The Goldman Sachs Group Cuts Toast (NYSE:TOST) Price Target to $40.00

Toast (NYSE:TOST) had its target price decreased by investment analysts at The Goldman Sachs Group from $45.00 to $40.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 12.20% from the stock’s previous close.

A number of other analysts have also issued reports on the company. BMO Capital Markets assumed coverage on Toast in a research report on Monday. They issued an “outperform” rating and a $45.00 target price on the stock. Royal Bank of Canada boosted their target price on Toast from $27.00 to $40.00 and gave the company a “sector perform” rating in a research report on Friday, November 8th. DA Davidson reaffirmed a “neutral” rating and set a $38.00 price objective (down previously from $44.00) on shares of Toast in a research report on Thursday, December 5th. Wells Fargo & Company upped their price objective on Toast from $23.00 to $25.00 and gave the stock an “underweight” rating in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Toast from $24.00 to $30.00 and gave the company a “hold” rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $35.05.

Toast Price Performance

TOST traded down $1.56 during trading hours on Friday, reaching $35.65. The company’s stock had a trading volume of 2,382,587 shares, compared to its average volume of 4,274,328. Toast has a fifty-two week low of $16.13 and a fifty-two week high of $44.12. The stock has a market cap of $16.79 billion, a PE ratio of -274.23, a P/E/G ratio of 23.40 and a beta of 1.97. The business’s 50-day moving average is $38.43 and its 200-day moving average is $30.50.

Insider Activity at Toast

In other news, Director David Yuan sold 189,785 shares of Toast stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $43.01, for a total transaction of $8,162,652.85. Following the completion of the sale, the director now directly owns 198,829 shares in the company, valued at approximately $8,551,635.29. This trade represents a 48.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Jonathan Vassil sold 1,367 shares of Toast stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $31.08, for a total transaction of $42,486.36. Following the sale, the executive now owns 39,834 shares of the company’s stock, valued at approximately $1,238,040.72. The trade was a 3.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,109,307 shares of company stock worth $38,235,613 over the last 90 days. Company insiders own 13.32% of the company’s stock.

Institutional Investors Weigh In On Toast

A number of hedge funds and other institutional investors have recently modified their holdings of TOST. Principal Financial Group Inc. raised its position in shares of Toast by 4.6% during the 2nd quarter. Principal Financial Group Inc. now owns 38,663 shares of the company’s stock worth $996,000 after purchasing an additional 1,716 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Toast by 3.4% during the 2nd quarter. Victory Capital Management Inc. now owns 49,002 shares of the company’s stock worth $1,263,000 after purchasing an additional 1,611 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of Toast during the 2nd quarter worth approximately $714,000. Los Angeles Capital Management LLC acquired a new position in shares of Toast during the 2nd quarter worth approximately $221,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Toast during the 2nd quarter worth approximately $364,000. 82.91% of the stock is currently owned by institutional investors and hedge funds.

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.