Keefe, Bruyette & Woods Has Lowered Expectations for Toast (NYSE:TOST) Stock Price

Toast (NYSE:TOST) had its target price reduced by equities researchers at Keefe, Bruyette & Woods from $50.00 to $42.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 16.38% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Toast from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of Toast from $42.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 6th. DA Davidson upped their target price on shares of Toast from $40.00 to $46.00 and gave the stock a “neutral” rating in a report on Tuesday, July 29th. Truist Financial upped their target price on shares of Toast from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Finally, Jefferies Financial Group upped their target price on shares of Toast from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 18th. Fifteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Toast has an average rating of “Moderate Buy” and a consensus price target of $46.30.

Toast Stock Performance

Toast stock opened at $36.09 on Wednesday. The company’s fifty day moving average price is $42.57 and its 200 day moving average price is $40.76. Toast has a 1 year low of $26.91 and a 1 year high of $49.66. The stock has a market capitalization of $18.41 billion, a P/E ratio of 106.15 and a beta of 1.94.

Toast (NYSE:TOST) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). Toast had a net margin of 4.07% and a return on equity of 14.19%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the business posted $0.02 EPS. Toast’s revenue was up 24.8% compared to the same quarter last year. Sell-side analysts predict that Toast will post 0.39 EPS for the current year.

Insider Activity

In other news, President Stephen Fredette sold 1,720 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $83,213.60. Following the transaction, the president owned 890,818 shares of the company’s stock, valued at approximately $43,097,774.84. The trade was a 0.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Elena Gomez sold 2,006 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $48.38, for a total transaction of $97,050.28. Following the transaction, the chief financial officer directly owned 141,263 shares in the company, valued at approximately $6,834,303.94. The trade was a 1.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,423 shares of company stock worth $913,065. Insiders own 12.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TOST. Jennison Associates LLC boosted its position in shares of Toast by 331.0% during the 2nd quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock valued at $380,978,000 after acquiring an additional 6,606,245 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Toast by 14,258.8% during the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company’s stock valued at $181,587,000 after acquiring an additional 5,436,317 shares during the last quarter. Norges Bank acquired a new position in shares of Toast during the 2nd quarter valued at about $219,324,000. Marshall Wace LLP raised its holdings in Toast by 108.3% in the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock valued at $349,333,000 after buying an additional 4,100,104 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Toast by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company’s stock valued at $777,978,000 after buying an additional 3,490,686 shares during the period. Institutional investors and hedge funds own 82.91% 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.