Eventide Asset Management LLC Sells 738,315 Shares of Toast, Inc. (NYSE:TOST)

Eventide Asset Management LLC lessened its stake in Toast, Inc. (NYSE:TOST) by 22.8% in the third quarter, HoldingsChannel reports. The firm owned 2,497,164 shares of the company’s stock after selling 738,315 shares during the period. Toast accounts for about 1.2% of Eventide Asset Management LLC’s holdings, making the stock its 24th biggest position. Eventide Asset Management LLC’s holdings in Toast were worth $70,695,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. West Branch Capital LLC bought a new stake in shares of Toast in the second quarter worth about $26,000. LRI Investments LLC bought a new stake in shares of Toast in the first quarter worth about $27,000. Toth Financial Advisory Corp bought a new stake in shares of Toast in the third quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Toast in the second quarter worth about $33,000. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of Toast in the second quarter worth about $34,000. Institutional investors own 82.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Bank of America increased their price target on Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, September 17th. Wedbush upped their price objective on Toast from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft upped their price objective on Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Morgan Stanley upped their price objective on Toast from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Finally, DA Davidson upped their price objective on Toast from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Toast has an average rating of “Hold” and a consensus price target of $33.86.

Toast Stock Performance

Shares of NYSE TOST opened at $43.18 on Friday. The stock has a 50 day moving average price of $32.77 and a 200 day moving average price of $27.65. Toast, Inc. has a 52 week low of $14.00 and a 52 week high of $44.12. The stock has a market capitalization of $20.34 billion, a PE ratio of -332.15, a price-to-earnings-growth ratio of 55.03 and a beta of 1.74.

Insider Buying and Selling at Toast

In other Toast news, President Stephen Fredette sold 211,686 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total value of $4,989,439.02. Following the sale, the president now owns 2,638,023 shares in the company, valued at $62,178,202.11. This represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Brian R. Elworthy sold 300,000 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the general counsel now owns 177,836 shares in the company, valued at $5,404,436.04. This represents a 62.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,688,321 shares of company stock worth $52,160,120 over the last 90 days. Company 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.