Toast (NYSE:TOST) Releases Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Toast (NYSE:TOST) released its earnings results on Tuesday. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.06), FiscalAI reports. The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Toast had a return on equity of 20.86% and a net margin of 6.39%.

Toast Stock Up 3.6%

TOST stock traded up $1.18 during trading on Tuesday, hitting $33.97. The company had a trading volume of 16,205,811 shares, compared to its average volume of 11,759,724. Toast has a 52-week low of $22.26 and a 52-week high of $49.66. The company has a 50 day simple moving average of $27.66 and a 200-day simple moving average of $27.84. The firm has a market capitalization of $17.53 billion, a P/E ratio of 52.26 and a beta of 1.72.

Analysts Set New Price Targets

A number of equities analysts recently commented on TOST shares. The Goldman Sachs Group raised Toast from a “neutral” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Thursday, July 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Toast in a report on Wednesday, May 20th. Truist Financial increased their target price on Toast from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Robert W. Baird raised their target price on shares of Toast from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Finally, Wall Street Zen downgraded shares of Toast from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Toast presently has a consensus rating of “Moderate Buy” and an average price target of $37.27.

Insider Transactions at Toast

In other Toast news, CFO Elena Gomez sold 11,605 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $334,804.25. Following the sale, the chief financial officer owned 185,150 shares of the company’s stock, valued at approximately $5,341,577.50. This trade represents a 5.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Brian R. Elworthy sold 6,352 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total transaction of $183,255.20. Following the completion of the transaction, the general counsel owned 196,909 shares of the company’s stock, valued at $5,680,824.65. This represents a 3.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 159,265 shares of company stock valued at $4,278,832 in the last ninety days. Corporate insiders own 10.03% of the company’s stock.

Institutional Trading of Toast

Institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC grew its holdings in Toast by 1,555.5% during the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock worth $578,000 after acquiring an additional 16,379 shares during the period. Cerity Partners LLC boosted its position 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 purchasing an additional 15,774 shares in the last quarter. State Street Corp grew its stake in shares of 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 purchasing an additional 245,276 shares during the period. Frontier Capital Management Co. LLC acquired a new stake in shares of Toast during the 2nd quarter worth approximately $4,479,000. Finally, Sei Investments Co. increased its holdings in shares of Toast by 24.6% during 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 in the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Toast Company Profile

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.