Truist Financial Forecasts Strong Price Appreciation for Toast (NYSE:TOST) Stock

Key Points

• Truist Financial raised its price target on Toast from $30 to $33 and kept a buy rating, implying about 16.3% upside from the prior close.
• Analyst sentiment on Toast is still generally positive, with a Moderate Buy consensus and an average price target of $37.08, even though some firms have recently cut targets or downgraded the stock.
• Toast recently reported revenue of $1.63 billion, up 21.9% year over year, but earnings came in below expectations at $0.20 EPS versus the $0.28 estimate.

Toast (NYSE:TOST - Get Free Report) had its target price raised by investment analysts at Truist Financial from $30.00 to $33.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective indicates a potential upside of 16.28% from the stock's previous close.

TOST has been the subject of a number of other reports. Mizuho cut their price target on Toast from $45.00 to $38.00 and set an "outperform" rating for the company in a report on Tuesday, May 12th. Wall Street Zen downgraded shares of Toast from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Barclays began coverage on shares of Toast in a research report on Tuesday, July 7th. They set an "overweight" rating and a $35.00 target price on the stock. Robert W. Baird increased their price target on shares of Toast from $30.00 to $33.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Finally, Rothschild & Co Redburn restated a "neutral" rating and issued a $35.00 price target on shares of Toast in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $37.08.

Toast Stock Performance

Shares of NYSE:TOST opened at $28.38 on Friday. The stock's 50-day moving average is $26.43 and its 200-day moving average is $28.04. The company has a market cap of $14.64 billion, a P/E ratio of 43.66 and a beta of 1.74. Toast has a 52-week low of $22.26 and a 52-week high of $49.66.

Toast (NYSE:TOST - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.08). The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Toast had a return on equity of 20.86% and a net margin of 6.39%.Toast's revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.09 EPS. As a group, equities analysts predict that Toast will post 0.97 EPS for the current year.

Insider Activity at Toast

In related news, General Counsel Brian R. Elworthy sold 6,352 shares of the firm's stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $183,255.20. Following the completion of the transaction, the general counsel directly owned 196,909 shares of the company's stock, valued at $5,680,824.65. This trade represents a 3.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Jonathan Vassil sold 3,150 shares of Toast stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $30.03, for a total transaction of $94,594.50. Following the sale, the executive owned 69,966 shares in the company, valued at $2,101,078.98. This represents a 4.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 159,265 shares of company stock worth $4,278,832 in the last three months. Company insiders own 10.03% of the company's stock.

Hedge Funds Weigh In On Toast

Hedge funds have recently made changes to their positions in the business. Wynn Capital LLC increased its stake in shares of Toast by 2.1% in the 4th quarter. Wynn Capital LLC now owns 13,755 shares of the company's stock valued at $488,000 after acquiring an additional 280 shares during the last quarter. BOKF NA raised its position in shares of Toast by 4.5% in the 3rd quarter. BOKF NA now owns 8,023 shares of the company's stock valued at $293,000 after acquiring an additional 345 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in Toast by 0.5% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 67,909 shares of the company's stock worth $1,800,000 after acquiring an additional 358 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Toast by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company's stock worth $1,012,000 after acquiring an additional 380 shares during the last quarter. Finally, Seven Mile Advisory grew its holdings in Toast by 3.1% during the third quarter. Seven Mile Advisory now owns 12,689 shares of the company's stock valued at $463,000 after purchasing an additional 381 shares during the period. Institutional investors and hedge funds own 82.91% of the company's stock.

Toast Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.