Toast (NYSE:TOST) Given New $43.00 Price Target at Truist Financial

Toast (NYSE:TOST) had its price target dropped by equities researchers at Truist Financial from $47.00 to $43.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 17.71% from the stock’s previous close.

TOST has been the topic of a number of other research reports. Wall Street Zen upgraded Toast from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Citigroup upgraded Toast to a “strong-buy” rating in a report on Thursday, October 23rd. Canaccord Genuity Group upped their price objective on shares of Toast from $48.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Jefferies Financial Group reduced their target price on shares of Toast from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $48.00 target price on shares of Toast in a report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.45.

Toast Trading Down 4.7%

TOST stock traded down $1.81 during midday trading on Thursday, reaching $36.53. The stock had a trading volume of 2,997,687 shares, compared to its average volume of 7,610,564. Toast has a 52-week low of $28.12 and a 52-week high of $49.66. The company’s fifty day simple moving average is $37.98 and its 200 day simple moving average is $41.47. The company has a market cap of $18.81 billion, a price-to-earnings ratio of 84.92 and a beta of 1.94.

Toast (NYSE:TOST) last issued its earnings results on Tuesday, November 4th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. Toast had a net margin of 4.68% and a return on equity of 15.77%. Toast’s quarterly revenue was up 25.1% on a year-over-year basis. During the same quarter last year, the company earned $0.07 earnings per share. Sell-side analysts predict that Toast will post 0.39 EPS for the current year.

Insider Buying and Selling

In other Toast news, President Stephen Fredette sold 1,732 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $35.54, for a total transaction of $61,555.28. Following the transaction, the president directly owned 900,264 shares in the company, valued at $31,995,382.56. This represents a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Aman Narang sold 1,732 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $35.54, for a total value of $61,555.28. Following the transaction, the chief executive officer owned 319,939 shares of the company’s stock, valued at approximately $11,370,632.06. This represents a 0.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 62,259 shares of company stock valued at $2,299,020 over the last quarter. 12.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. RiverPark Advisors LLC acquired a new stake in Toast during the 2nd quarter worth approximately $30,000. Ameritas Advisory Services LLC purchased a new stake in shares of Toast during the second quarter worth $31,000. Quent Capital LLC acquired a new stake in shares of Toast in the third quarter valued at $27,000. REAP Financial Group LLC boosted its holdings in Toast by 173.3% in the second 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 period. Finally, Alpine Bank Wealth Management purchased a new position in Toast in the third quarter valued at $30,000. Institutional investors and hedge funds 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.