Toast (NYSE:TOST) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Toast (NYSE:TOST) in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a $30.00 price objective on the stock.

Other analysts have also recently issued research reports about the company. Robert W. Baird cut Toast from an outperform rating to a neutral rating and set a $28.00 target price on the stock. in a research report on Tuesday, May 21st. Royal Bank of Canada lifted their target price on Toast from $23.00 to $27.00 and gave the company a sector perform rating in a research note on Wednesday, May 8th. Wells Fargo & Company increased their price target on shares of Toast from $17.00 to $19.00 and gave the company an underweight rating in a research report on Wednesday, May 8th. Keefe, Bruyette & Woods restated a market perform rating and issued a $26.00 price target on shares of Toast in a report on Wednesday, May 29th. Finally, Piper Sandler boosted their price objective on shares of Toast from $20.00 to $25.00 and gave the stock a neutral rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $28.00.

Toast Price Performance

NYSE:TOST opened at $23.63 on Wednesday. Toast has a 1-year low of $13.77 and a 1-year high of $27.90. The company has a 50-day moving average of $24.73 and a 200 day moving average of $23.61. The firm has a market cap of $10.70 billion, a PE ratio of -47.26 and a beta of 1.76.

Toast (NYSE:TOST) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. Toast had a negative net margin of 3.10% and a negative return on equity of 11.51%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the business posted ($0.19) EPS. The company’s quarterly revenue was up 27.0% compared to the same quarter last year. Sell-side analysts anticipate that Toast will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling at Toast

In other news, President Stephen Fredette sold 3,810 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total value of $97,688.40. Following the completion of the transaction, the president now directly owns 2,847,315 shares in the company, valued at $73,005,156.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Aman Narang sold 6,355 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $25.64, for a total value of $162,942.20. Following the sale, the chief executive officer now directly owns 1,131,043 shares of the company’s stock, valued at approximately $28,999,942.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Stephen Fredette sold 3,810 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total transaction of $97,688.40. Following the completion of the sale, the president now owns 2,847,315 shares in the company, valued at approximately $73,005,156.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 368,352 shares of company stock worth $9,381,482. 13.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Toast

Hedge funds have recently added to or reduced their stakes in the business. West Branch Capital LLC acquired a new position in shares of Toast in the 2nd quarter valued at about $26,000. LRI Investments LLC acquired a new position in Toast in the first quarter valued at approximately $27,000. Principal Securities Inc. purchased a new stake in Toast in the 4th quarter worth approximately $30,000. Cape Investment Advisory Inc. purchased a new stake in Toast in the 4th quarter worth approximately $31,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Toast during the 2nd quarter worth approximately $33,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Toast Company Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.