Pallas Capital Advisors LLC Invests $816,000 in Toast, Inc. (NYSE:TOST)

Pallas Capital Advisors LLC bought a new position in Toast, Inc. (NYSE:TOST) during the first quarter, HoldingsChannel.com reports. The fund bought 24,613 shares of the company’s stock, valued at approximately $816,000.

Several other institutional investors also recently modified their holdings of the business. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Toast by 0.8% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 38,632 shares of the company’s stock valued at $1,408,000 after buying an additional 301 shares during the last quarter. Keel Point LLC lifted its holdings in Toast by 2.7% in the fourth quarter. Keel Point LLC now owns 12,269 shares of the company’s stock valued at $447,000 after acquiring an additional 326 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Toast by 11.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,435 shares of the company’s stock valued at $125,000 after acquiring an additional 358 shares during the period. Blue Trust Inc. lifted its holdings in Toast by 120.4% in the fourth quarter. Blue Trust Inc. now owns 692 shares of the company’s stock valued at $25,000 after acquiring an additional 378 shares during the period. Finally, Piscataqua Savings Bank lifted its holdings in Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company’s stock valued at $36,000 after acquiring an additional 400 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TOST. BNP Paribas set a $37.00 target price on Toast and gave the company a “neutral” rating in a report on Wednesday, February 19th. The Goldman Sachs Group lowered their target price on Toast from $43.00 to $38.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Morgan Stanley increased their target price on Toast from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Wolfe Research raised Toast from a “peer perform” rating to an “outperform” rating and set a $44.00 price objective on the stock in a research note on Wednesday, April 23rd. Finally, Piper Sandler raised their price objective on Toast from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Toast presently has a consensus rating of “Moderate Buy” and an average price target of $41.21.

Toast Stock Performance

Shares of Toast stock opened at $43.37 on Wednesday. The stock has a market cap of $21.60 billion, a price-to-earnings ratio of -4,332.57, a price-to-earnings-growth ratio of 2.16 and a beta of 2.02. The stock has a 50 day moving average price of $38.34 and a 200-day moving average price of $38.03. Toast, Inc. has a one year low of $21.32 and a one year high of $45.56.

Insider Transactions at Toast

In other news, Director Deval L. Patrick sold 34,222 shares of Toast stock in a transaction that occurred 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 owns 13,260 shares in the company, valued at approximately $437,712.60. The trade was a 72.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Kent Bennett sold 9,712 shares of Toast stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $43.14, for a total value of $418,975.68. Following the completion of the transaction, the director now owns 534,167 shares of the company’s stock, valued at approximately $23,043,964.38. This trade represents a 1.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 663,563 shares of company stock worth $26,378,809. 13.32% of the stock is currently owned by company insiders.

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.