JPMorgan Chase & Co. Sells 1,034,576 Shares of Toast, Inc. (NYSE:TOST)

JPMorgan Chase & Co. reduced its position in Toast, Inc. (NYSE:TOST) by 18.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,656,760 shares of the company’s stock after selling 1,034,576 shares during the period. JPMorgan Chase & Co. owned 0.99% of Toast worth $131,833,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TOST. Toth Financial Advisory Corp purchased a new stake in Toast in the third quarter valued at about $28,000. Raleigh Capital Management Inc. raised its position in shares of Toast by 93.4% in the 3rd quarter. Raleigh Capital Management Inc. now owns 1,491 shares of the company’s stock valued at $42,000 after purchasing an additional 720 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Toast by 32.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,033 shares of the company’s stock worth $58,000 after purchasing an additional 496 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Toast during the 3rd quarter worth approximately $59,000. Finally, Truvestments Capital LLC purchased a new stake in Toast during the 3rd quarter worth approximately $65,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

TOST has been the subject of several research reports. Royal Bank of Canada lifted their price objective on shares of Toast from $27.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Wedbush lifted their price target on Toast from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Bank of America increased their price objective on Toast from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, September 17th. Stephens lifted their target price on Toast from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Finally, Morgan Stanley increased their price target on shares of Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $34.81.

Toast Price Performance

NYSE TOST opened at $36.45 on Thursday. The company has a market capitalization of $17.17 billion, a P/E ratio of -280.38, a PEG ratio of 23.40 and a beta of 1.93. Toast, Inc. has a 1-year low of $16.13 and a 1-year high of $44.12. The business has a 50 day moving average price of $37.54 and a 200 day moving average price of $29.99.

Insider Transactions at Toast

In related news, Director Christopher P. Comparato sold 145,000 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $36.04, for a total value of $5,225,800.00. Following the transaction, the director now directly owns 182,451 shares of the company’s stock, valued at approximately $6,575,534.04. This trade represents a 44.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $30.39, for a total value of $9,117,000.00. Following the sale, the general counsel now directly owns 177,836 shares of the company’s stock, valued at approximately $5,404,436.04. This trade represents a 62.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,149,075 shares of company stock valued at $39,389,680 over the last three months. 13.32% of the stock is currently owned by insiders.

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.