Toast (NYSE:TOST) Price Target Raised to $28.00

Toast (NYSE:TOST) had its target price upped by Bank of America from $26.00 to $28.00 in a research note issued to investors on Tuesday, Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group reissued a buy rating and issued a $29.00 price target on shares of Toast in a report on Thursday, September 12th. Keefe, Bruyette & Woods restated a market perform rating and set a $26.00 target price on shares of Toast in a report on Wednesday, May 29th. Baird R W lowered shares of Toast from a strong-buy rating to a hold rating in a research report on Tuesday, May 21st. JPMorgan Chase & Co. increased their price objective on Toast from $25.00 to $28.00 and gave the company a neutral rating in a research report on Tuesday, August 20th. Finally, Royal Bank of Canada restated a sector perform rating and issued a $27.00 target price on shares of Toast in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $28.33.

Toast Price Performance

Toast stock opened at $27.73 on Tuesday. Toast has a 12-month low of $13.77 and a 12-month high of $27.90. The stock has a market capitalization of $12.56 billion, a PE ratio of -55.46 and a beta of 1.75. The firm has a 50 day simple moving average of $25.08 and a 200-day simple moving average of $24.58.

Toast (NYSE:TOST) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.04. Toast had a negative return on equity of 11.27% and a negative net margin of 3.10%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the firm earned ($0.19) EPS. The firm’s revenue for the quarter was up 27.0% on a year-over-year basis. On average, analysts forecast that Toast will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Toast news, President Stephen Fredette sold 3,810 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $25.64, for a total value of $97,688.40. Following the transaction, the president now owns 2,847,315 shares in the company, valued at approximately $73,005,156.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Toast news, General Counsel Brian R. Elworthy sold 2,573 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $25.64, for a total value of $65,971.72. Following the transaction, the general counsel now owns 170,531 shares in the company, valued at $4,372,414.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Stephen Fredette sold 3,810 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total value of $97,688.40. Following the completion of the transaction, the president now directly owns 2,847,315 shares in the company, valued at $73,005,156.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 652,412 shares of company stock worth $16,213,120. 13.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Toast

Large investors have recently made changes to their positions in the company. Truist Financial Corp bought a new position in Toast during the second quarter valued at approximately $618,000. Kampmann Melissa S. bought a new position in shares of Toast during the 2nd quarter valued at $1,122,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Toast by 1.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 35,968 shares of the company’s stock valued at $927,000 after purchasing an additional 421 shares during the last quarter. Ascent Group LLC bought a new stake in Toast in the second quarter worth $333,000. Finally, Scientech Research LLC acquired a new position in Toast during the second quarter worth $236,000. Institutional investors own 82.91% of the company’s stock.

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.