The Goldman Sachs Group Cuts Toast (NYSE:TOST) Price Target to $31.00

Toast (NYSE:TOST) had its price objective decreased by The Goldman Sachs Group from $43.00 to $31.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 11.70% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group set a $35.00 target price on shares of Toast in a research report on Friday. DA Davidson set a $33.00 price objective on Toast and gave the company a “neutral” rating in a research note on Tuesday. Wolfe Research downgraded Toast from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 8th. Needham & Company LLC lowered their price target on Toast from $60.00 to $35.00 and set a “buy” rating for the company in a report on Friday. Finally, Canaccord Genuity Group set a $37.00 price objective on Toast in a research note on Friday. Seventeen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.71.

Toast Stock Up 1.5%

Shares of NYSE TOST traded up $0.42 during trading on Tuesday, reaching $27.75. 9,814,950 shares of the stock were exchanged, compared to its average volume of 12,450,960. The business’s 50-day moving average price is $33.40 and its 200 day moving average price is $36.97. The company has a market capitalization of $16.32 billion, a price-to-earnings ratio of 51.20 and a beta of 1.93. Toast has a twelve month low of $25.91 and a twelve month high of $49.66.

Toast (NYSE:TOST) last announced its earnings results on Thursday, February 12th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. Toast had a net margin of 5.56% and a return on equity of 18.86%. The business’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.05 earnings per share. As a group, sell-side analysts expect that Toast will post 0.39 earnings per share for the current fiscal year.

Toast declared that its board has approved a stock repurchase program on Thursday, February 12th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Toast

In other Toast news, CRO Jonathan Vassil sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $44,114.36. Following the completion of the transaction, the executive owned 139,893 shares in the company, valued at approximately $4,244,353.62. The trade was a 1.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Aman Narang sold 1,648 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total value of $50,000.32. Following the transaction, the chief executive officer directly owned 340,723 shares in the company, valued at $10,337,535.82. This trade represents a 0.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 100,856 shares of company stock valued at $3,540,449. Company insiders own 12.14% of the company’s stock.

Institutional Trading of Toast

A number of hedge funds and other institutional investors have recently made changes to their positions in TOST. Allianz Asset Management GmbH lifted its position in Toast by 322.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company’s stock worth $13,245,000 after buying an additional 276,803 shares in the last quarter. K.J. Harrison & Partners Inc bought a new position in shares of Toast in the 2nd quarter valued at approximately $1,329,000. Candriam S.C.A. lifted its stake in shares of Toast by 10.9% in the third quarter. Candriam S.C.A. now owns 602,200 shares of the company’s stock worth $21,986,000 after buying an additional 59,045 shares during the last quarter. Nordea Investment Management AB lifted its position in Toast by 49.5% during the 3rd quarter. Nordea Investment Management AB now owns 138,619 shares of the company’s stock worth $4,988,000 after acquiring an additional 45,898 shares during the last quarter. Finally, Reliant Investment Partners LLC acquired a new position in shares of Toast during the 2nd quarter worth about $472,000. 82.91% of the stock is currently owned by institutional investors.

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.