M&T Bank Corp Raises Holdings in Toast, Inc. (NYSE:TOST)

M&T Bank Corp increased its position in Toast, Inc. (NYSE:TOST) by 20.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 30,955 shares of the company’s stock after acquiring an additional 5,169 shares during the quarter. M&T Bank Corp’s holdings in Toast were worth $877,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TOST. FMR LLC lifted its position in shares of Toast by 50.5% during the third quarter. FMR LLC now owns 24,449,743 shares of the company’s stock worth $692,172,000 after acquiring an additional 8,205,053 shares in the last quarter. ValueAct Holdings L.P. bought a new stake in shares of Toast during the 3rd quarter valued at $438,301,000. State Street Corp lifted its holdings in Toast by 2.5% during the 3rd quarter. State Street Corp now owns 8,325,292 shares of the company’s stock worth $235,689,000 after purchasing an additional 206,789 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Toast by 2,889.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,829,995 shares of the company’s stock worth $108,427,000 after purchasing an additional 3,701,893 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Toast by 4.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,783,041 shares of the company’s stock valued at $78,788,000 after buying an additional 113,995 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TOST. Compass Point initiated coverage on shares of Toast in a research report on Wednesday, November 20th. They issued a “buy” rating and a $49.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on shares of Toast from $28.00 to $36.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Wedbush increased 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 boosted their target price on Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $38.00 price target (down previously from $44.00) on shares of Toast in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $34.81.

Insiders Place Their Bets

In other news, Director David Yuan sold 189,785 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $43.01, for a total transaction of $8,162,652.85. Following the completion of the sale, the director now directly owns 198,829 shares in the company, valued at approximately $8,551,635.29. This represents a 48.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Stephen Fredette sold 144,238 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $27.34, for a total value of $3,943,466.92. Following the transaction, the president now owns 2,160,499 shares in the company, valued at approximately $59,068,042.66. This represents a 6.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,375,061 shares of company stock valued at $44,557,182 in the last ninety days. Company insiders own 13.32% of the company’s stock.

Toast Trading Up 1.2 %

TOST opened at $38.59 on Tuesday. The company has a market cap of $18.18 billion, a P/E ratio of -296.85, a P/E/G ratio of 23.40 and a beta of 1.93. Toast, Inc. has a 12 month low of $16.13 and a 12 month high of $44.12. The business’s 50-day moving average price is $35.57 and its 200-day moving average price is $28.81.

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.