Key Points
- Toast General Counsel Brian Elworthy sold 108,000 shares on May 29 at an average price of $25.89, generating about $2.8 million in proceeds. After the sale, he still held 189,642 shares, and the trade was made under a pre-arranged Rule 10b5-1 plan.
- Institutional investors remain heavily involved in Toast, with hedge funds and other institutions owning 82.91% of the stock. Several firms, including Capital International Investors, recently increased their stakes.
- Analysts maintain a cautiously positive outlook on Toast, with an overall “Moderate Buy” rating and an average target price of $37.84. However, some firms have recently cut their price targets, reflecting a more mixed near-term view.
Toast, Inc. (NYSE:TOST - Get Free Report) General Counsel Brian Elworthy sold 108,000 shares of the firm's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.89, for a total value of $2,796,120.00. Following the transaction, the general counsel owned 189,642 shares of the company's stock, valued at $4,909,831.38. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Toast Price Performance
Shares of NYSE:TOST opened at $26.40 on Wednesday. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66. The company has a market capitalization of $13.62 billion, a PE ratio of 40.61 and a beta of 1.76. The business has a fifty day moving average price of $26.28 and a 200-day moving average price of $30.16.
Toast announced that its board has approved a stock repurchase plan on Thursday, February 12th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its stock is undervalued.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Allianz Asset Management GmbH boosted its position in Toast by 322.0% in the third quarter. Allianz Asset Management GmbH now owns 362,765 shares of the company's stock worth $13,245,000 after purchasing an additional 276,803 shares during the last quarter. Candriam S.C.A. raised its stake in shares of Toast by 10.9% in the third quarter. Candriam S.C.A. now owns 602,200 shares of the company's stock worth $21,986,000 after buying an additional 59,045 shares during the period. Citigroup Inc. raised its stake in shares of Toast by 17.2% in the third quarter. Citigroup Inc. now owns 1,042,102 shares of the company's stock worth $38,047,000 after buying an additional 152,807 shares during the period. Quantbot Technologies LP bought a new position in shares of Toast in the third quarter worth about $2,891,000. Finally, Capital International Investors raised its stake in shares of Toast by 7.4% in the third quarter. Capital International Investors now owns 48,428,060 shares of the company's stock worth $1,768,256,000 after buying an additional 3,351,545 shares during the period. 82.91% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the company. Truist Financial dropped their price objective on Toast from $36.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen cut Toast from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Needham & Company LLC dropped their price objective on Toast from $60.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Morgan Stanley set a $45.00 price objective on Toast in a research report on Friday, May 8th. Finally, Mizuho dropped their price objective on Toast from $45.00 to $38.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $37.84.
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Toast Company Profile
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Toast, Inc (NYSE: TOST) is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.
Toast's product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.
Further Reading
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