Toast (NYSE:TOST) Given New $28.00 Price Target at Canaccord Genuity Group

Toast (NYSE:TOST) had its target price increased by equities research analysts at Canaccord Genuity Group from $22.00 to $28.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 3.86% from the company’s previous close.

Other analysts also recently issued research reports about the company. BNP Paribas raised Toast from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a research note on Thursday, March 7th. Robert W. Baird lifted their price objective on shares of Toast from $24.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Mizuho reiterated a “neutral” rating and issued a $17.00 target price on shares of Toast in a research report on Wednesday, March 27th. UBS Group boosted their price target on shares of Toast from $22.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Finally, Redburn Atlantic raised shares of Toast from a “neutral” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.15.

Toast Price Performance

Shares of TOST stock traded up $3.23 during trading hours on Wednesday, reaching $26.96. The stock had a trading volume of 17,262,937 shares, compared to its average volume of 8,113,715. The firm has a market capitalization of $12.17 billion, a PE ratio of -51.53 and a beta of 1.77. The firm has a 50-day simple moving average of $23.63 and a 200-day simple moving average of $19.52. Toast has a twelve month low of $13.77 and a twelve month high of $27.31.

Toast (NYSE:TOST) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.15) EPS for the quarter, meeting the consensus estimate of ($0.15). The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.04 billion. Toast had a negative net margin of 6.36% and a negative return on equity of 21.77%. Toast’s revenue was up 31.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.16) earnings per share. On average, equities analysts anticipate that Toast will post -0.22 earnings per share for the current year.

Insider Transactions at Toast

In other Toast news, CRO Jonathan Vassil sold 100,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $25.24, for a total transaction of $2,524,000.00. Following the completion of the sale, the executive now directly owns 22,956 shares of the company’s stock, valued at $579,409.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Toast news, CRO Jonathan Vassil sold 100,000 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $25.24, for a total transaction of $2,524,000.00. Following the sale, the executive now directly owns 22,956 shares of the company’s stock, valued at approximately $579,409.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Stephen Fredette sold 2,272 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total value of $53,164.80. Following the completion of the sale, the president now directly owns 2,835,759 shares of the company’s stock, valued at approximately $66,356,760.60. The disclosure for this sale can be found here. Insiders have sold 180,510 shares of company stock valued at $4,381,885 over the last three months. Company insiders own 13.32% of the company’s stock.

Institutional Investors Weigh In On Toast

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TOST. Morgan Stanley increased its stake in shares of Toast by 149.3% in the third quarter. Morgan Stanley now owns 12,007,286 shares of the company’s stock worth $224,896,000 after acquiring an additional 7,191,595 shares during the last quarter. Norges Bank purchased a new position in Toast in the fourth quarter valued at about $76,699,000. Meritage Group LP acquired a new position in Toast in the 4th quarter worth about $70,270,000. Vanguard Group Inc. increased its position in Toast by 11.1% in the 3rd quarter. Vanguard Group Inc. now owns 35,079,123 shares of the company’s stock worth $657,032,000 after purchasing an additional 3,494,579 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Toast by 69.6% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,600,377 shares of the company’s stock worth $120,523,000 after purchasing an additional 2,708,597 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

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.