Toast (NYSE:TOST) Upgraded by Piper Sandler to Strong-Buy Rating

Toast (NYSE:TOST) was upgraded by equities research analysts at Piper Sandler to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Morgan Stanley set a $45.00 price target on Toast in a report on Friday, May 8th. Rothschild & Co Redburn reiterated a “neutral” rating and issued a $35.00 price target on shares of Toast in a report on Tuesday, May 12th. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price target on shares of Toast in a report on Friday, May 8th. Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Wells Fargo & Company cut their price target on Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Toast currently has an average rating of “Moderate Buy” and a consensus price target of $37.62.

Toast Price Performance

Shares of Toast stock opened at $24.62 on Wednesday. Toast has a one year low of $22.26 and a one year high of $49.66. The stock’s 50-day moving average is $26.00 and its 200 day moving average is $29.60. The firm has a market cap of $12.70 billion, a price-to-earnings ratio of 37.87 and a beta of 1.76.

Toast declared that its board has approved a stock buyback program on Thursday, February 12th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Toast

In other Toast news, CFO Elena Gomez sold 8,929 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $233,850.51. Following the completion of the transaction, the chief financial officer owned 173,064 shares of the company’s stock, valued at $4,532,546.16. This represents a 4.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Stephen Fredette sold 7,289 shares of the stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $190,898.91. Following the completion of the transaction, the president directly owned 920,985 shares of the company’s stock, valued at $24,120,597.15. This represents a 0.79% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 147,783 shares of company stock worth $3,838,037. Company insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TOST. Bayban bought a new stake in shares of Toast in the 4th quarter worth $25,000. SHP Wealth Management bought a new stake in shares of Toast in the 4th quarter worth $29,000. Strive Financial Group LLC bought a new stake in shares of Toast in the 4th quarter worth $29,000. Central Pacific Bank Trust Division increased its holdings in shares of Toast by 123.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock worth $33,000 after purchasing an additional 521 shares in the last quarter. Finally, Silicon Valley Capital Partners bought a new stake in shares of Toast in the 4th quarter worth $36,000. Institutional investors 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.