Key Points
- Toast CEO Aman Narang sold 14,365 shares on July 2 at an average price of $28.85, generating about $414,430. The filing says the sale was made to cover tax withholding tied to vesting equity awards.
- After the transaction, Narang still owned 70,451 shares valued at roughly $2.03 million, which was a 16.94% reduction in his position.
- Toast shares were trading around $29.54, and the stock has attracted mixed analyst sentiment with a Moderate Buy consensus and an average price target of $37.62.
Toast, Inc. (NYSE:TOST - Get Free Report) General Counsel Brian Elworthy sold 6,352 shares of the business's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $183,255.20. Following the completion of the transaction, the general counsel owned 196,909 shares in the company, valued at $5,680,824.65. The trade was a 3.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Toast Trading Up 2.5%
Toast stock opened at $29.54 on Tuesday. The firm has a 50-day moving average of $25.67 and a 200-day moving average of $28.62. The firm has a market cap of $15.24 billion, a P/E ratio of 43.67 and a beta of 1.74. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital International Investors boosted its position in shares of Toast by 7.4% during the third quarter. Capital International Investors now owns 48,428,060 shares of the company's stock valued at $1,768,256,000 after purchasing an additional 3,351,545 shares in the last quarter. Nordea Investment Management AB raised its holdings in Toast by 843.0% in the fourth quarter. Nordea Investment Management AB now owns 1,307,158 shares of the company's stock worth $46,888,000 after purchasing an additional 1,168,539 shares in the last quarter. Victory Capital Management Inc. lifted its position in Toast by 207.8% during the third quarter. Victory Capital Management Inc. now owns 777,861 shares of the company's stock valued at $28,400,000 after buying an additional 525,159 shares during the period. Dynamic Technology Lab Private Ltd lifted its position in Toast by 227.8% during the third quarter. Dynamic Technology Lab Private Ltd now owns 69,655 shares of the company's stock valued at $2,543,000 after buying an additional 48,405 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in shares of Toast by 285.3% during the 4th quarter. SG Americas Securities LLC now owns 288,286 shares of the company's stock valued at $10,237,000 after buying an additional 213,459 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on TOST shares. Zacks Research upgraded Toast from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 26th. Piper Sandler assumed coverage on Toast in a report on Wednesday, June 10th. They set an "overweight" rating and a $32.00 target price for the company. Morgan Stanley set a $45.00 price target on Toast in a research note on Friday, May 8th. Rothschild & Co Redburn reiterated a "neutral" rating and issued a $35.00 price target on shares of Toast in a report on Tuesday, May 12th. Finally, Truist Financial reduced their price objective on shares of Toast from $36.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Toast has an average rating of "Moderate Buy" and a consensus target price of $37.62.
Read Our Latest Analysis on Toast
About Toast
(
Get Free Report)
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.
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