Westfield Capital Management Co. LP Grows Position in Toast, Inc. $TOST

Westfield Capital Management Co. LP raised its position in shares of Toast, Inc. (NYSE:TOST) by 22.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,268,337 shares of the company’s stock after buying an additional 234,032 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Toast were worth $45,039,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Wynn Capital LLC grew its holdings in Toast by 2.1% during the 4th quarter. Wynn Capital LLC now owns 13,755 shares of the company’s stock valued at $488,000 after buying an additional 280 shares in the last quarter. Bridgewater Advisors Inc. grew its holdings in Toast by 2.3% during the 3rd quarter. Bridgewater Advisors Inc. now owns 13,107 shares of the company’s stock valued at $472,000 after buying an additional 294 shares in the last quarter. BOKF NA grew its holdings in Toast by 4.5% during the 3rd quarter. BOKF NA now owns 8,023 shares of the company’s stock valued at $293,000 after buying an additional 345 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Toast by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company’s stock valued at $1,012,000 after buying an additional 380 shares in the last quarter. Finally, Seven Mile Advisory grew its holdings in Toast by 3.1% during the 3rd quarter. Seven Mile Advisory now owns 12,689 shares of the company’s stock valued at $463,000 after buying an additional 381 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Toast Stock Down 2.3%

TOST stock opened at $24.64 on Friday. The business’s fifty day simple moving average is $26.13 and its two-hundred day simple moving average is $29.89. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $49.66. The firm has a market cap of $12.71 billion, a price-to-earnings ratio of 37.91 and a beta of 1.76.

Toast announced that its board has authorized a share repurchase program on Thursday, February 12th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Toast news, CEO Aman Narang sold 13,463 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $352,595.97. Following the sale, the chief executive officer owned 54,013 shares in the company, valued at $1,414,600.47. This trade represents a 19.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Jonathan Vassil sold 6,438 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $168,611.22. Following the completion of the sale, the executive owned 146,618 shares in the company, valued at approximately $3,839,925.42. The trade was a 4.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 147,783 shares of company stock valued at $3,838,037. Insiders own 10.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Oppenheimer reiterated an “outperform” rating and issued a $36.00 target price on shares of Toast in a report on Friday, May 8th. Truist Financial dropped their target price on Toast from $36.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Mizuho dropped their target price on Toast from $45.00 to $38.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Wall Street Zen cut Toast from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Wells Fargo & Company dropped their target price on Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a report on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.84.

Toast Company Profile

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.