Granahan Investment Management LLC reduced its holdings in Toast, Inc. (NYSE:TOST – Free Report) by 16.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,037,146 shares of the company’s stock after selling 200,466 shares during the quarter. Toast accounts for about 1.6% of Granahan Investment Management LLC’s investment portfolio, making the stock its 20th biggest holding. Granahan Investment Management LLC’s holdings in Toast were worth $36,829,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Central Pacific Bank Trust Division lifted its holdings in shares of Toast by 123.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock valued at $33,000 after buying an additional 521 shares during the period. Silicon Valley Capital Partners acquired a new position in Toast during the fourth quarter worth $36,000. Quadrant Capital Group LLC raised its holdings in Toast by 2,083.3% during the fourth quarter. Quadrant Capital Group LLC now owns 1,048 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Toast by 59.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,182 shares of the company’s stock worth $44,000 after purchasing an additional 439 shares during the last quarter. Finally, Cornerstone Planning Group LLC raised its holdings in Toast by 8,807.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 1,247 shares of the company’s stock worth $44,000 after purchasing an additional 1,233 shares during the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
TOST has been the subject of several research reports. Rothschild & Co Redburn reaffirmed a “neutral” rating and set a $35.00 price objective on shares of Toast in a report on Tuesday, May 12th. Loop Capital initiated coverage on Toast in a report on Tuesday, March 31st. They set a “hold” rating and a $26.00 price objective for the company. Truist Financial reduced their price objective on Toast from $36.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Zacks Research raised Toast from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. Finally, Morgan Stanley set a $45.00 price objective on Toast in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Toast presently has an average rating of “Moderate Buy” and an average target price of $37.62.
Toast Stock Performance
Toast stock opened at $25.02 on Wednesday. The stock has a fifty day moving average of $25.92 and a two-hundred day moving average of $29.43. The company has a market capitalization of $12.91 billion, a price-to-earnings ratio of 38.49 and a beta of 1.76. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $49.66.
Insider Activity at Toast
In other news, CFO Elena Gomez sold 8,929 shares of Toast stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $233,850.51. Following the completion of the sale, the chief financial officer owned 173,064 shares of the company’s stock, valued at $4,532,546.16. The trade was a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Aman Narang sold 13,463 shares of Toast stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $352,595.97. Following the completion of the sale, the chief executive officer directly owned 54,013 shares of the company’s stock, valued at approximately $1,414,600.47. This represents a 19.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 147,783 shares of company stock valued at $3,838,037 in the last ninety days. 10.03% of the stock is owned by insiders.
Toast Profile
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.
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