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

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

TOST has been the topic of several other reports. Canaccord Genuity Group set a $37.00 target price on Toast in a research report on Friday, February 13th. Wall Street Zen downgraded Toast from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Sanford C. Bernstein set a $39.00 target price on Toast in a research report on Monday, February 16th. Zacks Research upgraded Toast from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 26th. Finally, Wells Fargo & Company lowered their target price on Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, Toast presently has an average rating of “Moderate Buy” and an average target price of $37.62.

Toast Price Performance

TOST stock opened at $24.62 on Wednesday. The company has a market cap of $12.70 billion, a P/E ratio of 37.87 and a beta of 1.76. Toast has a 1 year low of $22.26 and a 1 year high of $49.66. The stock’s fifty day moving average price is $26.00 and its 200-day moving average price is $29.60.

Toast announced that its board has approved a share repurchase program on Thursday, February 12th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Aman Narang sold 13,463 shares of the business’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total value of $352,595.97. Following the sale, the chief executive officer directly owned 54,013 shares in the company, valued at approximately $1,414,600.47. The trade was a 19.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Stephen Fredette sold 7,289 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total value of $190,898.91. Following the sale, the president owned 920,985 shares in the company, valued at approximately $24,120,597.15. This trade represents a 0.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 147,783 shares of company stock valued at $3,838,037 in the last ninety days. Company insiders own 10.03% of the company’s stock.

Institutional Investors Weigh In On Toast

Several hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC boosted its position in Toast by 1,555.5% during the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock valued at $578,000 after acquiring an additional 16,379 shares in the last quarter. Cerity Partners LLC boosted its position in Toast by 24.0% during the 2nd quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after acquiring an additional 15,774 shares in the last quarter. State Street Corp boosted its position in Toast by 2.7% during the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company’s stock valued at $408,039,000 after acquiring an additional 245,276 shares in the last quarter. Frontier Capital Management Co. LLC bought a new stake in Toast during the 2nd quarter valued at $4,479,000. Finally, Sei Investments Co. boosted its position in Toast by 24.6% during the 2nd quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock valued at $45,619,000 after acquiring an additional 203,404 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

About Toast

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.