Toast (NYSE:TOST) Price Target Raised to $30.00 at Morgan Stanley

Toast (NYSE:TOST) had its price target boosted by equities research analysts at Morgan Stanley from $29.00 to $30.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 30.10% from the stock’s current price.

A number of other research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 target price on shares of Toast in a report on Wednesday, May 29th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 target price on shares of Toast in a report on Wednesday. Wedbush restated an “outperform” rating and set a $30.00 price objective on shares of Toast in a research note on Thursday, May 30th. Mizuho upgraded Toast from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $21.00 to $33.00 in a research note on Thursday, July 18th. Finally, Piper Sandler boosted their price objective on Toast from $20.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Toast has an average rating of “Hold” and a consensus price target of $27.55.

Toast Price Performance

Toast stock traded down $1.13 during mid-day trading on Wednesday, hitting $23.06. 10,583,370 shares of the company were exchanged, compared to its average volume of 7,870,517. The company has a market capitalization of $10.45 billion, a P/E ratio of -47.34 and a beta of 1.76. Toast has a 12-month low of $13.77 and a 12-month high of $27.90. The business’s 50 day simple moving average is $24.76 and its two-hundred day simple moving average is $23.53.

Toast (NYSE:TOST) last issued its earnings results on Tuesday, August 6th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. Toast had a negative return on equity of 21.45% and a negative net margin of 6.02%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the firm earned ($0.19) earnings per share. The firm’s revenue for the quarter was up 27.0% compared to the same quarter last year. Equities research analysts predict that Toast will post -0.14 earnings per share for the current year.

Insider Transactions at Toast

In other news, CEO Aman Narang sold 6,355 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total transaction of $162,942.20. Following the completion of the transaction, the chief executive officer now directly owns 1,131,043 shares in the company, valued at $28,999,942.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Toast news, General Counsel Brian R. Elworthy sold 2,573 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $25.64, for a total value of $65,971.72. Following the completion of the sale, the general counsel now directly owns 170,531 shares in the company, valued at $4,372,414.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Aman Narang sold 6,355 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $25.64, for a total value of $162,942.20. Following the completion of the sale, the chief executive officer now owns 1,131,043 shares of the company’s stock, valued at $28,999,942.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 368,352 shares of company stock worth $9,381,482. Company insiders own 13.32% of the company’s stock.

Hedge Funds Weigh In On Toast

Hedge funds have recently modified their holdings of the stock. Park Avenue Securities LLC boosted its holdings in Toast by 1.0% in the first quarter. Park Avenue Securities LLC now owns 43,357 shares of the company’s stock worth $1,080,000 after purchasing an additional 436 shares in the last quarter. Wellington Shields & Co. LLC lifted its stake in shares of Toast by 3.1% in the first quarter. Wellington Shields & Co. LLC now owns 16,700 shares of the company’s stock valued at $416,000 after buying an additional 500 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Toast by 8.4% in the second quarter. Parkside Financial Bank & Trust now owns 6,742 shares of the company’s stock valued at $174,000 after buying an additional 520 shares during the period. Comerica Bank lifted its stake in shares of Toast by 10.9% in the first quarter. Comerica Bank now owns 6,167 shares of the company’s stock valued at $154,000 after buying an additional 607 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in Toast by 5.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,985 shares of the company’s stock worth $255,000 after purchasing an additional 774 shares in the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

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.