Toast (NYSE:TOST) Issues Quarterly Earnings Results, Misses Estimates By $0.08 EPS

by · The Markets Daily

Toast (NYSE:TOST – Get Free Report) posted its earnings results on Tuesday. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08), Zacks reports. Toast had a return on equity of 14.19% and a net margin of 4.07%.

Toast Price Performance

Shares of Toast stock traded down $0.03 on Tuesday, hitting $35.69. 12,138,226 shares of the company’s stock traded hands, compared to its average volume of 7,573,650. The company has a fifty day moving average of $38.92 and a two-hundred day moving average of $41.39. Toast has a one year low of $28.12 and a one year high of $49.66. The company has a market capitalization of $18.20 billion, a price-to-earnings ratio of 104.98 and a beta of 1.94.

Insider Transactions at Toast

In other Toast news, CEO Aman Narang sold 13,652 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $485,465.12. Following the transaction, the chief executive officer directly owned 318,150 shares of the company’s stock, valued at approximately $11,313,414. The trade was a 4.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Jonathan Vassil sold 6,530 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $35.56, for a total value of $232,206.80. Following the transaction, the executive owned 69,932 shares in the company, valued at $2,486,781.92. The trade was a 8.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 54,273 shares of company stock valued at $2,015,198. 12.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Toast

A number of large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its holdings in Toast by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 22,857 shares of the company’s stock worth $1,012,000 after purchasing an additional 380 shares during the period. Keel Point LLC grew its holdings in Toast by 5.4% in the second quarter. Keel Point LLC now owns 13,116 shares of the company’s stock worth $581,000 after purchasing an additional 672 shares during the period. IHT Wealth Management LLC grew its holdings in Toast by 8.3% in the second quarter. IHT Wealth Management LLC now owns 18,581 shares of the company’s stock worth $823,000 after purchasing an additional 1,417 shares during the period. Advisory Services Network LLC grew its holdings in Toast by 17.4% in the second quarter. Advisory Services Network LLC now owns 11,237 shares of the company’s stock worth $549,000 after purchasing an additional 1,667 shares during the period. Finally, Royal London Asset Management Ltd. grew its holdings in Toast by 10.7% in the second quarter. Royal London Asset Management Ltd. now owns 21,790 shares of the company’s stock worth $965,000 after purchasing an additional 2,114 shares during the period. 82.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on TOST shares. Truist Financial set a $47.00 price target on shares of Toast in a research report on Friday, October 24th. The Goldman Sachs Group decreased their price target on shares of Toast from $51.00 to $41.00 and set a “neutral” rating for the company in a research report on Monday, October 13th. JPMorgan Chase & Co. upped their price target on shares of Toast from $42.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, August 6th. Canaccord Genuity Group upped their price target on shares of Toast from $48.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Finally, Wells Fargo & Company upgraded shares of Toast to a “strong-buy” rating in a research report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.17.

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About Toast

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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.

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