Insider Selling: Toast (NYSE:TOST) CEO Sells $352,595.97 in Stock

Toast, Inc. (NYSE:TOST) CEO Aman Narang sold 13,463 shares of Toast stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.19, for a total transaction of $352,595.97. Following the completion of the transaction, the chief executive officer directly owned 54,013 shares in the company, valued at approximately $1,414,600.47. The trade was a 19.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Aman Narang also recently made the following trade(s):

• On Tuesday, February 3rd, Aman Narang sold 1,648 shares of Toast stock. The shares were sold at an average price of $30.34, for a total transaction of $50,000.32.
• On Monday, January 5th, Aman Narang sold 8,591 shares of Toast stock. The stock was sold at an average price of $34.38, for a total transaction of $295,358.58.

Toast Stock Down 0.1%

Shares of NYSE:TOST traded down $0.03 during midday trading on Friday, reaching $26.44. 9,600,162 shares of the company were exchanged, compared to its average volume of 10,888,302. The firm has a market cap of $13.86 billion, a PE ratio of 48.97 and a beta of 1.90. Toast, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $49.66. The stock has a fifty day simple moving average of $28.25 and a two-hundred day simple moving average of $33.41.

Toast (NYSE:TOST) last announced its earnings results on Thursday, February 12th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. Toast had a return on equity of 18.14% and a net margin of 5.56%.Toast’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.05 earnings per share. As a group, analysts forecast that Toast, Inc. will post 0.39 earnings per share for the current year.

Toast announced that its Board of Directors has approved a share repurchase plan on Thursday, February 12th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Toast

A number of hedge funds and other institutional investors have recently modified their holdings of TOST. Alliancebernstein L.P. grew its stake in Toast by 2,432.8% in the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock valued at $299,957,000 after purchasing an additional 7,891,383 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Toast by 74.4% during the 3rd quarter. Jennison Associates LLC now owns 15,000,561 shares of the company’s stock worth $547,670,000 after purchasing an additional 6,398,674 shares in the last quarter. Norges Bank bought a new stake in shares of Toast during the 4th quarter worth approximately $202,808,000. ValueAct Holdings L.P. boosted its holdings in shares of Toast by 135.9% in the 4th quarter. ValueAct Holdings L.P. now owns 8,015,277 shares of the company’s stock valued at $284,622,000 after buying an additional 4,618,077 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Toast by 108.3% in the 2nd quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock valued at $349,333,000 after buying an additional 4,100,104 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on TOST shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Toast in a report on Monday, December 29th. Wells Fargo & Company cut their target price on Toast from $47.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. DA Davidson reduced their price target on Toast from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Tuesday, February 17th. JPMorgan Chase & Co. raised shares of Toast from a “neutral” rating to an “overweight” rating and set a $43.00 price target for the company in a research note on Thursday, December 4th. Finally, Jefferies Financial Group set a $35.00 price objective on shares of Toast in a report on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.88.

About Toast

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.