DA Davidson Issues Positive Forecast for Toast (NYSE:TOST) Stock Price

Toast (NYSE:TOST) had its target price increased by stock analysts at DA Davidson from $30.00 to $34.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price objective would suggest a potential downside of 3.86% from the company’s previous close.

Several other analysts also recently weighed in on TOST. Royal Bank Of Canada boosted their price target on shares of Toast from $31.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 5th. Piper Sandler lifted their price objective on Toast from $32.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Zacks Research cut Toast from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Wells Fargo & Company raised their price target on Toast from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Seventeen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Toast has an average rating of “Moderate Buy” and an average price target of $38.77.

Toast Stock Performance

NYSE:TOST traded up $0.89 during mid-day trading on Monday, reaching $35.37. The stock had a trading volume of 5,892,929 shares, compared to its average volume of 11,789,398. The firm has a 50 day moving average price of $28.44 and a two-hundred day moving average price of $27.86. The stock has a market capitalization of $18.18 billion, a P/E ratio of 45.35 and a beta of 1.72. Toast has a one year low of $22.26 and a one year high of $45.64.

Toast (NYSE:TOST) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.06). The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.87 billion. Toast had a net margin of 7.14% and a return on equity of 23.90%. The firm’s revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 earnings per share. Research analysts forecast that Toast will post 0.99 earnings per share for the current year.

Insider Activity at Toast

In related news, General Counsel Brian R. Elworthy sold 6,352 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $183,255.20. Following the sale, the general counsel directly owned 196,909 shares of the company’s stock, valued at $5,680,824.65. This trade represents a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Elena Gomez sold 900 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $35.02, for a total value of $31,518.00. Following the transaction, the chief financial officer owned 168,074 shares in the company, valued at approximately $5,885,951.48. This represents a 0.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 333,373 shares of company stock valued at $10,388,372 in the last quarter. 10.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Toast

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC raised its holdings in Toast by 1,555.5% in the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock worth $578,000 after purchasing an additional 16,379 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Toast by 24.0% during the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after purchasing an additional 15,774 shares in the last quarter. State Street Corp increased its position in shares of Toast by 2.7% during the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after buying an additional 245,276 shares during the period. Frontier Capital Management Co. LLC purchased a new position in shares of Toast during the second quarter valued at about $4,479,000. Finally, Sei Investments Co. raised its stake in Toast by 24.6% in the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock worth $45,619,000 after buying an additional 203,404 shares in the last quarter. Institutional investors own 82.91% of the company’s stock.

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.