QRG Capital Management Inc. Increases Stock Holdings in Toast, Inc. (NYSE:TOST)

QRG Capital Management Inc. lifted its stake in shares of Toast, Inc. (NYSE:TOST) by 4.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 101,916 shares of the company’s stock after buying an additional 4,481 shares during the period. QRG Capital Management Inc.’s holdings in Toast were worth $3,381,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in Toast by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,938,487 shares of the company’s stock worth $107,108,000 after purchasing an additional 155,446 shares during the last quarter. Procyon Advisors LLC bought a new stake in shares of Toast during the 1st quarter valued at $242,000. Wealth Enhancement Advisory Services LLC grew its position in Toast by 19.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 22,751 shares of the company’s stock worth $829,000 after buying an additional 3,713 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in Toast by 134.3% during the fourth quarter. Jupiter Asset Management Ltd. now owns 392,853 shares of the company’s stock worth $14,319,000 after buying an additional 225,215 shares in the last quarter. Finally, New York Life Investment Management LLC purchased a new position in Toast during the fourth quarter worth about $1,572,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Trading Up 0.3%

Shares of TOST opened at $42.59 on Thursday. The business’s fifty day simple moving average is $39.65 and its two-hundred day simple moving average is $38.03. Toast, Inc. has a 12 month low of $22.10 and a 12 month high of $45.56. The company has a market cap of $21.21 billion, a price-to-earnings ratio of 185.18 and a beta of 2.02.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TOST shares. Wells Fargo & Company upped their price objective on Toast from $39.00 to $46.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Piper Sandler increased their target price on Toast from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Friday, May 9th. DA Davidson lowered their price target on Toast from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. BMO Capital Markets upped their price target on Toast from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, May 12th. Finally, Wolfe Research raised Toast from a “peer perform” rating to an “outperform” rating and set a $44.00 target price for the company in a research report on Wednesday, April 23rd. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $41.21.

Insider Buying and Selling at Toast

In related news, General Counsel Brian R. Elworthy sold 300,000 shares of Toast stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $42.60, for a total transaction of $12,780,000.00. Following the transaction, the general counsel now directly owns 216,156 shares in the company, valued at approximately $9,208,245.60. The trade was a 58.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher P. Comparato sold 70,000 shares of Toast stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $34.21, for a total value of $2,394,700.00. Following the transaction, the director now owns 179,316 shares in the company, valued at $6,134,400.36. This trade represents a 28.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 468,212 shares of company stock worth $19,551,906. Insiders own 13.32% of the company’s stock.

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.