Toast (NYSE:TOST) Coverage Initiated at Citigroup

Key Points

• Citigroup initiated coverage on Toast (NYSE:TOST) with a "buy" rating and a price target of $51.00, indicating a potential upside of 33.70%.
• Currently, the stock has an average rating of "Moderate Buy" from analysts, with a consensus price target of $46.30.
• In the latest quarterly earnings report, Toast missed EPS estimates, reporting $0.13 per share against the expected $0.23, although revenue grew 24.8% year-over-year.

Analysts at Citigroup assumed coverage on shares of Toast (NYSE:TOST - Get Free Report) in a note issued to investors on Wednesday,Benzinga reports. The firm set a "buy" rating and a $51.00 price target on the stock. Citigroup's price objective would suggest a potential upside of 33.70% from the stock's previous close.

A number of other research analysts also recently issued reports on TOST. DA Davidson upped their price objective on Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Morgan Stanley increased their price target on Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. The Goldman Sachs Group cut their price target on Toast from $51.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, October 13th. Keefe, Bruyette & Woods cut their price target on Toast from $50.00 to $42.00 and set a "market perform" rating for the company in a research note on Wednesday, October 1st. Finally, Robert W. Baird cut their price target on Toast from $48.00 to $36.00 and set a "neutral" rating for the company in a research note on Monday, October 6th. Fifteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $46.30.

Toast Trading Down 1.1%

Toast stock traded down $0.41 during trading on Wednesday, hitting $38.15. 5,428,091 shares of the company were exchanged, compared to its average volume of 7,525,050. The business's 50 day moving average is $40.00 and its 200 day moving average is $41.03. Toast has a 52 week low of $28.12 and a 52 week high of $49.66. The company has a market capitalization of $19.45 billion, a P/E ratio of 112.19 and a beta of 1.94.

Toast (NYSE:TOST - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.52 billion. Toast had a net margin of 4.07% and a return on equity of 14.19%. The firm's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.02 EPS. Equities analysts expect that Toast will post 0.39 EPS for the current year.

Insider Buying and Selling at Toast

In other Toast news, President Stephen Fredette sold 7,550 shares of the firm's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $268,478.00. Following the sale, the president owned 898,475 shares of the company's stock, valued at $31,949,771. This trade represents a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Aman Narang sold 13,652 shares of the firm'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 $485,465.12. Following the completion of the sale, the chief executive officer directly owned 318,150 shares in the company, valued at approximately $11,313,414. The trade was a 4.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,196 shares of company stock worth $2,398,513 in the last three months. 12.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Toast

Institutional investors and hedge funds have recently modified their holdings of the business. RiverPark Advisors LLC purchased a new stake in shares of Toast in the 2nd quarter valued at about $30,000. Ameritas Advisory Services LLC bought a new position in shares of Toast during the 2nd quarter valued at about $31,000. REAP Financial Group LLC increased its position in shares of Toast by 173.3% during the 2nd quarter. REAP Financial Group LLC now owns 798 shares of the company's stock valued at $35,000 after purchasing an additional 506 shares during the last quarter. Alpine Bank Wealth Management bought a new position in shares of Toast during the 3rd quarter valued at about $30,000. Finally, Motco bought a new position in shares of Toast during the 2nd quarter valued at about $44,000. Hedge funds and other institutional investors own 82.91% 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.

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