Toast (NYSE:TOST) Price Target Raised to $51.00 at The Goldman Sachs Group

Key Points

• Goldman Sachs raised the price target for Toast (NYSE:TOST) from $45.00 to $51.00, indicating a potential upside of 13.48% from its previous close.
• Other analysts have also adjusted their target prices, with Morgan Stanley setting a new target of $54.00 and Needham & Company advocating a target of $60.00.
• Toast recently reported a 24.8% year-over-year revenue increase to $1.55 billion, but missed EPS expectations with a reported $0.13.

Toast (NYSE:TOST - Get Free Report) had its target price upped by stock analysts at The Goldman Sachs Group from $45.00 to $51.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. The Goldman Sachs Group's target price points to a potential upside of 13.48% from the company's previous close.

Other research analysts have also issued reports about the stock. Morgan Stanley upped their target price on shares of Toast from $50.00 to $54.00 and gave the stock an "overweight" rating in a research report on Wednesday. Keefe, Bruyette & Woods raised their price objective on Toast from $47.00 to $50.00 and gave the stock a "market perform" rating in a research note on Wednesday. Evercore ISI began coverage on Toast in a research report on Wednesday, April 9th. They set an "in-line" rating and a $29.00 price objective for the company. Needham & Company LLC upped their price objective on shares of Toast from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, DA Davidson increased their price target on Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Twelve equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Toast presently has a consensus rating of "Moderate Buy" and an average price target of $44.88.

Toast Trading Down 5.8%

NYSE:TOST traded down $2.77 during midday trading on Wednesday, reaching $44.94. The company had a trading volume of 11,918,112 shares, compared to its average volume of 7,237,549. The stock's fifty day simple moving average is $44.52 and its 200-day simple moving average is $39.85. The firm has a market capitalization of $22.38 billion, a price-to-earnings ratio of 195.40 and a beta of 2.01. Toast has a 12-month low of $22.10 and a 12-month high of $49.66.

Toast (NYSE:TOST - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.10). The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. Toast had a return on equity of 11.01% and a net margin of 3.04%. The firm's revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.02 EPS. As a group, sell-side analysts expect that Toast will post 0.39 EPS for the current year.

Insider Buying and Selling at Toast

In other Toast news, CEO Aman Narang sold 13,829 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $588,977.11. Following the sale, the chief executive officer directly owned 302,498 shares of the company's stock, valued at $12,883,389.82. The trade was a 4.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Brian R. Elworthy sold 5,681 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $42.59, for a total transaction of $241,953.79. Following the completion of the sale, the general counsel directly owned 221,767 shares in the company, valued at $9,445,056.53. This trade represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 466,131 shares of company stock worth $20,048,851. 13.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TOST. Ameritas Advisory Services LLC purchased a new stake in Toast during the second quarter valued at approximately $31,000. REAP Financial Group LLC increased its position in 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 buying an additional 506 shares in the last quarter. Motco acquired a new stake in Toast in the second quarter worth about $44,000. Whipplewood Advisors LLC grew its stake in shares of Toast by 2,356.1% during the second quarter. Whipplewood Advisors LLC now owns 1,007 shares of the company's stock worth $45,000 after acquiring an additional 966 shares during the last quarter. Finally, Cullen Frost Bankers Inc. increased its holdings in shares of Toast by 1,383.8% during the second quarter. Cullen Frost Bankers Inc. now owns 1,009 shares of the company's stock valued at $45,000 after acquiring an additional 941 shares in the last quarter. Hedge funds and other 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.

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