Toast (NYSE:TOST) Cut to Neutral at BNP Paribas

Toast (NYSE:TOST) was downgraded by BNP Paribas from an “outperform” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $37.00 target price on the stock. BNP Paribas’ price objective would suggest a potential downside of 12.95% from the stock’s current price.

A number of other equities analysts have also commented on the company. Compass Point assumed coverage on Toast in a research note on Wednesday. They set a “buy” rating and a $49.00 price objective on the stock. Wells Fargo & Company raised their price objective on Toast from $23.00 to $25.00 and gave the stock an “underweight” rating in a research note on Friday, November 8th. Bank of America raised their price objective on Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 17th. Wedbush lifted their price target on Toast from $35.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Morgan Stanley lifted their price target on Toast from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. 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 stock. Based on data from MarketBeat, Toast has a consensus rating of “Hold” and a consensus price target of $33.86.

Toast Stock Up 6.7 %

TOST opened at $42.51 on Wednesday. Toast has a 12-month low of $13.77 and a 12-month high of $42.51. The stock has a market cap of $20.02 billion, a price-to-earnings ratio of -326.96, a PEG ratio of 51.74 and a beta of 1.74. The business has a 50 day moving average of $30.45 and a 200-day moving average of $26.83.

Insiders Place Their Bets

In other Toast news, President Stephen Fredette sold 211,686 shares of Toast stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total transaction of $4,989,439.02. Following the transaction, the president now directly owns 2,638,023 shares of the company’s stock, valued at approximately $62,178,202.11. The trade was a 7.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Aman Narang sold 10,106 shares of Toast stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $27.77, for a total value of $280,643.62. Following the transaction, the chief executive officer now directly owns 968,095 shares in the company, valued at $26,883,998.15. The trade was a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,475,651 shares of company stock valued at $43,037,212. 13.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. LRI Investments LLC acquired a new position in shares of Toast in the 1st quarter valued at about $27,000. West Branch Capital LLC acquired a new position in shares of Toast in the 2nd quarter valued at about $26,000. Toth Financial Advisory Corp acquired a new position in shares of Toast in the 3rd quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Toast in the 2nd quarter valued at about $33,000. Finally, 1620 Investment Advisors Inc. acquired a new position in shares of Toast in the 2nd quarter valued at about $34,000. 82.91% of the stock is owned by institutional investors and hedge funds.

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.