Toast (NYSE:TOST) Price Target Raised to $45.00

Toast (NYSE:TOST) had its price target lifted by research analysts at BMO Capital Markets from $44.00 to $45.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price objective points to a potential upside of 2.39% from the stock’s current price.

A number of other brokerages have also issued reports on TOST. The Goldman Sachs Group decreased their target price on shares of Toast from $43.00 to $38.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. Wolfe Research upgraded shares of Toast from a “peer perform” rating to an “outperform” rating and set a $44.00 target price on the stock in a research report on Wednesday, April 23rd. Piper Sandler increased their target price on Toast from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. JPMorgan Chase & Co. increased their target price on Toast from $36.00 to $42.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Finally, Morgan Stanley increased their target price on Toast from $46.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Thirteen research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $40.91.

Toast Price Performance

Toast stock opened at $43.95 on Monday. Toast has a fifty-two week low of $21.32 and a fifty-two week high of $45.56. The firm has a market capitalization of $21.86 billion, a PE ratio of -4,390.61, a P/E/G ratio of 2.16 and a beta of 1.98. The company’s 50-day moving average is $34.89 and its 200-day moving average is $37.05.

Toast (NYSE:TOST) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Toast had a net margin of 0.40% and a return on equity of 1.54%. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. As a group, analysts expect that Toast will post 0.39 EPS for the current year.

Insider Activity

In related news, Director Christopher P. Comparato sold 70,000 shares of Toast stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $35.71, for a total value of $2,499,700.00. Following the transaction, the director now directly owns 164,796 shares of the company’s stock, valued at $5,884,865.16. The trade was a 29.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Stephen Fredette sold 44,056 shares of Toast stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $35.15, for a total value of $1,548,568.40. Following the completion of the transaction, the president now directly owns 1,447,717 shares in the company, valued at approximately $50,887,252.55. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 335,991 shares of company stock valued at $11,614,520. 13.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Toast

Several institutional investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership acquired a new position in shares of Toast during the fourth quarter valued at about $282,010,000. Norges Bank bought a new stake in Toast during the 4th quarter worth approximately $205,888,000. Principal Financial Group Inc. increased its holdings in Toast by 14,258.8% during the 1st quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company’s stock worth $181,587,000 after purchasing an additional 5,436,317 shares in the last quarter. FMR LLC increased its holdings in Toast by 22.1% during the 4th quarter. FMR LLC now owns 29,853,639 shares of the company’s stock worth $1,088,165,000 after purchasing an additional 5,403,896 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Toast by 10.8% during the 4th quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company’s stock worth $1,548,186,000 after purchasing an additional 4,147,430 shares in the last quarter. 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.