Jennison Associates LLC Makes New Investment in Toast, Inc. (NYSE:TOST)

Jennison Associates LLC bought a new position in shares of Toast, Inc. (NYSE:TOST) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 352,048 shares of the company’s stock, valued at approximately $12,832,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. ValueAct Holdings L.P. acquired a new position in Toast in the third quarter valued at about $438,301,000. FMR LLC raised its position in shares of Toast by 50.5% in the 3rd quarter. FMR LLC now owns 24,449,743 shares of the company’s stock valued at $692,172,000 after buying an additional 8,205,053 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Toast by 2,889.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,829,995 shares of the company’s stock worth $108,427,000 after acquiring an additional 3,701,893 shares during the period. Perpetual Ltd acquired a new stake in shares of Toast during the 4th quarter worth approximately $60,878,000. Finally, Worldquant Millennium Advisors LLC increased its stake in Toast by 1,475.0% in the third quarter. Worldquant Millennium Advisors LLC now owns 850,965 shares of the company’s stock valued at $24,091,000 after acquiring an additional 796,936 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Insider Activity

In other Toast news, Director David Yuan sold 189,785 shares of Toast stock in a transaction on Monday, November 25th. The shares were sold at an average price of $43.01, for a total value of $8,162,652.85. Following the completion of the sale, the director now directly owns 198,829 shares of the company’s stock, valued at approximately $8,551,635.29. The trade was a 48.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Brian R. Elworthy sold 653 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $39.63, for a total value of $25,878.39. Following the transaction, the general counsel now directly owns 209,206 shares in the company, valued at approximately $8,290,833.78. This trade represents a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 562,449 shares of company stock worth $21,860,099 in the last quarter. 13.32% of the stock is owned by corporate insiders.

Toast Stock Performance

Toast stock opened at $41.31 on Thursday. The firm has a market cap of $19.46 billion, a price-to-earnings ratio of -317.75, a PEG ratio of 2.18 and a beta of 1.98. Toast, Inc. has a 52-week low of $18.14 and a 52-week high of $44.12. The firm has a 50 day moving average price of $38.46 and a two-hundred day moving average price of $32.25.

Toast (NYSE:TOST) last released its earnings results on Thursday, November 7th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.01 by $0.06. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Toast had a negative return on equity of 3.84% and a negative net margin of 1.05%. During the same quarter last year, the firm posted ($0.09) earnings per share. As a group, equities research analysts predict that Toast, Inc. will post 0.03 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on TOST. Compass Point began coverage on Toast in a report on Wednesday, November 20th. They issued a “buy” rating and a $49.00 target price on the stock. Royal Bank of Canada lifted their target price on Toast from $27.00 to $40.00 and gave the company a “sector perform” rating in a research report on Friday, November 8th. BMO Capital Markets began coverage on shares of Toast in a report on Monday, January 6th. They issued an “outperform” rating and a $45.00 target price for the company. Robert W. Baird raised their price target on shares of Toast from $30.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, The Goldman Sachs Group lowered their price objective on shares of Toast from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $35.74.

Toast Company 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.