Toast (NYSE:TOST) Hits New 12-Month High Following Analyst Upgrade

Shares of Toast, Inc. (NYSE:TOST) reached a new 52-week high during trading on Tuesday after DA Davidson raised their price target on the stock from $35.00 to $44.00. DA Davidson currently has a buy rating on the stock. Toast traded as high as $38.87 and last traded at $38.85, with a volume of 1465149 shares traded. The stock had previously closed at $37.95.

Several other brokerages have also weighed in on TOST. Morgan Stanley raised their price objective on shares of Toast from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Mizuho raised shares of Toast from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $21.00 to $33.00 in a research report on Thursday, July 18th. Piper Sandler raised their price objective on shares of Toast from $25.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday. Bank of America raised their price objective on shares of Toast from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. Finally, Stephens raised their price objective on shares of Toast from $28.00 to $30.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Toast presently has a consensus rating of “Hold” and an average price target of $32.75.

Insiders Place Their Bets

In other Toast news, President Stephen Fredette sold 211,686 shares of Toast stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $23.57, for a total transaction of $4,989,439.02. Following the sale, the president now owns 2,638,023 shares in the company, valued at $62,178,202.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, President Stephen Fredette sold 211,686 shares of Toast stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total value of $4,989,439.02. Following the completion of the transaction, the president now directly owns 2,638,023 shares of the company’s stock, valued at $62,178,202.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Brian R. Elworthy sold 2,878 shares of Toast stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $27.77, for a total value of $79,922.06. Following the completion of the transaction, the general counsel now directly owns 177,836 shares of the company’s stock, valued at $4,938,505.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,575,651 shares of company stock worth $45,472,212 over the last 90 days. Corporate insiders own 13.32% of the company’s stock.

Institutional Trading of Toast

Institutional investors and hedge funds have recently modified their holdings of the stock. D.A. Davidson & CO. grew its position in shares of Toast by 1.9% in the 3rd quarter. D.A. Davidson & CO. now owns 22,100 shares of the company’s stock valued at $626,000 after purchasing an additional 409 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Toast by 1.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 35,968 shares of the company’s stock valued at $927,000 after purchasing an additional 421 shares during the period. Private Advisor Group LLC grew its position in shares of Toast by 1.6% in the 3rd quarter. Private Advisor Group LLC now owns 28,151 shares of the company’s stock valued at $797,000 after purchasing an additional 441 shares during the period. CIBC Asset Management Inc boosted its position in Toast by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 12,614 shares of the company’s stock worth $357,000 after acquiring an additional 448 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Toast by 32.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,033 shares of the company’s stock worth $58,000 after acquiring an additional 496 shares during the last quarter. 82.91% of the stock is owned by institutional investors.

Toast Stock Performance

The business has a 50-day simple moving average of $29.08 and a two-hundred day simple moving average of $26.32. The stock has a market cap of $18.80 billion, a price-to-earnings ratio of -307.08 and a beta of 1.74.

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.