Connor Clark & Lunn Investment Management Ltd. Cuts Stake in Toast, Inc. (NYSE:TOST)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in Toast, Inc. (NYSE:TOST) by 82.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 108,100 shares of the company’s stock after selling 506,618 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Toast were worth $3,060,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Assenagon Asset Management S.A. lifted its holdings in shares of Toast by 2,889.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,829,995 shares of the company’s stock valued at $108,427,000 after acquiring an additional 3,701,893 shares in the last quarter. Marshall Wace LLP lifted its position in Toast by 175.8% during the 2nd quarter. Marshall Wace LLP now owns 2,517,288 shares of the company’s stock worth $64,871,000 after acquiring an additional 1,604,716 shares in the last quarter. XN LP boosted its holdings in Toast by 40.9% in the 1st quarter. XN LP now owns 5,055,225 shares of the company’s stock worth $125,976,000 after acquiring an additional 1,467,339 shares during the period. Hamilton Lane Advisors LLC acquired a new stake in Toast in the second quarter valued at approximately $19,517,000. Finally, 1832 Asset Management L.P. raised its stake in shares of Toast by 335.7% during the second quarter. 1832 Asset Management L.P. now owns 607,800 shares of the company’s stock valued at $15,663,000 after purchasing an additional 468,300 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TOST shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Toast in a report on Wednesday, August 7th. Morgan Stanley increased their target price on Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Wedbush boosted their price target on Toast from $35.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Bank of America lifted their price objective on shares of Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Toast has a consensus rating of “Hold” and a consensus price target of $33.86.

Toast Trading Up 0.9 %

Shares of NYSE:TOST opened at $42.74 on Monday. Toast, Inc. has a 1 year low of $13.92 and a 1 year high of $43.29. The firm has a fifty day moving average price of $31.45 and a 200 day moving average price of $27.20. The stock has a market capitalization of $20.13 billion, a PE ratio of -328.77, a P/E/G ratio of 53.98 and a beta of 1.74.

Insider Buying and Selling

In related news, CEO Aman Narang sold 10,106 shares of Toast stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $27.77, for a total transaction of $280,643.62. Following the completion of the transaction, the chief executive officer now directly owns 968,095 shares of the company’s stock, valued at $26,883,998.15. This trade represents a 1.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Brian R. Elworthy sold 300,000 shares of Toast stock in a transaction on Friday, October 18th. The shares were sold at an average price of $30.39, for a total value of $9,117,000.00. Following the completion of the transaction, the general counsel now owns 177,836 shares of the company’s stock, valued at approximately $5,404,436.04. The trade was a 62.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,498,536 shares of company stock valued at $43,997,467. Company insiders own 13.32% of the company’s stock.

Toast 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.