Toast (NYSE:TOST) Given New $45.00 Price Target at Mizuho

Toast (NYSE:TOST) had its price target cut by Mizuho from $57.00 to $45.00 in a research note released on Tuesday, Marketbeat.com reports. They currently have an outperform rating on the stock.

Several other research analysts also recently weighed in on the company. DA Davidson cut their price target on Toast from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 2nd. UBS Group set a $40.00 target price on shares of Toast in a research report on Friday. Wolfe Research lowered shares of Toast from an “outperform” rating to a “peer perform” rating in a research report on Thursday, January 8th. Royal Bank Of Canada set a $45.00 price objective on shares of Toast in a report on Wednesday, November 5th. Finally, Needham & Company LLC reduced their price objective on shares of Toast from $60.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $40.71.

Toast Stock Up 1.1%

Shares of TOST stock opened at $27.62 on Tuesday. The firm has a market cap of $16.24 billion, a P/E ratio of 51.15 and a beta of 1.93. The company has a 50 day moving average of $33.27 and a 200-day moving average of $36.83. Toast has a 12-month low of $25.91 and a 12-month high of $49.66.

Toast (NYSE:TOST) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.08). Toast had a net margin of 5.56% and a return on equity of 18.86%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the company posted $0.05 EPS. Toast’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, equities analysts expect that Toast will post 0.39 EPS for the current year.

Toast announced that its board has authorized a stock repurchase plan on Thursday, February 12th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, General Counsel Brian R. Elworthy sold 3,303 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $34.38, for a total value of $113,557.14. Following the transaction, the general counsel directly owned 235,757 shares in the company, valued at approximately $8,105,325.66. This represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Jonathan Vassil sold 1,454 shares of Toast stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total transaction of $44,114.36. Following the sale, the executive owned 139,893 shares of the company’s stock, valued at approximately $4,244,353.62. The trade was a 1.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 100,856 shares of company stock worth $3,540,449. Company insiders own 12.14% of the company’s stock.

Hedge Funds Weigh In On Toast

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allianz Asset Management GmbH boosted its holdings in Toast by 322.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company’s stock worth $13,245,000 after buying an additional 276,803 shares during the period. K.J. Harrison & Partners Inc purchased a new position in shares of Toast in the second quarter valued at about $1,329,000. Candriam S.C.A. boosted its stake in shares of Toast by 10.9% in the third quarter. Candriam S.C.A. now owns 602,200 shares of the company’s stock worth $21,986,000 after acquiring an additional 59,045 shares during the period. Nordea Investment Management AB boosted its stake in shares of Toast by 49.5% in the third quarter. Nordea Investment Management AB now owns 138,619 shares of the company’s stock worth $4,988,000 after acquiring an additional 45,898 shares during the period. Finally, Reliant Investment Partners LLC purchased a new stake in shares of Toast during the second quarter worth about $472,000. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

About Toast

Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.

Toast’s product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.