Piper Sandler upgraded shares of Toast (NYSE:TOST – Free Report) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.
Other equities research analysts have also issued reports about the company. Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Jefferies Financial Group set a $35.00 price target on Toast in a research report on Friday, February 13th. Needham & Company LLC dropped their price target on Toast from $60.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Canaccord Genuity Group set a $37.00 price target on Toast in a research report on Friday, February 13th. Finally, Oppenheimer reissued an “outperform” rating and set a $36.00 price target on shares of Toast in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.62.
Toast Trading Up 1.3%
Toast declared that its board has initiated a stock buyback program on Thursday, February 12th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Insider Buying and Selling
In other news, President Stephen Fredette sold 7,289 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $190,898.91. Following the completion of the transaction, the president owned 920,985 shares of the company’s stock, valued at approximately $24,120,597.15. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Jonathan Vassil sold 6,438 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $168,611.22. Following the completion of the transaction, the executive directly owned 146,618 shares of the company’s stock, valued at approximately $3,839,925.42. The trade was a 4.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 147,783 shares of company stock valued at $3,838,037. Company insiders own 10.03% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the business. Capital International Investors grew its stake in shares of Toast by 7.4% in the third quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after purchasing an additional 3,351,545 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Toast by 0.8% in the third quarter. Vanguard Group Inc. now owns 44,764,157 shares of the company’s stock worth $1,634,339,000 after purchasing an additional 352,435 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Toast by 1.0% in the fourth quarter. Jennison Associates LLC now owns 15,157,955 shares of the company’s stock worth $538,259,000 after purchasing an additional 157,394 shares in the last quarter. Morgan Stanley grew its stake in shares of Toast by 6.7% in the fourth quarter. Morgan Stanley now owns 10,372,626 shares of the company’s stock worth $368,332,000 after purchasing an additional 653,487 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Toast by 3.0% in the fourth quarter. State Street Corp now owns 9,820,594 shares of the company’s stock worth $348,729,000 after purchasing an additional 282,282 shares in the last quarter. Institutional investors 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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