Toast (NYSE:TOST) Reaches New 12-Month High – Here’s What Happened

Toast, Inc. (NYSE:TOST)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $41.06 and last traded at $41.01, with a volume of 2138291 shares changing hands. The stock had previously closed at $39.82.

Wall Street Analyst Weigh In

A number of brokerages have commented on TOST. Needham & Company LLC restated a “buy” rating and issued a $30.00 target price on shares of Toast in a research note on Wednesday, August 7th. Royal Bank of Canada raised their price objective on Toast from $27.00 to $40.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. DA Davidson upped their target price on Toast from $35.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft increased their price target on Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Finally, Piper Sandler lifted their price objective on Toast from $25.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $33.86.

Toast Stock Down 0.0 %

The company’s fifty day simple moving average is $30.45 and its 200-day simple moving average is $26.83.

Insiders Place Their Bets

In related news, President Stephen Fredette sold 211,686 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $23.57, for a total transaction of $4,989,439.02. Following the completion of the transaction, the president now directly owns 2,638,023 shares in the company, valued at $62,178,202.11. The trade was a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard Kent Bennett sold 100,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were 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 represents a 19.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,475,651 shares of company stock valued at $43,037,212. 13.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TOST. ValueAct Holdings L.P. acquired a new position in shares of Toast in the third quarter worth about $438,301,000. FMR LLC raised its position in shares of Toast by 50.5% in the third quarter. FMR LLC now owns 24,449,743 shares of the company’s stock worth $692,172,000 after acquiring an additional 8,205,053 shares during the period. Whale Rock Capital Management LLC acquired a new position in shares of Toast during the 1st quarter worth about $179,111,000. Assenagon Asset Management S.A. raised its position 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 worth $108,427,000 after purchasing an additional 3,701,893 shares during the last quarter. Finally, Capital International Investors raised its position in shares of Toast by 12.2% during the 1st quarter. Capital International Investors now owns 32,924,082 shares of the company’s stock worth $820,468,000 after purchasing an additional 3,574,397 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

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.