Wells Fargo & Company Increases Toast (NYSE:TOST) Price Target to $19.00

Toast (NYSE:TOST) had its target price boosted by Wells Fargo & Company from $17.00 to $19.00 in a report issued on Wednesday, Benzinga reports. They currently have an underweight rating on the stock.

TOST has been the topic of several other reports. Mizuho reiterated a neutral rating and set a $17.00 price objective on shares of Toast in a research report on Wednesday, March 27th. Royal Bank of Canada reiterated a sector perform rating and set a $23.00 price objective on shares of Toast in a research report on Thursday, April 11th. Needham & Company LLC lifted their target price on shares of Toast from $26.00 to $30.00 and gave the company a buy rating in a research note on Wednesday. Robert W. Baird lifted their target price 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. Finally, The Goldman Sachs Group lifted their target price on shares of Toast from $26.00 to $29.00 and gave the company a buy rating in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $25.80.

Toast Price Performance

Toast stock remained flat at $26.82 during mid-day trading on Wednesday. 15,196,707 shares of the company’s stock traded hands, compared to its average volume of 8,284,737. The firm has a market capitalization of $12.10 billion, a PE ratio of -52.59 and a beta of 1.77. Toast has a 12-month low of $13.77 and a 12-month high of $27.57. The firm’s fifty day simple moving average is $23.71 and its two-hundred day simple moving average is $19.57.

Toast (NYSE:TOST) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.15) earnings per share for the quarter, hitting the consensus estimate of ($0.15). Toast had a negative net margin of 6.36% and a negative return on equity of 21.77%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the company posted ($0.16) EPS. The company’s quarterly revenue was up 31.3% compared to the same quarter last year. As a group, analysts anticipate that Toast will post -0.22 earnings per share for the current year.

Insider Transactions at Toast

In related news, President Stephen Fredette sold 2,272 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $23.40, for a total value of $53,164.80. Following the sale, the president now owns 2,835,759 shares of the company’s stock, valued at $66,356,760.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Toast news, CEO Aman Narang sold 2,471 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $23.40, for a total value of $57,821.40. Following the transaction, the chief executive officer now directly owns 1,114,454 shares in the company, valued at $26,078,223.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, President Stephen Fredette sold 2,272 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $23.40, for a total transaction of $53,164.80. Following the completion of the transaction, the president now owns 2,835,759 shares in the company, valued at $66,356,760.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 180,510 shares of company stock worth $4,381,885. 13.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Toast

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Toast by 4.6% during the fourth quarter. Vanguard Group Inc. now owns 36,677,371 shares of the company’s stock worth $669,729,000 after purchasing an additional 1,598,248 shares in the last quarter. Capital International Investors lifted its holdings in Toast by 9.1% in the fourth quarter. Capital International Investors now owns 29,349,685 shares of the company’s stock valued at $535,925,000 after buying an additional 2,449,778 shares during the period. HMI Capital Management L.P. lifted its holdings in Toast by 5.6% in the fourth quarter. HMI Capital Management L.P. now owns 15,189,265 shares of the company’s stock valued at $277,356,000 after buying an additional 808,244 shares during the period. Morgan Stanley lifted its holdings in Toast by 149.3% in the third quarter. Morgan Stanley now owns 12,007,286 shares of the company’s stock valued at $224,896,000 after buying an additional 7,191,595 shares during the period. Finally, Abdiel Capital Advisors LP lifted its holdings in Toast by 0.3% in the fourth quarter. Abdiel Capital Advisors LP now owns 10,913,464 shares of the company’s stock valued at $199,280,000 after buying an additional 37,091 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

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.