Nano Cap New Millennium Growth Fund L P Acquires New Position in Toast, Inc. $TOST

Nano Cap New Millennium Growth Fund L P bought a new position in Toast, Inc. (NYSE:TOST) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 48,500 shares of the company’s stock, valued at approximately $1,722,000. Toast makes up 1.5% of Nano Cap New Millennium Growth Fund L P’s investment portfolio, making the stock its 15th largest position.

Other hedge funds have also bought and sold shares of the company. Capital International Investors raised its holdings in shares of Toast by 7.4% in the third quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after buying an additional 3,351,545 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Toast by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company’s stock valued at $1,634,339,000 after acquiring an additional 352,435 shares during the period. Jennison Associates LLC raised its stake in Toast by 1.0% in the 4th quarter. Jennison Associates LLC now owns 15,157,955 shares of the company’s stock worth $538,259,000 after acquiring an additional 157,394 shares during the last quarter. State Street Corp raised its stake in Toast by 3.5% in the 3rd quarter. State Street Corp now owns 9,538,312 shares of the company’s stock worth $348,244,000 after acquiring an additional 325,423 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in Toast by 2,432.8% during the 3rd quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock worth $299,957,000 after acquiring an additional 7,891,383 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.

Toast Stock Down 1.4%

TOST stock opened at $23.01 on Friday. The company’s 50-day simple moving average is $26.73 and its 200-day simple moving average is $30.77. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $49.66. The firm has a market cap of $11.87 billion, a P/E ratio of 35.39 and a beta of 1.81.

Toast declared that its board has authorized a share buyback program on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

TOST has been the topic of a number of research reports. Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Wells Fargo & Company dropped their target price on Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. UBS Group cut their price target on shares of Toast from $40.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Canaccord Genuity Group set a $37.00 target price on shares of Toast in a report on Friday, February 13th. Finally, Mizuho reduced their price objective on Toast from $45.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.84.

Insider Buying and Selling

In related news, CEO Aman Narang sold 13,463 shares of the company’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $352,595.97. Following the completion of the transaction, the chief executive officer owned 54,013 shares of the company’s stock, valued at approximately $1,414,600.47. This represents a 19.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Jonathan Vassil sold 6,438 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $168,611.22. Following the completion of the sale, the executive directly owned 146,618 shares in the company, valued at approximately $3,839,925.42. The trade was a 4.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 39,783 shares of company stock worth $1,041,917 in the last ninety days. 12.14% of the stock is owned by corporate insiders.

About Toast

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.