William Blair Comments on Toast, Inc.’s Q3 2024 Earnings (NYSE:TOST)

Toast, Inc. (NYSE:TOST) – Equities researchers at William Blair issued their Q3 2024 EPS estimates for Toast in a report released on Wednesday, May 8th. William Blair analyst S. Sheldon anticipates that the company will post earnings of $0.01 per share for the quarter. The consensus estimate for Toast’s current full-year earnings is ($0.22) per share.

Toast (NYSE:TOST) last issued its earnings results 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 return on equity of 21.77% and a negative net margin of 6.36%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the business earned ($0.16) EPS. The business’s revenue for the quarter was up 31.3% compared to the same quarter last year.

A number of other equities research analysts have also recently weighed in on the company. Royal Bank of Canada upped their price objective on Toast from $23.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Wells Fargo & Company increased their price target on shares of Toast from $17.00 to $19.00 and gave the company an “underweight” rating in a research report on Wednesday. The Goldman Sachs Group lifted their price objective on shares of Toast from $26.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Mizuho increased their target price on shares of Toast from $17.00 to $21.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Toast from $25.00 to $26.00 and gave the stock a “market perform” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Toast has an average rating of “Hold” and an average price target of $25.80.

Toast Price Performance

Shares of NYSE:TOST opened at $26.82 on Thursday. The firm has a 50 day moving average of $23.79 and a 200 day moving average of $19.62. The company has a market capitalization of $12.10 billion, a price-to-earnings ratio of -52.59 and a beta of 1.77. Toast has a 52 week low of $13.77 and a 52 week high of $27.57.

Institutional Trading of Toast

Several institutional investors and hedge funds have recently made changes to their positions in the company. Morgan Stanley grew its position in Toast by 149.3% in the 3rd 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 last quarter. Norges Bank purchased a new position in Toast during the fourth quarter worth about $76,699,000. Meritage Group LP purchased a new position in Toast during the fourth quarter worth about $70,270,000. Vanguard Group Inc. lifted its position in Toast by 11.1% in the third quarter. Vanguard Group Inc. now owns 35,079,123 shares of the company’s stock valued at $657,032,000 after purchasing an additional 3,494,579 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Toast by 69.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,600,377 shares of the company’s stock valued at $120,523,000 after purchasing an additional 2,708,597 shares in the last quarter. 82.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CRO Jonathan Vassil sold 100,000 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $25.24, for a total transaction of $2,524,000.00. Following the sale, the executive now owns 22,956 shares of the company’s stock, valued at $579,409.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CRO Jonathan Vassil sold 100,000 shares of Toast stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $25.24, for a total value of $2,524,000.00. Following the completion of the transaction, the executive now owns 22,956 shares in the company, valued at $579,409.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Stephen Fredette sold 2,272 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $23.40, for a total value of $53,164.80. Following the transaction, the president now directly owns 2,835,759 shares of the company’s stock, valued at $66,356,760.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,010 shares of company stock worth $4,711,760. Insiders own 13.32% of the company’s stock.

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.