Zacks Research Upgrades Toast (NYSE:TOST) to Strong-Buy

Toast (NYSE:TOST) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other research firms also recently issued reports on TOST. Morgan Stanley set a $45.00 price objective on shares of Toast in a report on Friday, May 8th. Jefferies Financial Group set a $35.00 target price on shares of Toast in a research report on Friday, February 13th. BMO Capital Markets initiated coverage on shares of Toast in a research report on Tuesday, April 21st. They issued an “outperform” rating and a $35.00 target price on the stock. Loop Capital initiated coverage on shares of Toast in a research report on Tuesday, March 31st. They issued a “hold” rating and a $26.00 target price on the stock. Finally, Wells Fargo & Company decreased their target price on shares of Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Toast has an average rating of “Moderate Buy” and a consensus price target of $37.84.

Toast Stock Performance

NYSE TOST opened at $24.53 on Tuesday. Toast has a 52-week low of $22.26 and a 52-week high of $49.66. The company has a market capitalization of $12.66 billion, a P/E ratio of 37.74 and a beta of 1.81. The company has a fifty day moving average of $26.37 and a 200-day moving average of $30.40.

Toast declared that its board has initiated a share repurchase plan on Thursday, February 12th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Toast

In other Toast news, General Counsel Brian R. Elworthy sold 3,664 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $95,960.16. Following the transaction, the general counsel owned 243,642 shares in the company, valued at approximately $6,380,983.98. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Stephen Fredette sold 7,289 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $190,898.91. Following the transaction, the president owned 920,985 shares in the company, valued at $24,120,597.15. This represents a 0.79% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 39,783 shares of company stock valued at $1,041,917. Company insiders own 12.14% of the company’s stock.

Hedge Funds Weigh In On Toast

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bayban purchased a new position in shares of Toast during the fourth quarter valued at about $25,000. SHP Wealth Management purchased a new position in shares of Toast during the fourth quarter valued at about $29,000. Strive Financial Group LLC purchased a new position in shares of Toast during the fourth quarter valued at about $29,000. Central Pacific Bank Trust Division increased its position in shares of Toast by 123.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock valued at $33,000 after buying an additional 521 shares during the period. Finally, Silicon Valley Capital Partners purchased a new position in shares of Toast during the fourth quarter valued at about $36,000. Hedge funds and other 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.