AQR Capital Management LLC Sells 68,836 Shares of Toast, Inc. (NYSE:TOST)

AQR Capital Management LLC trimmed its holdings in shares of Toast, Inc. (NYSE:TOST) by 5.9% during the 2nd quarter, Holdings Channel reports. The fund owned 1,094,638 shares of the company’s stock after selling 68,836 shares during the period. AQR Capital Management LLC’s holdings in Toast were worth $27,672,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TOST. US Bancorp DE grew its holdings in Toast by 37.5% during the 4th quarter. US Bancorp DE now owns 52,142 shares of the company’s stock worth $952,000 after acquiring an additional 14,221 shares in the last quarter. Hsbc Holdings PLC grew its holdings in Toast by 76.7% during the 4th quarter. Hsbc Holdings PLC now owns 90,222 shares of the company’s stock worth $1,651,000 after acquiring an additional 39,166 shares in the last quarter. TD Asset Management Inc grew its holdings in Toast by 7.0% during the 4th quarter. TD Asset Management Inc now owns 115,148 shares of the company’s stock worth $2,103,000 after acquiring an additional 7,500 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Toast by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 157,138 shares of the company’s stock worth $2,869,000 after acquiring an additional 1,540 shares in the last quarter. Finally, Bank of Nova Scotia bought a new position in Toast during the 4th quarter worth about $332,000. 82.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TOST. Royal Bank of Canada restated a “sector perform” rating and issued a $27.00 price target on shares of Toast in a report on Wednesday, August 7th. Mizuho upgraded shares of Toast from a “neutral” rating to an “outperform” rating and raised their price target for the company from $21.00 to $33.00 in a report on Thursday, July 18th. Wedbush upgraded shares of Toast to a “strong-buy” rating in a report on Friday, September 6th. Morgan Stanley raised their price target on shares of Toast from $29.00 to $30.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Toast from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Toast has an average rating of “Moderate Buy” and a consensus target price of $28.33.

Insider Activity at Toast

In related news, President Stephen Fredette sold 8,057 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $28.02, for a total transaction of $225,757.14. Following the sale, the president now owns 2,152,442 shares in the company, valued at $60,311,424.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Toast news, President Stephen Fredette sold 8,057 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $28.02, for a total transaction of $225,757.14. Following the transaction, the president now owns 2,152,442 shares in the company, valued at $60,311,424.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Aman Narang sold 6,355 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total value of $162,942.20. Following the transaction, the chief executive officer now owns 1,131,043 shares in the company, valued at approximately $28,999,942.52. The disclosure for this sale can be found here. Insiders sold a total of 792,207 shares of company stock worth $20,064,469 in the last three months. Company insiders own 13.32% of the company’s stock.

Toast Trading Up 2.5 %

TOST opened at $28.00 on Monday. Toast, Inc. has a 12-month low of $13.77 and a 12-month high of $29.92. The firm has a market capitalization of $12.68 billion, a PE ratio of -56.00 and a beta of 1.75. The firm has a 50 day moving average of $25.17 and a two-hundred day moving average of $24.68.

Toast (NYSE:TOST) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. Toast had a negative net margin of 3.10% and a negative return on equity of 11.27%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm posted ($0.19) EPS. Toast’s revenue for the quarter was up 27.0% compared to the same quarter last year. As a group, analysts predict that Toast, Inc. will post -0.1 EPS for the current fiscal year.

About Toast

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.