Toast, Inc. (NYSE:TOST) Receives $37.84 Consensus Target Price from Analysts

Shares of Toast, Inc. (NYSE:TOST) have received an average recommendation of “Moderate Buy” from the twenty-five brokerages that are currently covering the company, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $37.84.

Several research analysts have recently issued reports on the company. Jefferies Financial Group set a $35.00 price objective on Toast in a research report on Friday, February 13th. UBS Group decreased their target price on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, May 8th. 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 note on Friday, February 13th. Wells Fargo & Company cut their price target on Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Finally, Truist Financial decreased their price objective on Toast from $36.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, May 12th.

Insiders Place Their Bets

In related news, CRO Jonathan Vassil sold 6,438 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $168,611.22. Following the transaction, the executive owned 146,618 shares of the company’s stock, valued at $3,839,925.42. This represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Stephen Fredette sold 7,289 shares of the company’s stock in a transaction that occurred 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 sale, the president owned 920,985 shares in the company, valued at approximately $24,120,597.15. This represents a 0.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 39,783 shares of company stock valued at $1,041,917. Corporate insiders own 12.14% of the company’s stock.

Institutional Investors Weigh In On Toast

A number of large investors have recently added to or reduced their stakes in the business. Capital International Investors lifted its holdings 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 valued at $1,768,256,000 after purchasing an additional 3,351,545 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Toast by 0.8% during the 3rd 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 raised its position in shares of Toast by 1.0% during the 4th 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 during the last quarter. Morgan Stanley grew its holdings in Toast by 6.7% during the 4th quarter. Morgan Stanley now owns 10,372,626 shares of the company’s stock valued at $368,332,000 after buying an additional 653,487 shares during the last quarter. Finally, State Street Corp increased its position in Toast by 3.0% during the fourth quarter. State Street Corp now owns 9,820,594 shares of the company’s stock worth $348,729,000 after buying an additional 282,282 shares in the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Stock Performance

Shares of TOST stock opened at $23.17 on Wednesday. The firm’s 50 day moving average price is $26.62 and its 200-day moving average price is $30.72. Toast has a one year low of $22.26 and a one year high of $49.66. The firm has a market cap of $11.95 billion, a P/E ratio of 35.64 and a beta of 1.81.

Toast announced that its Board of Directors has authorized a stock buyback program on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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.