Royal Bank of Canada Raises Toast (NYSE:TOST) Price Target to $27.00

Toast (NYSE:TOST - Get Free Report) had its price objective raised by research analysts at Royal Bank of Canada from $23.00 to $27.00 in a report released on Wednesday, Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank of Canada's price target would suggest a potential upside of 0.67% from the company's current price.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company upped their price target on Toast from $17.00 to $19.00 and gave the stock an "underweight" rating in a research note on Wednesday. Mizuho reiterated a "neutral" rating and issued a $17.00 price objective on shares of Toast in a report on Wednesday, March 27th. The Goldman Sachs Group raised their target price on Toast from $26.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, April 15th. Canaccord Genuity Group lifted their price target on shares of Toast from $22.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, BNP Paribas raised shares of Toast from a "neutral" rating to an "outperform" rating and set a $30.00 price objective for the company in a report on Thursday, March 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $25.35.

Toast Stock Performance

NYSE:TOST traded up $3.09 during mid-day trading on Wednesday, hitting $26.82. 25,112,657 shares of the company's stock traded hands, compared to its average volume of 8,205,683. The firm's 50 day simple moving average is $23.71 and its 200 day simple moving average is $19.57. The company has a market cap of $12.10 billion, a PE ratio of -52.59 and a beta of 1.77. Toast has a 1 year low of $13.77 and a 1 year high of $27.31.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.15) EPS for the quarter, hitting analysts' consensus estimates of ($0.15). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.04 billion. Toast had a negative net margin of 6.36% and a negative return on equity of 21.77%. The company's quarterly revenue was up 31.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.16) earnings per share. On average, research analysts expect that Toast will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Toast news, CRO Jonathan Vassil sold 100,000 shares of the business's stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $25.24, for a total transaction of $2,524,000.00. Following the completion of the transaction, the executive now owns 22,956 shares in the company, valued at approximately $579,409.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CRO Jonathan Vassil sold 100,000 shares of the company's 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 sale, the executive now directly owns 22,956 shares of the company's stock, valued at approximately $579,409.44. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Michael Matlock sold 4,151 shares of the firm's stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $23.19, for a total transaction of $96,261.69. Following the transaction, the insider now owns 46,510 shares in the company, valued at approximately $1,078,566.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,510 shares of company stock worth $4,381,885. Insiders own 13.32% of the company's stock.

Institutional Trading of Toast

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Morgan Stanley increased its holdings in shares of Toast by 149.3% in the third 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 in the last quarter. Norges Bank acquired a new stake in shares of Toast during the fourth quarter worth $76,699,000. Meritage Group LP purchased a new stake in shares of Toast during the fourth quarter valued at $70,270,000. Vanguard Group Inc. boosted its position in shares of Toast by 11.1% in the 3rd 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. increased its stake 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 worth $120,523,000 after purchasing an additional 2,708,597 shares in the last quarter. 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.