Janney Montgomery Scott LLC Reduces Holdings in Toast, Inc. (NYSE:TOST)

Janney Montgomery Scott LLC reduced its stake in shares of Toast, Inc. (NYSE:TOST) by 61.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,413 shares of the company’s stock after selling 60,534 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Toast were worth $1,087,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TOST. Whale Rock Capital Management LLC purchased a new stake in shares of Toast during the first quarter valued at $179,111,000. Assenagon Asset Management S.A. boosted its stake in shares of Toast by 2,889.8% during the third quarter. Assenagon Asset Management S.A. now owns 3,829,995 shares of the company’s stock valued at $108,427,000 after purchasing an additional 3,701,893 shares during the period. Capital International Investors boosted its stake in shares of Toast by 12.2% during the first quarter. Capital International Investors now owns 32,924,082 shares of the company’s stock valued at $820,468,000 after purchasing an additional 3,574,397 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Toast by 21.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,524,700 shares of the company’s stock valued at $486,557,000 after purchasing an additional 3,445,788 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Toast by 175.8% during the second quarter. Marshall Wace LLP now owns 2,517,288 shares of the company’s stock valued at $64,871,000 after purchasing an additional 1,604,716 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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 stock was sold at an average price of $36.67, for a total transaction of $3,667,000.00. Following the transaction, the director now owns 418,591 shares of the company’s stock, valued at $15,349,731.97. This trade represents a 19.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Stephen Fredette sold 101,574 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $25.73, for a total value of $2,613,499.02. Following the transaction, the president now directly owns 2,395,685 shares in the company, valued at approximately $61,640,975.05. This represents a 4.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,575,651 shares of company stock worth $45,472,212. 13.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TOST has been the subject of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Toast in a report on Wednesday, August 7th. Wells Fargo & Company lifted their price objective on Toast from $23.00 to $25.00 and gave the company an “underweight” rating in a report on Friday, November 8th. Robert W. Baird lifted their price objective on Toast from $30.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Bank of America lifted their price objective on Toast from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, September 17th. Finally, DA Davidson lifted their price objective on Toast from $35.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $32.75.

Toast Price Performance

Toast stock opened at $40.61 on Friday. The stock’s 50-day moving average is $29.75 and its 200-day moving average is $26.53. The company has a market cap of $19.12 billion, a price-to-earnings ratio of -312.35 and a beta of 1.74. Toast, Inc. has a 12 month low of $13.77 and a 12 month high of $41.05.

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.