Royal Bank of Canada Forecasts Strong Price Appreciation for Toast (NYSE:TOST) Stock

Toast (NYSE:TOST) had its target price boosted by Royal Bank of Canada from $27.00 to $40.00 in a report released on Friday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other research analysts have also recently weighed in on TOST. Robert W. Baird increased their price objective on Toast from $30.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday. Mizuho upgraded Toast from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $21.00 to $33.00 in a research report on Thursday, July 18th. JPMorgan Chase & Co. increased their price objective on Toast from $28.00 to $36.00 and gave the stock a “neutral” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft raised their price target on Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Finally, The Goldman Sachs Group raised their price target on Toast from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $32.30.

Toast Price Performance

TOST stock opened at $37.96 on Friday. The stock has a market capitalization of $17.50 billion, a price-to-earnings ratio of -291.96 and a beta of 1.74. The business’s fifty day moving average price is $28.45 and its two-hundred day moving average price is $26.11. Toast has a fifty-two week low of $13.77 and a fifty-two week high of $38.40.

Insider Activity at Toast

In other news, General Counsel Brian R. Elworthy sold 300,000 shares of Toast stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $30.39, for a total transaction of $9,117,000.00. Following the sale, the general counsel now directly owns 177,836 shares of the company’s stock, valued at approximately $5,404,436.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Aman Narang sold 10,106 shares of Toast stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $27.77, for a total transaction of $280,643.62. Following the sale, the chief executive officer now directly owns 968,095 shares of the company’s stock, valued at approximately $26,883,998.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Brian R. Elworthy sold 300,000 shares of Toast stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $30.39, for a total value of $9,117,000.00. Following the sale, the general counsel now directly owns 177,836 shares in the company, valued at $5,404,436.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,375,651 shares of company stock valued at $38,150,212 over the last ninety days. 13.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Toast

A number of hedge funds and other institutional investors have recently made changes to their positions in TOST. Allspring Global Investments Holdings LLC lifted its stake in shares of Toast by 52.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,910 shares of the company’s stock worth $97,000 after acquiring an additional 1,345 shares during the period. Norden Group LLC acquired a new position in shares of Toast in the first quarter worth approximately $254,000. Duality Advisers LP acquired a new position in shares of Toast in the first quarter worth approximately $1,172,000. Empowered Funds LLC lifted its stake in shares of Toast by 16.0% in the first quarter. Empowered Funds LLC now owns 75,100 shares of the company’s stock worth $1,871,000 after acquiring an additional 10,363 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of Toast by 1,554.6% in the first quarter. SG Americas Securities LLC now owns 312,844 shares of the company’s stock worth $7,796,000 after acquiring an additional 293,937 shares during the period. 82.91% of the stock is owned by institutional investors and hedge funds.

Toast Company Profile

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.