ARK Investment Management LLC Has $55.48 Million Stock Position in Toast, Inc. (NYSE:TOST)

ARK Investment Management LLC cut its holdings in shares of Toast, Inc. (NYSE:TOST) by 12.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,959,878 shares of the company’s stock after selling 284,466 shares during the quarter. ARK Investment Management LLC owned 0.43% of Toast worth $55,484,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. West Branch Capital LLC acquired a new stake in Toast in the second quarter valued at approximately $26,000. LRI Investments LLC acquired a new stake in shares of Toast in the 1st quarter valued at $27,000. Toth Financial Advisory Corp bought a new stake in Toast in the third quarter worth $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Toast in the second quarter worth $33,000. Finally, 1620 Investment Advisors Inc. bought a new position in Toast during the second quarter valued at about $34,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Stephens increased their price objective on Toast from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft increased their price target on Toast from $24.00 to $30.00 and gave the company a “hold” rating in a report on Monday. DA Davidson boosted their price objective on shares of Toast from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Morgan Stanley raised their target price on shares of Toast from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Wedbush upgraded shares of Toast to a “strong-buy” rating in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.30.

Toast Stock Up 1.5 %

Shares of Toast stock opened at $32.61 on Friday. Toast, Inc. has a 12 month low of $13.77 and a 12 month high of $33.01. The business has a fifty day simple moving average of $27.94 and a 200 day simple moving average of $25.86.

Toast (NYSE:TOST) last posted its earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.04. Toast had a negative return on equity of 11.27% and a negative net margin of 3.10%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the company earned ($0.19) EPS. The company’s revenue for the quarter was up 27.0% compared to the same quarter last year. As a group, equities research analysts expect that Toast, Inc. will post -0.1 EPS for the current fiscal year.

Insider Activity at Toast

In related news, CEO Aman Narang sold 10,106 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $27.77, for a total transaction of $280,643.62. Following the sale, the chief executive officer now owns 968,095 shares of the company’s stock, valued at approximately $26,883,998.15. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CRO Jonathan Vassil sold 1,367 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $31.08, for a total value of $42,486.36. Following the completion of the transaction, the executive now owns 39,834 shares in the company, valued at $1,238,040.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Aman Narang sold 10,106 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $27.77, for a total transaction of $280,643.62. Following the sale, the chief executive officer now owns 968,095 shares in the company, valued at approximately $26,883,998.15. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,375,651 shares of company stock worth $38,150,212. 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.