The Goldman Sachs Group Raises Toast (NYSE:TOST) Price Target to $29.00

Toast (NYSE:TOST) had its price target raised by The Goldman Sachs Group from $26.00 to $29.00 in a report issued on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. Robert W. Baird upped their price target on shares of Toast from $24.00 to $28.00 and gave the stock an outperform rating in a research report on Monday. Evercore ISI began coverage on shares of Toast in a research report on Monday, March 4th. They set an outperform rating and a $32.00 target price for the company. UBS Group increased their target price on shares of Toast from $22.00 to $31.00 and gave the company a buy rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods began coverage on shares of Toast in a research report on Tuesday, April 9th. They set a market perform rating and a $25.00 target price for the company. Finally, BNP Paribas raised shares of Toast from a neutral rating to an outperform rating and set a $30.00 target price for the company in a research report on Thursday, March 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $24.32.

Toast Price Performance

Toast stock opened at $22.76 on Monday. The stock has a market cap of $9.95 billion, a price-to-earnings ratio of -44.63 and a beta of 1.79. Toast has a 1 year low of $13.77 and a 1 year high of $27.00. The firm has a 50-day moving average of $22.96 and a two-hundred day moving average of $18.99.

Toast (NYSE:TOST) last released its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. Toast had a negative net margin of 6.36% and a negative return on equity of 21.77%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the previous year, the company earned ($0.19) EPS. The firm’s quarterly revenue was up 34.7% on a year-over-year basis. Research analysts expect that Toast will post -0.22 earnings per share for the current year.

Insider Transactions at Toast

In other news, General Counsel Brian R. Elworthy sold 224,900 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $18.37, for a total value of $4,131,413.00. Following the sale, the general counsel now owns 160,340 shares in the company, valued at $2,945,445.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, General Counsel Brian R. Elworthy sold 224,900 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $18.37, for a total value of $4,131,413.00. Following the sale, the general counsel now owns 160,340 shares in the company, valued at $2,945,445.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Jonathan Vassil sold 100,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was 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 owns 22,956 shares in the company, valued at approximately $579,409.44. The disclosure for this sale can be found here. Insiders have sold 414,486 shares of company stock worth $8,662,487 over the last 90 days. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Toast

A number of hedge funds have recently added to or reduced their stakes in TOST. Altimeter Capital Management LP boosted its holdings in Toast by 3,508.4% during the first quarter. Altimeter Capital Management LP now owns 18,041,796 shares of the company’s stock worth $3,933,007,000 after buying an additional 17,541,796 shares in the last quarter. Morgan Stanley lifted its holdings in Toast by 149.3% during the third quarter. Morgan Stanley now owns 12,007,286 shares of the company’s stock valued at $224,896,000 after purchasing an additional 7,191,595 shares in the last quarter. Blue Owl Capital Holdings LP lifted its holdings in Toast by 1,726.0% during the fourth quarter. Blue Owl Capital Holdings LP now owns 5,890,274 shares of the company’s stock valued at $107,556,000 after purchasing an additional 5,567,696 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Toast by 23.6% during the third quarter. Vanguard Group Inc. now owns 27,413,189 shares of the company’s stock valued at $458,348,000 after purchasing an additional 5,232,858 shares in the last quarter. Finally, Whale Rock Capital Management LLC purchased a new position in Toast during the second quarter valued at $111,554,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

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.