Lord Abbett & CO. LLC Decreases Stake in Toast, Inc. (NYSE:TOST)

Lord Abbett & CO. LLC reduced its holdings in shares of Toast, Inc. (NYSE:TOST) by 1.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 261,365 shares of the company’s stock after selling 3,548 shares during the quarter. Lord Abbett & CO. LLC owned 0.06% of Toast worth $7,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Makena Capital Management LLC boosted its holdings in shares of Toast by 7.6% during the 3rd quarter. Makena Capital Management LLC now owns 274,392 shares of the company’s stock valued at $7,768,000 after acquiring an additional 19,371 shares during the last quarter. KBC Group NV boosted its holdings in Toast by 66.5% in the third quarter. KBC Group NV now owns 42,838 shares of the company’s stock worth $1,213,000 after purchasing an additional 17,106 shares during the last quarter. MML Investors Services LLC grew its position in Toast by 40.6% in the 3rd quarter. MML Investors Services LLC now owns 228,313 shares of the company’s stock worth $6,464,000 after purchasing an additional 65,957 shares during the period. Qsemble Capital Management LP raised its stake in Toast by 52.1% during the 3rd quarter. Qsemble Capital Management LP now owns 67,796 shares of the company’s stock valued at $1,919,000 after buying an additional 23,231 shares during the last quarter. Finally, Stephens Investment Management Group LLC lifted its holdings in shares of Toast by 13.1% during the 3rd quarter. Stephens Investment Management Group LLC now owns 1,884,771 shares of the company’s stock valued at $53,358,000 after buying an additional 218,959 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director David Yuan sold 189,785 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $43.01, for a total value of $8,162,652.85. Following the sale, the director now directly owns 198,829 shares of the company’s stock, valued at $8,551,635.29. This represents a 48.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Jonathan Vassil sold 1,367 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $31.08, for a total value of $42,486.36. Following the transaction, the executive now owns 39,834 shares of the company’s stock, valued at $1,238,040.72. This trade represents a 3.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,375,061 shares of company stock valued at $44,557,182. 13.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TOST has been the subject of several research analyst reports. Piper Sandler lifted their price objective on Toast from $25.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Wedbush boosted their price target on Toast from $35.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Stephens increased their price objective on shares of Toast from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. The Goldman Sachs Group restated a “neutral” rating and set a $45.00 target price (up from $34.00) on shares of Toast in a research report on Monday, December 2nd. Finally, Bank of America increased their price target on shares of Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $34.81.

Toast Price Performance

Shares of NYSE TOST opened at $38.59 on Tuesday. Toast, Inc. has a 1-year low of $16.13 and a 1-year high of $44.12. The business’s 50 day moving average is $35.57 and its two-hundred day moving average is $28.81. The stock has a market capitalization of $18.18 billion, a P/E ratio of -296.85, a PEG ratio of 23.40 and a beta of 1.93.

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.