BNP Paribas Downgrades Toast (NYSE:TOST) to Neutral

Toast (NYSE:TOST) was downgraded by equities research analysts at BNP Paribas from an “outperform” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat reports. They presently have a $37.00 price target on the stock. BNP Paribas’ price target points to a potential downside of 12.65% from the stock’s previous close.

Several other equities analysts have also recently issued reports on TOST. Bank of America boosted their target price on Toast from $26.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 17th. Deutsche Bank Aktiengesellschaft upped their price target on Toast from $24.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, November 4th. Stephens upped their price target on Toast from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Royal Bank of Canada upped their price target on Toast from $27.00 to $40.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Finally, DA Davidson upped their price target on Toast from $35.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $33.86.

Toast Trading Down 0.3 %

NYSE TOST opened at $42.36 on Wednesday. The business’s 50 day moving average is $30.80 and its two-hundred day moving average is $26.94. Toast has a 12-month low of $13.77 and a 12-month high of $43.29. The stock has a market capitalization of $19.95 billion, a price-to-earnings ratio of -325.85, a PEG ratio of 54.16 and a beta of 1.74.

Insider Activity at Toast

In other news, President Stephen Fredette sold 211,686 shares of the firm’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 completion of the sale, the president now directly owns 2,638,023 shares in the company, valued at $62,178,202.11. This trade represents a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Aman Narang sold 10,106 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $27.77, for a total value of $280,643.62. Following the completion of 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 represents a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,475,651 shares of company stock worth $43,037,212. Corporate insiders own 13.32% of the company’s stock.

Institutional Trading of Toast

Several hedge funds and other institutional investors have recently bought and sold shares of TOST. Capital International Investors boosted its position in shares of Toast by 12.2% during the first quarter. Capital International Investors now owns 32,924,082 shares of the company’s stock worth $820,468,000 after buying an additional 3,574,397 shares during the period. FMR LLC raised its stake in Toast by 50.5% during the 3rd quarter. FMR LLC now owns 24,449,743 shares of the company’s stock valued at $692,172,000 after purchasing an additional 8,205,053 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Toast by 21.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,524,700 shares of the company’s stock valued at $486,557,000 after purchasing an additional 3,445,788 shares during the period. ValueAct Holdings L.P. acquired a new position in shares of Toast in the third quarter worth $438,301,000. Finally, State Street Corp increased its stake in shares of Toast by 2.5% in the third quarter. State Street Corp now owns 8,325,292 shares of the company’s stock worth $235,689,000 after acquiring an additional 206,789 shares during the last quarter. 82.91% of the stock is owned by 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.