Glynn Capital Management LLC Has $17.28 Million Stake in Toast, Inc. $TOST

Glynn Capital Management LLC lifted its stake in Toast, Inc. (NYSE:TOST) by 32.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 486,583 shares of the company’s stock after acquiring an additional 119,262 shares during the period. Toast comprises about 5.9% of Glynn Capital Management LLC’s holdings, making the stock its 6th biggest position. Glynn Capital Management LLC’s holdings in Toast were worth $17,279,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in TOST. NewEdge Advisors LLC lifted its stake in shares of Toast by 1,555.5% in the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock valued at $578,000 after buying an additional 16,379 shares during the period. Cerity Partners LLC lifted its stake in shares of Toast by 24.0% in the second quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after buying an additional 15,774 shares during the period. State Street Corp lifted its stake in shares of Toast by 2.7% in the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after buying an additional 245,276 shares during the period. Frontier Capital Management Co. LLC bought a new stake in shares of Toast in the second quarter valued at about $4,479,000. Finally, Sei Investments Co. lifted its stake in Toast by 24.6% during the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock worth $45,619,000 after purchasing an additional 203,404 shares during the period. Institutional investors own 82.91% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on TOST. Morgan Stanley set a $45.00 price target on shares of Toast in a research note on Friday, May 8th. Wells Fargo & Company cut their price target on shares of Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Mizuho cut their price target on shares of Toast from $45.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Needham & Company LLC cut their price target on shares of Toast from $60.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Finally, Canaccord Genuity Group set a $37.00 price target on shares of Toast in a research note on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.84.

Toast Stock Up 2.0%

Shares of TOST opened at $24.99 on Friday. The stock has a market cap of $12.89 billion, a price-to-earnings ratio of 38.44 and a beta of 1.81. Toast, Inc. has a 12 month low of $22.26 and a 12 month high of $49.66. The company has a 50-day moving average price of $26.31 and a two-hundred day moving average price of $30.32.

Toast announced that its board has authorized a stock buyback program on Thursday, February 12th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity at Toast

In other news, President Stephen Fredette sold 7,289 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $190,898.91. Following the completion of the sale, the president owned 920,985 shares of the company’s stock, valued at approximately $24,120,597.15. This trade represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Brian R. Elworthy sold 3,664 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $95,960.16. Following the sale, the general counsel directly owned 243,642 shares of the company’s stock, valued at approximately $6,380,983.98. The trade was a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 39,783 shares of company stock valued at $1,041,917. Insiders own 12.14% of the company’s stock.

Toast Company Profile

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.