Jennison Associates LLC Acquires 6,606,245 Shares of Toast, Inc. $TOST

Jennison Associates LLC boosted its holdings in Toast, Inc. (NYSE:TOST) by 331.0% in the second quarter, Holdings Channel reports. The institutional investor owned 8,601,887 shares of the company’s stock after buying an additional 6,606,245 shares during the period. Jennison Associates LLC’s holdings in Toast were worth $380,978,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. IFM Investors Pty Ltd raised its holdings in Toast by 29.2% during the 2nd quarter. IFM Investors Pty Ltd now owns 83,803 shares of the company’s stock worth $3,712,000 after purchasing an additional 18,950 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Toast by 5.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,092,210 shares of the company’s stock worth $102,569,000 after purchasing an additional 153,723 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Toast by 14,258.8% during the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company’s stock worth $181,587,000 after purchasing an additional 5,436,317 shares during the last quarter. Comerica Bank raised its holdings in Toast by 122.9% during the 1st quarter. Comerica Bank now owns 76,644 shares of the company’s stock worth $2,542,000 after purchasing an additional 42,266 shares during the last quarter. Finally, Graham Capital Management L.P. raised its holdings in Toast by 373.5% during the 1st quarter. Graham Capital Management L.P. now owns 43,778 shares of the company’s stock worth $1,452,000 after purchasing an additional 34,532 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Insiders Place Their Bets

In related news, CRO Jonathan Vassil sold 6,530 shares of Toast stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $232,206.80. Following the completion of the sale, the executive owned 69,932 shares of the company’s stock, valued at approximately $2,486,781.92. This trade represents a 8.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Stephen Fredette sold 7,550 shares of Toast stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total transaction of $268,478.00. Following the completion of the sale, the president directly owned 898,475 shares of the company’s stock, valued at approximately $31,949,771. The trade was a 0.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 62,196 shares of company stock worth $2,398,513 in the last quarter. Insiders own 12.14% of the company’s stock.

Toast Stock Down 3.7%

NYSE:TOST opened at $37.46 on Wednesday. The company has a fifty day moving average of $39.54 and a 200-day moving average of $41.31. The firm has a market capitalization of $19.10 billion, a P/E ratio of 110.16 and a beta of 1.94. Toast, Inc. has a twelve month low of $28.12 and a twelve month high of $49.66.

Toast (NYSE:TOST) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.10). The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The business’s revenue was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.02 EPS. On average, analysts anticipate that Toast, Inc. will post 0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Citigroup upgraded shares of Toast to a “strong-buy” rating in a report on Thursday, October 23rd. Wall Street Zen upgraded shares of Toast from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. raised their price target on shares of Toast from $42.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, August 6th. Barclays restated an “overweight” rating on shares of Toast in a report on Wednesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Toast in a research note on Thursday, July 17th. They issued a “buy” rating and a $54.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.17.

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.