Toast (NYSE:TOST) Raised to Strong-Buy at Wells Fargo & Company

Toast (NYSE:TOST) was upgraded by equities researchers at Wells Fargo & Company to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms have also recently weighed in on TOST. Morgan Stanley raised their price target on shares of Toast from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Truist Financial raised their price target on shares of Toast from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. Barclays reaffirmed an “overweight” rating on shares of Toast in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods cut their target price on Toast from $50.00 to $42.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 1st. Finally, Jefferies Financial Group lifted their price objective on shares of Toast from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Toast currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.30.

Toast Trading Up 1.9%

Shares of Toast stock opened at $38.85 on Wednesday. The business’s 50 day simple moving average is $39.79 and its 200-day simple moving average is $41.06. The stock has a market capitalization of $19.81 billion, a price-to-earnings ratio of 114.26 and a beta of 1.94. Toast has a twelve month low of $28.12 and a twelve month high of $49.66.

Toast (NYSE:TOST) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the company posted $0.02 earnings per share. The firm’s revenue for the quarter was up 24.8% compared to the same quarter last year. Sell-side analysts predict that Toast will post 0.39 earnings per share for the current year.

Insider Transactions at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 4,987 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $35.56, for a total value of $177,337.72. Following the sale, the general counsel directly owned 227,924 shares in the company, valued at approximately $8,104,977.44. The trade was a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Elena Gomez sold 9,054 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total transaction of $321,960.24. Following the completion of the sale, the chief financial officer owned 149,572 shares in the company, valued at $5,318,780.32. The trade was a 5.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 62,196 shares of company stock valued at $2,398,513 in the last quarter. 12.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Roundview Capital LLC raised its position in shares of Toast by 0.6% during the second quarter. Roundview Capital LLC now owns 43,619 shares of the company’s stock worth $1,932,000 after purchasing an additional 245 shares during the period. Cim LLC raised its holdings in Toast by 0.7% during the 2nd quarter. Cim LLC now owns 38,302 shares of the company’s stock worth $1,696,000 after buying an additional 273 shares during the period. GAMMA Investing LLC raised its holdings in Toast by 7.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,139 shares of the company’s stock worth $183,000 after buying an additional 278 shares during the period. SBI Securities Co. Ltd. raised its holdings in Toast by 29.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,257 shares of the company’s stock worth $42,000 after buying an additional 284 shares during the period. Finally, True Vision MN LLC raised its holdings in Toast by 3.6% during the 2nd quarter. True Vision MN LLC now owns 8,186 shares of the company’s stock worth $363,000 after buying an additional 285 shares during the period. Institutional investors own 82.91% of the company’s stock.

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.