Keefe, Bruyette & Woods Cuts Toast (NYSE:TOST) Price Target to $42.00

Toast (NYSE:TOST) had its price objective reduced by Keefe, Bruyette & Woods from $50.00 to $42.00 in a research report released on Wednesday,Benzinga reports. They currently have a market perform rating on the stock.

TOST has been the subject of a number of other reports. Needham & Company LLC increased their price target on shares of Toast from $50.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Morgan Stanley increased their target price on shares of Toast from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Deutsche Bank Aktiengesellschaft began coverage on Toast in a research report on Thursday, July 17th. They set a “buy” rating and a $54.00 target price on the stock. Wall Street Zen cut Toast from a “buy” rating to a “hold” rating in a report on Monday, September 22nd. Finally, Canaccord Genuity Group lifted their price objective on Toast from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Fifteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, Toast has a consensus rating of “Moderate Buy” and a consensus price target of $46.30.

Toast Stock Up 1.3%

Shares of NYSE:TOST opened at $36.58 on Wednesday. The company has a market cap of $18.66 billion, a price-to-earnings ratio of 107.60 and a beta of 1.94. The business has a 50 day moving average price of $42.32 and a 200 day moving average price of $40.78. Toast has a twelve month low of $27.65 and a twelve month high of $49.66.

Toast (NYSE:TOST) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share. Analysts anticipate that Toast will post 0.39 EPS for the current year.

Insider Buying and Selling

In other news, CRO Jonathan Vassil sold 6,530 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $232,206.80. Following the completion of the transaction, the executive directly owned 69,932 shares of the company’s stock, valued at approximately $2,486,781.92. This represents a 8.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Brian R. Elworthy sold 4,987 shares of the business’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $177,337.72. Following the completion of the sale, the general counsel directly owned 227,924 shares in the company, valued at approximately $8,104,977.44. This represents a 2.14% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,196 shares of company stock worth $2,398,513. Insiders own 12.14% of the company’s stock.

Institutional Investors Weigh In On Toast

Hedge funds have recently made changes to their positions in the company. RiverPark Advisors LLC acquired a new position in Toast during the 2nd quarter worth about $30,000. Ameritas Advisory Services LLC bought a new position in shares of Toast in the second quarter worth about $31,000. Wayfinding Financial LLC acquired a new position in shares of Toast during the first quarter worth approximately $34,000. REAP Financial Group LLC grew its stake in shares of Toast by 173.3% during the second quarter. REAP Financial Group LLC now owns 798 shares of the company’s stock valued at $35,000 after purchasing an additional 506 shares during the last quarter. Finally, Piscataqua Savings Bank increased its holdings in shares of Toast by 57.1% in the first quarter. Piscataqua Savings Bank now owns 1,100 shares of the company’s stock valued at $36,000 after purchasing an additional 400 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

About Toast

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.