ARK Investment Management LLC trimmed its stake in shares of Toast, Inc. (NYSE:TOST – Get Rating) by 1.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,447,890 shares of the company's stock after selling 22,396 shares during the period. ARK Investment Management LLC owned approximately 0.28% of Toast worth $23,514,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently made changes to their positions in TOST. Altimeter Capital Management LP raised its holdings in shares of Toast by 3,508.4% during the first quarter. Altimeter Capital Management LP now owns 18,041,796 shares of the company's stock valued at $3,933,007,000 after purchasing an additional 17,541,796 shares during the last quarter. Lead Edge Capital Management LLC raised its holdings in shares of Toast by 25,906.8% during the fourth quarter. Lead Edge Capital Management LLC now owns 13,003,407 shares of the company's stock valued at $406,226,000 after purchasing an additional 12,953,407 shares during the last quarter. Tiger Global Management LLC raised its holdings in shares of Toast by 181.6% during the first quarter. Tiger Global Management LLC now owns 12,672,463 shares of the company's stock valued at $275,373,000 after purchasing an additional 8,172,463 shares during the last quarter. Capital International Investors raised its holdings in shares of Toast by 992.9% during the fourth quarter. Capital International Investors now owns 7,950,799 shares of the company's stock valued at $275,972,000 after purchasing an additional 7,223,299 shares during the last quarter. Finally, D1 Capital Partners L.P. purchased a new position in shares of Toast during the fourth quarter valued at approximately $221,555,000. 45.65% of the stock is owned by hedge funds and other institutional investors.
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Toast Price Performance
Shares of NYSE TOST opened at $19.15 on Friday. The firm has a fifty day moving average price of $17.55 and a 200-day moving average price of $17.22. The stock has a market cap of $9.80 billion and a PE ratio of -12.04. Toast, Inc. has a 1 year low of $11.91 and a 1 year high of $69.93.
Insider Transactions at Toast
In other news, CFO Elena Gomez sold 2,009 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $15.44, for a total value of $31,018.96. Following the completion of the sale, the chief financial officer now directly owns 72,959 shares of the company's stock, valued at $1,126,486.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Elena Gomez sold 2,009 shares of the company's stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $15.44, for a total transaction of $31,018.96. Following the completion of the transaction, the chief financial officer now owns 72,959 shares in the company, valued at $1,126,486.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Technology Investment Dining G sold 341,156 shares of the company's stock in a transaction on Monday, June 27th. The stock was sold at an average price of $14.72, for a total transaction of $5,021,816.32. Following the transaction, the insider now owns 8,618,317 shares of the company's stock, valued at approximately $126,861,626.24. The disclosure for this sale can be found here. Insiders sold a total of 3,412,709 shares of company stock valued at $52,264,823 over the last three months. Corporate insiders own 20.16% of the company's stock.
Analysts Set New Price Targets
TOST has been the subject of several research reports. UBS Group initiated coverage on shares of Toast in a report on Wednesday. They set a "neutral" rating and a $22.00 price objective for the company. The Goldman Sachs Group upped their target price on shares of Toast to $23.00 in a report on Monday, August 15th. Needham & Company LLC upped their target price on shares of Toast from $21.00 to $27.00 and gave the company a "buy" rating in a report on Friday, August 12th. Credit Suisse Group upped their target price on shares of Toast from $18.00 to $20.50 and gave the company a "neutral" rating in a report on Friday, August 12th. Finally, Piper Sandler upped their target price on shares of Toast from $22.00 to $26.00 and gave the company an "overweight" rating in a report on Friday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $29.59.
Toast Company Profile
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Toast, Inc operates a cloud-based and digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast Point of Sale (POS), a hardware product; Toast Order & Pay, which allows guests to order and pay from their mobile devices; Toast Flex that is used for on-counter order and pay, as well as used as a server station, guest kiosk, kitchen display system, or order fulfillment station; Toast Go, a handheld POS device that enhances the table turn times through tableside ordering and payment acceptance; and Toast Tap, a card reader.
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