Needham & Company LLC Lowers Toast (NYSE:TOST) Price Target to $20.00

Toast (NYSE:TOST) had its target price cut by investment analysts at Needham & Company LLC from $31.00 to $20.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 43.63% from the company’s current price.

TOST has been the subject of a number of other reports. Jefferies Financial Group initiated coverage on shares of Toast in a research report on Tuesday, July 11th. They set a “buy” rating and a $28.00 price objective for the company. Stephens lifted their price objective on shares of Toast from $22.00 to $25.00 in a research report on Wednesday, August 9th. UBS Group reissued a “buy” rating and set a $24.00 target price on shares of Toast in a report on Friday, October 20th. Credit Suisse Group lifted their target price on Toast from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, August 9th. Finally, DA Davidson lifted their target price on Toast from $25.00 to $27.00 in a report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $20.89.

Toast Trading Down 6.5 %

NYSE:TOST opened at $13.93 on Wednesday. Toast has a 1-year low of $13.85 and a 1-year high of $27.00. The firm has a fifty day simple moving average of $18.39 and a 200 day simple moving average of $20.43. The stock has a market capitalization of $7.46 billion, a PE ratio of -22.10 and a beta of 1.77.

Toast (NYSE:TOST) last released its quarterly earnings data on Tuesday, November 7th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. Toast had a negative net margin of 8.59% and a negative return on equity of 28.31%. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the business posted ($0.19) earnings per share. The company’s revenue for the quarter was up 37.2% compared to the same quarter last year. On average, equities analysts predict that Toast will post -0.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Christopher P. Comparato sold 3,533 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $17.12, for a total transaction of $60,484.96. Following the sale, the chief executive officer now directly owns 163,320 shares in the company, valued at $2,796,038.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Christopher P. Comparato sold 3,533 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $17.12, for a total transaction of $60,484.96. Following the sale, the chief executive officer now directly owns 163,320 shares in the company, valued at $2,796,038.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Elena Gomez sold 1,812 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $17.12, for a total value of $31,021.44. Following the completion of the sale, the chief financial officer now owns 152,199 shares in the company, valued at $2,605,646.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 460,322 shares of company stock valued at $9,288,512. 13.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Toast

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC boosted its holdings in Toast by 2.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 18,958 shares of the company’s stock valued at $428,000 after acquiring an additional 482 shares during the last quarter. Advisor Group Holdings Inc. boosted its holdings in Toast by 4.3% in the fourth quarter. Advisor Group Holdings Inc. now owns 12,738 shares of the company’s stock valued at $229,000 after acquiring an additional 530 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of Toast by 2.6% during the 3rd quarter. Brown Advisory Inc. now owns 26,861 shares of the company’s stock worth $503,000 after buying an additional 675 shares in the last quarter. Summit Trail Advisors LLC boosted its holdings in shares of Toast by 0.7% during the 1st quarter. Summit Trail Advisors LLC now owns 101,405 shares of the company’s stock worth $1,800,000 after buying an additional 712 shares in the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of Toast by 5.1% during the 4th quarter. Raymond James & Associates now owns 14,889 shares of the company’s stock worth $268,000 after buying an additional 725 shares in the last quarter. 60.29% of the stock is currently owned by institutional investors.

About Toast

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast POS, a software module that integrates payment processing with point of sale functionality; Toast Invoicing that allows restaurants to send invoices and collect payment; Toast Mobile Order & Pay, which allows guests to scan a QR code to browse the menu, order, and pay from mobile; Kitchen Display System software that connects the house with the kitchen staff; and Multi-Location Management, a tool to manage operations and configure menus across multiple locations and channels.