 12 month low of $24.35 and a 12 month high of $49.66. The company has a 50-day moving average price of $28.82 and a 200 day moving average price of $33.80.

Toast (NYSE:TOST) last posted its quarterly earnings data 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). The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Toast had a return on equity of 18.14% and a net margin of 5.56%.During the same period last year, the company earned $0.05 earnings per share. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. Sell-side analysts forecast that Toast, Inc. will post 0.39 EPS for the current year.

Toast declared that its board has initiated a share repurchase program on Thursday, February 12th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Toast

In other news, CRO Jonathan Vassil sold 66,390 shares of Toast 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 sale, the executive directly owned 84,589 shares in the company, valued at approximately $3,033,361.54. This trade represents a 43.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Elena Gomez sold 6,672 shares of Toast stock in a transaction that occurred 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 directly owned 162,153 shares of the company’s stock, valued at $5,574,820.14. This represents a 3.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 100,856 shares of company stock worth $3,540,449 over the last quarter. 12.14% of the stock is owned by insiders.

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.