Man Group plc Acquires 258,677 Shares of Toast, Inc. (NYSE:TOST)

Man Group plc lifted its holdings in shares of Toast, Inc. (NYSE:TOST) by 46.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 813,005 shares of the company’s stock after purchasing an additional 258,677 shares during the period. Man Group plc owned 0.17% of Toast worth $29,634,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Arrowstreet Capital Limited Partnership bought a new position in shares of Toast during the 4th quarter worth about $282,010,000. Norges Bank acquired a new stake in Toast in the fourth quarter valued at approximately $205,888,000. FMR LLC increased its holdings in shares of Toast by 22.1% during the fourth quarter. FMR LLC now owns 29,853,639 shares of the company’s stock valued at $1,088,165,000 after acquiring an additional 5,403,896 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Toast by 10.8% during the fourth quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company’s stock worth $1,548,186,000 after purchasing an additional 4,147,430 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of Toast by 255.0% in the 4th quarter. Renaissance Technologies LLC now owns 3,504,212 shares of the company’s stock worth $127,729,000 after purchasing an additional 2,517,012 shares in the last quarter. Institutional investors own 82.91% of the company’s stock.

Insider Buying and Selling

In other news, Director Deval L. Patrick sold 34,222 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $33.01, for a total value of $1,129,668.22. Following the completion of the transaction, the director now directly owns 13,260 shares of the company’s stock, valued at $437,712.60. This trade represents a 72.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher P. Comparato sold 70,000 shares of Toast stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $35.71, for a total value of $2,499,700.00. Following the completion of the transaction, the director now owns 164,796 shares of the company’s stock, valued at approximately $5,884,865.16. This trade represents a 29.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 405,991 shares of company stock valued at $14,746,320. 13.32% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TOST has been the subject of a number of recent research reports. Royal Bank of Canada boosted their price target on shares of Toast from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Thursday, February 20th. DA Davidson lowered their target price on shares of Toast from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Wednesday, April 30th. Evercore ISI assumed coverage on shares of Toast in a research report on Wednesday, April 9th. They issued an “in-line” rating and a $29.00 price target on the stock. BNP Paribas set a $37.00 price objective on Toast and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Piper Sandler raised their target price on Toast from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Thirteen analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $40.91.

Toast Stock Up 0.2%

Toast stock opened at $45.16 on Friday. The firm has a 50 day moving average price of $35.33 and a 200-day moving average price of $37.21. Toast, Inc. has a twelve month low of $21.32 and a twelve month high of $45.56. The company has a market capitalization of $22.49 billion, a P/E ratio of -4,511.49, a P/E/G ratio of 2.16 and a beta of 1.98.

Toast (NYSE:TOST) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). Toast had a net margin of 0.40% and a return on equity of 1.54%. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Equities analysts expect that Toast, Inc. will post 0.39 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.