Assenagon Asset Management S.A. Trims Holdings in Toast, Inc. (NYSE:TOST)

Assenagon Asset Management S.A. reduced its stake in Toast, Inc. (NYSE:TOST) by 93.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 241,027 shares of the company’s stock after selling 3,588,968 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Toast were worth $8,785,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Toth Financial Advisory Corp acquired a new position in shares of Toast in the 3rd quarter valued at $28,000. Raleigh Capital Management Inc. raised its holdings in Toast by 93.4% in the 3rd quarter. Raleigh Capital Management Inc. now owns 1,491 shares of the company’s stock valued at $42,000 after buying an additional 720 shares during the period. Farther Finance Advisors LLC raised its holdings in Toast by 32.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,033 shares of the company’s stock valued at $58,000 after buying an additional 496 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Toast in the third quarter valued at about $59,000. Finally, Truvestments Capital LLC purchased a new position in Toast during the third quarter worth about $65,000. 82.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of Toast from $27.00 to $40.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. Morgan Stanley upped their price target on Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group lowered their price target on Toast from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. BNP Paribas downgraded Toast from an “outperform” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a report on Wednesday, November 20th. Finally, Stephens raised their target price on Toast from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.27.

Insider Buying and Selling at Toast

In other Toast news, Director Richard Kent Bennett sold 100,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $36.67, for a total value of $3,667,000.00. Following the transaction, the director now directly owns 418,591 shares in the company, valued at $15,349,731.97. This represents a 19.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Yuan sold 189,785 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $43.01, for a total transaction of $8,162,652.85. Following the sale, the director now directly owns 198,829 shares in the company, valued at approximately $8,551,635.29. The trade was a 48.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 562,600 shares of company stock worth $21,823,932 over the last ninety days. Corporate insiders own 13.32% of the company’s stock.

Toast Trading Up 2.4 %

Toast stock opened at $37.76 on Monday. The company has a fifty day simple moving average of $38.91 and a 200-day simple moving average of $31.02. The stock has a market cap of $17.78 billion, a P/E ratio of -290.46, a price-to-earnings-growth ratio of 1.83 and a beta of 1.97. Toast, Inc. has a 12-month low of $16.13 and a 12-month high of $44.12.

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.