Toast (NYSE:TOST) Reaches New 1-Year High – Here’s Why

Toast, Inc. (NYSE:TOST) hit a new 52-week high on Monday . The stock traded as high as $43.38 and last traded at $43.38, with a volume of 19412 shares traded. The stock had previously closed at $42.74.

Wall Street Analyst Weigh In

TOST has been the subject of a number of research analyst reports. DA Davidson upped their price target on Toast from $35.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Royal Bank of Canada upped their target price on shares of Toast from $27.00 to $40.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $30.00 price target on shares of Toast in a research note on Wednesday, August 7th. BNP Paribas downgraded shares of Toast from an “outperform” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Wednesday, November 20th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Toast has a consensus rating of “Hold” and a consensus price target of $33.86.

Toast Stock Up 0.6 %

The company’s 50 day moving average price is $31.45 and its 200 day moving average price is $27.20.

Insider Buying and Selling

In related news, Director Richard Kent Bennett sold 22,885 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $41.96, for a total value of $960,254.60. Following the completion of the sale, the director now owns 395,706 shares in the company, valued at $16,603,823.76. This trade represents a 5.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Stephen Fredette sold 211,686 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $23.57, for a total transaction of $4,989,439.02. Following the transaction, the president now owns 2,638,023 shares in the company, valued at $62,178,202.11. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,498,536 shares of company stock valued at $43,997,467 over the last ninety days. Corporate insiders own 13.32% of the company’s stock.

Institutional Trading of Toast

A number of institutional investors have recently bought and sold shares of TOST. FMR LLC raised its position in Toast by 50.5% during the third quarter. FMR LLC now owns 24,449,743 shares of the company’s stock worth $692,172,000 after acquiring an additional 8,205,053 shares during the last quarter. ValueAct Holdings L.P. purchased a new position in shares of Toast during the 3rd quarter worth approximately $438,301,000. State Street Corp raised its position in shares of Toast by 2.5% during the 3rd quarter. State Street Corp now owns 8,325,292 shares of the company’s stock worth $235,689,000 after purchasing an additional 206,789 shares during the last quarter. Geode Capital Management LLC lifted its stake in Toast by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 6,865,934 shares of the company’s stock valued at $193,992,000 after buying an additional 155,212 shares in the last quarter. Finally, XN LP lifted its stake in Toast by 40.9% in the 1st quarter. XN LP now owns 5,055,225 shares of the company’s stock valued at $125,976,000 after buying an additional 1,467,339 shares in the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

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.