Connor Clark & Lunn Investment Management Ltd. Boosts Stake in Toast, Inc. (NYSE:TOST)

Connor Clark & Lunn Investment Management Ltd. raised its position in Toast, Inc. (NYSE:TOST) by 44.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,382 shares of the company’s stock after purchasing an additional 48,282 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Toast were worth $5,700,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Jupiter Asset Management Ltd. raised its holdings in Toast by 134.3% in the fourth quarter. Jupiter Asset Management Ltd. now owns 392,853 shares of the company’s stock valued at $14,319,000 after buying an additional 225,215 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of Toast during the 4th quarter valued at $25,496,000. Farther Finance Advisors LLC boosted its position in Toast by 19.8% during the 4th quarter. Farther Finance Advisors LLC now owns 2,435 shares of the company’s stock worth $89,000 after purchasing an additional 402 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Toast by 11.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,435 shares of the company’s stock valued at $125,000 after purchasing an additional 358 shares in the last quarter. Finally, Prosperity Wealth Management Inc. purchased a new position in Toast in the fourth quarter valued at about $320,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Insider Activity at Toast

In other news, Director Deval L. Patrick sold 34,222 shares of the stock in a transaction on 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 completion of the transaction, the director now owns 13,260 shares of the company’s stock, valued at approximately $437,712.60. This represents a 72.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Stephen Fredette sold 70,340 shares of Toast stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $33.87, for a total transaction of $2,382,415.80. Following the sale, the president now owns 1,574,316 shares in the company, valued at approximately $53,322,082.92. This represents a 4.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,641 shares of company stock worth $8,937,776 in the last three months. 13.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TOST. Robert W. Baird increased their target price on Toast from $38.00 to $40.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Morgan Stanley lifted their price objective on shares of Toast from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. DA Davidson restated a “neutral” rating and issued a $38.00 target price (down from $44.00) on shares of Toast in a research note on Thursday, December 5th. Keefe, Bruyette & Woods lifted their price target on shares of Toast from $40.00 to $42.00 and gave the stock a “market perform” rating in a research note on Thursday, February 20th. Finally, Compass Point started coverage on Toast in a research note on Wednesday, November 20th. They set a “buy” rating and a $49.00 target price for the company. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Toast currently has an average rating of “Hold” and an average price target of $40.48.

Toast Stock Up 5.5 %

TOST opened at $34.41 on Friday. The company’s 50-day moving average price is $38.05 and its 200 day moving average price is $34.70. Toast, Inc. has a fifty-two week low of $21.32 and a fifty-two week high of $44.12. The firm has a market cap of $17.00 billion, a price-to-earnings ratio of -3,437.06, a price-to-earnings-growth ratio of 2.16 and a beta of 1.99.

Toast (NYSE:TOST) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.05 earnings per share (EPS) 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 firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. Research analysts anticipate that Toast, Inc. will post 0.39 earnings per share for the current year.

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.