Jennison Associates LLC Makes New $12.83 Million Investment in Toast, Inc. (NYSE:TOST)

Jennison Associates LLC acquired a new stake in shares of Toast, Inc. (NYSE:TOST) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 352,048 shares of the company’s stock, valued at approximately $12,832,000. Jennison Associates LLC owned approximately 0.07% of Toast at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TOST. The Manufacturers Life Insurance Company boosted its stake in Toast by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 97,883 shares of the company’s stock valued at $2,522,000 after buying an additional 8,186 shares in the last quarter. Truist Financial Corp bought a new position in shares of Toast during the second quarter valued at $618,000. Atomi Financial Group Inc. acquired a new stake in shares of Toast in the 3rd quarter valued at $330,000. Trevian Wealth Management LLC bought a new stake in shares of Toast in the 3rd quarter worth about $1,398,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Toast during the 3rd quarter worth about $82,000. 82.91% of the stock is currently owned by institutional investors.

Toast Price Performance

Toast stock opened at $41.31 on Thursday. The company has a market cap of $19.46 billion, a price-to-earnings ratio of -317.75, a P/E/G ratio of 2.18 and a beta of 1.98. The firm has a 50-day moving average of $38.46 and a 200-day moving average of $32.25. Toast, Inc. has a one year low of $18.14 and a one year high of $44.12.

Toast (NYSE:TOST) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.01 by $0.06. Toast had a negative return on equity of 3.84% and a negative net margin of 1.05%. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the firm posted ($0.09) earnings per share. As a group, sell-side analysts expect that Toast, Inc. will post 0.03 earnings per share for the current year.

Insider Activity at Toast

In other news, General Counsel Brian R. Elworthy sold 653 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $39.63, for a total value of $25,878.39. Following the completion of the sale, the general counsel now directly owns 209,206 shares of the company’s stock, valued at $8,290,833.78. This trade represents a 0.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David Yuan sold 189,785 shares of the business’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 value of $8,162,652.85. Following the transaction, the director now directly owns 198,829 shares in the company, valued at $8,551,635.29. The trade was a 48.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 562,449 shares of company stock valued at $21,860,099. 13.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TOST has been the topic of several research analyst reports. BMO Capital Markets started coverage on shares of Toast in a research note on Monday, January 6th. They set an “outperform” rating and a $45.00 price objective on the stock. Morgan Stanley increased their price target on Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft lifted their price objective on Toast from $24.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Piper Sandler increased their target price on Toast from $25.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group cut their price target on Toast from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $35.74.

About Toast

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.