JPMorgan Chase & Co. Reduces Holdings in Toast, Inc. (NYSE:TOST)

JPMorgan Chase & Co. reduced its position in Toast, Inc. (NYSE:TOST) by 18.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,656,760 shares of the company’s stock after selling 1,034,576 shares during the period. JPMorgan Chase & Co.’s holdings in Toast were worth $131,833,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in Toast by 4.6% in the second quarter. Principal Financial Group Inc. now owns 38,663 shares of the company’s stock valued at $996,000 after buying an additional 1,716 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Toast during the 2nd quarter valued at approximately $87,000. Commonwealth Equity Services LLC lifted its stake in Toast by 133.8% during the second quarter. Commonwealth Equity Services LLC now owns 339,101 shares of the company’s stock worth $8,739,000 after purchasing an additional 194,044 shares during the last quarter. Banque Cantonale Vaudoise boosted its holdings in Toast by 11.2% in the second quarter. Banque Cantonale Vaudoise now owns 8,451 shares of the company’s stock worth $218,000 after purchasing an additional 851 shares during the period. Finally, Natixis Advisors LLC bought a new stake in Toast during the second quarter valued at $1,473,000. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TOST has been the subject of several research reports. Keefe, Bruyette & Woods lifted their price target on shares of Toast from $29.00 to $40.00 and gave the company a “market perform” rating in a report on Monday, December 9th. Compass Point started coverage on Toast in a research note on Wednesday, November 20th. They issued a “buy” rating and a $49.00 target price for the company. Morgan Stanley increased their price target on Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group restated a “neutral” rating and set a $45.00 price objective (up previously from $34.00) on shares of Toast in a research report on Monday, December 2nd. Finally, Wedbush increased their target price on Toast from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $34.81.

Toast Price Performance

TOST opened at $36.45 on Thursday. The business has a 50 day moving average price of $37.54 and a two-hundred day moving average price of $29.99. Toast, Inc. has a 1-year low of $16.13 and a 1-year high of $44.12. The company has a market capitalization of $17.17 billion, a price-to-earnings ratio of -280.38, a price-to-earnings-growth ratio of 23.40 and a beta of 1.93.

Insiders Place Their Bets

In other news, President Stephen Fredette sold 39,768 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.02, for a total transaction of $1,154,067.36. Following the sale, the president now owns 1,795,301 shares in the company, valued at $52,099,635.02. The trade was a 2.17 % 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, Director Christopher P. Comparato sold 145,000 shares of Toast stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $36.04, for a total transaction of $5,225,800.00. Following the transaction, the director now owns 182,451 shares in the company, valued at approximately $6,575,534.04. The trade was a 44.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,149,075 shares of company stock worth $39,389,680. 13.32% of the stock is owned by insiders.

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.