Connor Clark & Lunn Investment Management Ltd. Sells 506,618 Shares of Toast, Inc. (NYSE:TOST)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Toast, Inc. (NYSE:TOST) by 82.4% during the third quarter, Holdings Channel.com reports. The firm owned 108,100 shares of the company’s stock after selling 506,618 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Toast were worth $3,060,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TOST. Northwestern Mutual Wealth Management Co. grew its position in shares of Toast by 1.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 35,968 shares of the company’s stock valued at $927,000 after acquiring an additional 421 shares during the period. Private Advisor Group LLC grew its stake in Toast by 1.6% in the 3rd quarter. Private Advisor Group LLC now owns 28,151 shares of the company’s stock valued at $797,000 after buying an additional 441 shares during the last quarter. CIBC Asset Management Inc raised its holdings in Toast by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 12,614 shares of the company’s stock valued at $357,000 after acquiring an additional 448 shares during the period. Farther Finance Advisors LLC lifted its position in Toast by 32.3% during the third quarter. Farther Finance Advisors LLC now owns 2,033 shares of the company’s stock worth $58,000 after acquiring an additional 496 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Toast by 8.4% during the second quarter. Parkside Financial Bank & Trust now owns 6,742 shares of the company’s stock worth $174,000 after acquiring an additional 520 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TOST has been the topic of several recent research reports. Morgan Stanley increased their price objective on Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Bank of America raised their price objective on Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 17th. Stephens increased their target price on Toast from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Finally, BNP Paribas downgraded Toast from an “outperform” rating to a “neutral” rating and set a $37.00 target price on the stock. in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $33.86.

Insider Activity at Toast

In related news, CEO Aman Narang sold 10,106 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $27.77, for a total transaction of $280,643.62. Following the transaction, the chief executive officer now owns 968,095 shares in the company, valued at $26,883,998.15. The trade was a 1.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Stephen Fredette sold 211,686 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total transaction of $4,989,439.02. Following the completion of the sale, the president now owns 2,638,023 shares of the company’s stock, valued at $62,178,202.11. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,498,536 shares of company stock worth $43,997,467 over the last ninety days. Insiders own 13.32% of the company’s stock.

Toast Trading Up 0.9 %

Shares of TOST opened at $42.74 on Monday. Toast, Inc. has a 12 month low of $13.92 and a 12 month high of $43.29. The company has a market capitalization of $20.13 billion, a PE ratio of -328.77, a PEG ratio of 53.98 and a beta of 1.74. The stock’s 50-day moving average price is $31.45 and its two-hundred day moving average price is $27.20.

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.