The balanced buying and selling among active managers suggests no strong shared catalyst. Monitor Toast's next earnings release for any fundamental inflection that could break the current stalemate.
Executive Summary
A mixed institutional cluster in Toast (TOST) for Q3 2026 shows 5 buyers adding $19.2M in net new positions, led by Congress Asset Management's $17.5M increase, while 5 sellers trimmed $16.0M, led by Assenagon Asset Management and Robeco Institutional Asset Management reducing a combined $14.8M. The net direction is nearly balanced, suggesting no consensus thesis among active asset managers.
Key Financial Metrics
Institutional Positions
Net institutional flow: $3.2M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Congress Asset Management | ADD | +46.3% | $50.9M | $17.5M |
| Wealth Enhancement Advisory Services | DOUBLED | +430.4% | $1.6M | $1.3M |
| Concurrent Investment Advisors | ADD | +46.7% | $471.0K | $163.0K |
| Hb Wealth Management | ADD | +51.7% | $561.0K | $206.0K |
| Mather Group | DOUBLED | +105.3% | $7.0K | $4.0K |
▼ Sellers (5)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | TRIM | -32.6% | $27.0M | -$8.0M |
| Robeco Institutional Asset Management B.v. | TRIM | -48.4% | $14.7M | -$6.8M |
| Assetmark | NEAR_EXIT | -75.9% | $942.0K | -$705.0K |
| Farther Finance Advisors | TRIM | -42.9% | $1.1M | -$436.0K |
| Nisa Investment Advisors | TRIM | -31.4% | $169.0K | -$48.0K |
Key Facts
- 5 buyers added $19.2M in net new value, with Congress Asset Management doubling its stake by $17.5M
- 5 sellers reduced $16.0M, with Assenagon trimming $8.0M and Robeco trimming $6.8M
- All 10 institutions are asset managers (active), no passive/index funds in the cluster
- Net aggregate change is essentially flat (+$3.2M) across $53.5M in total current holdings
- 13F data is as of quarter-end 2026-Q3, reported with a 45-day lag
Financial Impact
5 buyers accumulated $19.2M in new positions while 5 sellers reduced holdings by $16.0M, resulting in a net increase of $3.2M across $53.5M in total current institutional holdings
Risk Factors
- 13F data is stale (45-day lag); positions may have been unwound since quarter-end
- No insider buying or other cross-filing context to corroborate the institutional signal
- Small absolute dollar amounts relative to Toast's market cap limit the signal's materiality
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-TOST-2026-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $32.71 | awaiting T+60 | — | — |
Oct 5, 2026 21d ago | Insider Cluster | $30.25 | awaiting T+60 | — | — |
Oct 5, 2026 21d ago | SC 13G/A | $30.04 | awaiting T+60 | — | — |
Oct 1, 2026 25d ago | 8-K | $29.23 | awaiting T+60 | — | — |
Aug 13, 2026 10w ago | Insider Cluster | $34.75 | awaiting T+60 | — | — |
Aug 11, 2026 10w ago | Insider Cluster | $34.06 | awaiting T+60 | — | — |
Aug 7, 2026 11w ago | Insider Cluster | $35.69 | awaiting T+60 | — | — |
Aug 5, 2026 11w ago | Insider Cluster | $34.72 | awaiting T+60 | — | — |
Jul 9, 2026 15w ago | Insider Cluster | $29.32 $30.04 | ▲ +2.46% | ▼ −0.18% | — |
Jul 6, 2026 16w ago | Insider Cluster | $29.61 $28.99 | ▼ −2.09% | ▼ −4.09% | — |
US Market Status
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