Whale Rock Capital Management LLC Cuts Stock Holdings in Toast, Inc. (NYSE:TOST)

Whale Rock Capital Management LLC lessened its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,402,004 shares of the company's stock after selling 461,105 shares during the period. Toast makes up 2.9% of Whale Rock Capital Management LLC's investment portfolio, making the stock its 11th largest position. Whale Rock Capital Management LLC owned 1.57% of Toast worth $209,551,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. D.A. Davidson & CO. increased its holdings in Toast by 1.9% during the 3rd quarter. D.A. Davidson & CO. now owns 22,100 shares of the company's stock worth $626,000 after purchasing an additional 409 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Toast by 1.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 35,968 shares of the company's stock worth $927,000 after buying an additional 421 shares during the period. Private Advisor Group LLC raised its holdings in Toast by 1.6% in the third quarter. Private Advisor Group LLC now owns 28,151 shares of the company's stock valued at $797,000 after acquiring an additional 441 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Toast by 3.7% in the third 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 in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Toast by 32.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,033 shares of the company's stock worth $58,000 after acquiring an additional 496 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Toast

In other Toast news, Director David Yuan sold 189,785 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $43.01, for a total value of $8,162,652.85. Following the completion of the transaction, the director now directly owns 198,829 shares in the company, valued at approximately $8,551,635.29. The trade was a 48.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Stephen Fredette sold 211,686 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total value of $4,989,439.02. Following the transaction, the president now directly owns 2,638,023 shares in the company, valued at approximately $62,178,202.11. This represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,688,321 shares of company stock valued at $52,160,120. Corporate insiders own 13.32% of the company's stock.

Analyst Ratings Changes

TOST has been the subject of several recent analyst reports. Wedbush lifted their price objective on shares of Toast from $35.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised their target price on Toast from $24.00 to $30.00 and gave the stock a "hold" rating in a research report on Monday, November 4th. Morgan Stanley upped their price target on Toast from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Tuesday, October 22nd. The Goldman Sachs Group reissued a "neutral" rating and set a $45.00 price objective (up previously from $34.00) on shares of Toast in a report on Monday. Finally, Wells Fargo & Company increased their target price on shares of Toast from $23.00 to $25.00 and gave the company an "underweight" rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $34.14.

Toast Price Performance

Shares of NYSE TOST traded up $0.54 during trading on Friday, hitting $38.56. 4,512,706 shares of the company were exchanged, compared to its average volume of 7,437,513. The firm's fifty day moving average price is $34.11 and its 200 day moving average price is $28.13. The company has a market cap of $18.16 billion, a price-to-earnings ratio of -292.38, a PEG ratio of 54.06 and a beta of 1.93. Toast, Inc. has a 1 year low of $14.75 and a 1 year high of $44.12.

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.