Rothschild & Co Redburn cut shares of Toast (NYSE:TOST – Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning,Zacks.com reports.
TOST has been the subject of several other research reports. Wells Fargo & Company dropped their price target on Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. UBS Group decreased their target price on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a report on Friday. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Toast in a research report on Friday. Loop Capital began coverage on shares of Toast in a research report on Tuesday, March 31st. They set a “hold” rating and a $26.00 price target for the company. Finally, Canaccord Genuity Group set a $37.00 target price on Toast in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Toast has a consensus rating of “Moderate Buy” and a consensus target price of $37.84.
Check Out Our Latest Research Report on TOST
Toast Stock Down 3.9%
Toast (NYSE:TOST – Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. Toast had a return on equity of 20.86% and a net margin of 6.39%.The business’s revenue was up 22.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. Equities research analysts expect that Toast will post 0.81 EPS for the current fiscal year.
Toast declared that its Board of Directors has initiated a share buyback program on Thursday, February 12th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.
Insider Activity at Toast
In other Toast news, CFO Elena Gomez sold 8,929 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $233,850.51. Following the transaction, the chief financial officer owned 173,064 shares of the company’s stock, valued at approximately $4,532,546.16. This trade represents a 4.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Brian R. Elworthy sold 3,664 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $95,960.16. Following the completion of the transaction, the general counsel owned 243,642 shares of the company’s stock, valued at $6,380,983.98. This trade represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 39,783 shares of company stock valued at $1,041,917. 12.14% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Toast
Several hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC boosted its position in shares of Toast by 1,555.5% in the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock worth $578,000 after buying an additional 16,379 shares during the period. Cerity Partners LLC lifted its stake in Toast by 24.0% in the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock worth $3,613,000 after acquiring an additional 15,774 shares in the last quarter. State Street Corp boosted its position in Toast by 2.7% during the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company’s stock worth $408,039,000 after acquiring an additional 245,276 shares during the period. Frontier Capital Management Co. LLC purchased a new position in Toast during the 2nd quarter valued at about $4,479,000. Finally, Sei Investments Co. increased its holdings in shares of Toast by 24.6% in the 2nd quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock valued at $45,619,000 after purchasing an additional 203,404 shares during the period. Institutional investors and hedge funds own 82.91% of the company’s stock.
About Toast
Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.
Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.
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