ARK Investment Management LLC Increases Position in Toast, Inc. (NYSE:TOST)

ARK Investment Management LLC boosted its holdings in shares of Toast, Inc. (NYSE:TOST) by 101.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,345,520 shares of the company’s stock after acquiring an additional 1,181,409 shares during the period. ARK Investment Management LLC’s holdings in Toast were worth $42,829,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Baystate Wealth Management LLC purchased a new stake in Toast during the 3rd quarter valued at about $29,000. BluePath Capital Management LLC purchased a new stake in Toast during the 3rd quarter valued at about $30,000. UniSuper Management Pty Ltd purchased a new stake in Toast during the 2nd quarter valued at about $38,000. PNC Financial Services Group Inc. boosted its holdings in Toast by 277.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,710 shares of the company’s stock valued at $31,000 after purchasing an additional 1,257 shares during the last quarter. Finally, SRS Capital Advisors Inc. acquired a new position in Toast in the 3rd quarter valued at about $33,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insider Activity at Toast

In related news, CRO Jonathan Vassil sold 100,000 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $25.24, for a total value of $2,524,000.00. Following the transaction, the executive now directly owns 22,956 shares of the company’s stock, valued at approximately $579,409.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider James Michael Matlock sold 4,151 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $18.20, for a total value of $75,548.20. Following the transaction, the insider now directly owns 39,733 shares of the company’s stock, valued at approximately $723,140.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Jonathan Vassil sold 100,000 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $25.24, for a total transaction of $2,524,000.00. Following the completion of the transaction, the executive now directly owns 22,956 shares in the company, valued at $579,409.44. The disclosure for this sale can be found here. Insiders have sold 359,444 shares of company stock valued at $7,276,642 in the last ninety days. Insiders own 13.70% of the company’s stock.

Toast Price Performance

Shares of NYSE:TOST opened at $24.33 on Thursday. Toast, Inc. has a 52 week low of $13.77 and a 52 week high of $27.00. The company’s 50 day moving average is $21.25 and its two-hundred day moving average is $18.57.

Toast (NYSE:TOST) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. Toast had a negative net margin of 6.36% and a negative return on equity of 21.77%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the prior year, the firm posted ($0.19) EPS. The company’s quarterly revenue was up 34.7% compared to the same quarter last year. As a group, research analysts forecast that Toast, Inc. will post -0.22 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. The Goldman Sachs Group upgraded shares of Toast from a “neutral” rating to a “buy” rating and boosted their target price for the company from $16.00 to $24.00 in a report on Wednesday, January 10th. Mizuho reiterated a “neutral” rating and issued a $17.00 target price on shares of Toast in a report on Wednesday. Evercore ISI assumed coverage on shares of Toast in a report on Monday, March 4th. They issued an “outperform” rating and a $32.00 target price on the stock. BNP Paribas upgraded shares of Toast from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a report on Thursday, March 7th. Finally, Wells Fargo & Company boosted their target price on shares of Toast from $12.00 to $15.00 and gave the company an “underweight” rating in a report on Friday, February 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Toast presently has a consensus rating of “Hold” and an average price target of $22.85.

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.