Arrowstreet Capital Limited Partnership Buys Shares of 7,736,911 Toast, Inc. (NYSE:TOST)

Arrowstreet Capital Limited Partnership purchased a new position in Toast, Inc. (NYSE:TOST) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,736,911 shares of the company’s stock, valued at approximately $282,010,000. Arrowstreet Capital Limited Partnership owned about 1.64% of Toast at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. boosted its position in Toast by 120.4% in the fourth quarter. Blue Trust Inc. now owns 692 shares of the company’s stock worth $25,000 after purchasing an additional 378 shares during the last quarter. Piscataqua Savings Bank bought a new position in shares of Toast in the 4th quarter worth approximately $26,000. Stonebridge Financial Group LLC purchased a new position in shares of Toast in the fourth quarter worth approximately $34,000. SBI Securities Co. Ltd. bought a new stake in shares of Toast during the 4th quarter valued at $35,000. Finally, Wingate Wealth Advisors Inc. purchased a new stake in Toast in the 4th quarter worth approximately $40,000. Institutional investors own 82.91% of the company’s stock.

Toast Stock Performance

NYSE TOST opened at $33.53 on Friday. The stock has a market capitalization of $16.56 billion, a P/E ratio of -3,349.25, a price-to-earnings-growth ratio of 2.16 and a beta of 1.99. The stock has a fifty day moving average of $37.72 and a 200-day moving average of $35.48. Toast, Inc. has a 52 week low of $21.32 and a 52 week high of $44.12.

Toast (NYSE:TOST) last released its earnings results on Wednesday, February 19th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). Toast had a net margin of 0.40% and a return on equity of 1.54%. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Equities research analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TOST shares. JPMorgan Chase & Co. raised their target price on shares of Toast from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Canaccord Genuity Group raised their target price on shares of Toast from $43.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. BNP Paribas set a $37.00 price target on shares of Toast and gave the company a “neutral” rating in a report on Wednesday, February 19th. Morgan Stanley boosted their target price on Toast from $46.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada increased their price objective on Toast from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $40.48.

Insider Buying and Selling

In related news, Director Deval L. Patrick sold 34,222 shares of Toast stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $33.01, for a total value of $1,129,668.22. Following the sale, the director now owns 13,260 shares of the company’s stock, valued at approximately $437,712.60. The trade was a 72.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Stephen Fredette sold 1,068 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $39.63, for a total value of $42,324.84. Following the completion of the transaction, the president now owns 1,644,656 shares of the company’s stock, valued at approximately $65,177,717.28. This represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 270,770 shares of company stock valued at $9,409,211. 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.