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

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Toast, Inc. (NYSE:TOST - Free Report) by 82.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 108,100 shares of the company's stock after selling 506,618 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Toast were worth $3,060,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of TOST. UniSuper Management Pty Ltd boosted its position in Toast by 188.2% during the first quarter. UniSuper Management Pty Ltd now owns 4,900 shares of the company's stock valued at $122,000 after acquiring an additional 3,200 shares during the last quarter. Advisors Asset Management Inc. grew its stake in Toast by 38.2% during the first quarter. Advisors Asset Management Inc. now owns 4,086 shares of the company's stock worth $102,000 after purchasing an additional 1,130 shares during the period. LRI Investments LLC bought a new stake in Toast in the first quarter worth approximately $27,000. Epoch Investment Partners Inc. acquired a new position in Toast in the first quarter valued at approximately $633,000. Finally, Silvercrest Asset Management Group LLC boosted its holdings in shares of Toast by 40.3% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 38,500 shares of the company's stock worth $959,000 after buying an additional 11,061 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Toast from $28.00 to $36.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Compass Point began coverage on shares of Toast in a research report on Wednesday, November 20th. They set a "buy" rating and a $49.00 target price on the stock. Piper Sandler increased their price target on Toast from $25.00 to $35.00 and gave the company a "neutral" rating in a research report on Monday, November 11th. BNP Paribas cut Toast from an "outperform" rating to a "neutral" rating and set a $37.00 price objective on the stock. in a research report on Wednesday, November 20th. Finally, Bank of America raised their target price on Toast from $26.00 to $28.00 and gave the company a "neutral" rating in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $33.86.

Toast Price Performance

Toast stock traded up $0.26 during mid-day trading on Monday, hitting $43.00. The company's stock had a trading volume of 12,078,492 shares, compared to its average volume of 7,426,269. The business has a 50 day moving average price of $31.45 and a 200-day moving average price of $27.21. Toast, Inc. has a 12 month low of $14.00 and a 12 month high of $43.62. The stock has a market cap of $20.25 billion, a price-to-earnings ratio of -332.38, a price-to-earnings-growth ratio of 54.47 and a beta of 1.74.

Insiders Place Their Bets

In related news, CEO Aman Narang sold 10,106 shares of the company's stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $27.77, for a total value of $280,643.62. Following the sale, the chief executive officer now directly owns 968,095 shares of the company's stock, valued at $26,883,998.15. This represents a 1.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the company's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $30.39, for a total transaction of $9,117,000.00. Following the completion of the sale, the general counsel now directly owns 177,836 shares in the company, valued at $5,404,436.04. This represents a 62.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,498,536 shares of company stock worth $43,997,467. 13.32% of the stock is currently owned by company 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.