Toast (NYSE:TOST) Board of Directors Initiates Stock Buyback Program

Toast (NYSE:TOST) announced that its Board of Directors has initiated a stock buyback program on Thursday, February 12th, RTT News reports. The company plans to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company upgraded Toast to a “strong-buy” rating in a research note on Wednesday, October 22nd. UBS Group reissued a “buy” rating on shares of Toast in a research report on Thursday, December 18th. DA Davidson reduced their price objective on shares of Toast from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 2nd. Royal Bank Of Canada set a $45.00 target price on shares of Toast in a research report on Wednesday, November 5th. Finally, Citigroup upgraded Toast to a “strong-buy” rating in a research note on Thursday, October 23rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $45.55.

Toast Trading Down 6.7%

Shares of NYSE:TOST traded down $1.89 during mid-day trading on Thursday, reaching $26.13. The company had a trading volume of 24,385,342 shares, compared to its average volume of 11,949,678. Toast has a one year low of $25.91 and a one year high of $49.66. The company’s 50-day moving average price is $33.72 and its 200-day moving average price is $37.43. The firm has a market cap of $13.46 billion, a price-to-earnings ratio of 60.77 and a beta of 1.93.

Toast (NYSE:TOST) last released its earnings results on Thursday, February 12th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 15.77% and a net margin of 4.68%.The firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.05 earnings per share. On average, research analysts anticipate that Toast will post 0.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Aman Narang sold 1,648 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total transaction of $50,000.32. Following the sale, the chief executive officer directly owned 340,723 shares in the company, valued at approximately $10,337,535.82. This represents a 0.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Brian R. Elworthy sold 3,303 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $34.38, for a total transaction of $113,557.14. Following the completion of the transaction, the general counsel directly owned 235,757 shares of the company’s stock, valued at approximately $8,105,325.66. This trade represents a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 100,856 shares of company stock worth $3,540,449 in the last quarter. 12.14% of the stock is currently owned by company insiders.

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.