Insider Selling: Toast (NYSE:TOST) President Sells $263,862.10 in Stock

Toast, Inc. (NYSE:TOST) President Stephen Fredette sold 9,146 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $263,862.10. Following the sale, the president owned 931,449 shares in the company, valued at $26,872,303.65. The trade was a 0.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Toast Stock Down 3.5%

Shares of Toast stock opened at $28.58 on Thursday. The company has a 50 day moving average price of $25.68 and a 200 day moving average price of $28.52. The firm has a market capitalization of $14.75 billion, a P/E ratio of 43.97 and a beta of 1.74. Toast, Inc. has a 52 week low of $22.26 and a 52 week high of $49.66.

Analysts Set New Price Targets

Several research firms have weighed in on TOST. Mizuho dropped their price target on Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Toast in a report on Friday, May 8th. Citigroup lowered their target price on Toast from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Piper Sandler initiated coverage on shares of Toast in a research note on Wednesday, June 10th. They set an “overweight” rating and a $32.00 price objective on the stock. Finally, Morgan Stanley set a $45.00 target price on shares of Toast in a research note on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.41.

Institutional Trading of Toast

Several large investors have recently made changes to their positions in TOST. Alliancebernstein L.P. lifted its position in Toast by 2,432.8% during the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock worth $299,957,000 after buying an additional 7,891,383 shares in the last quarter. Norges Bank purchased a new stake in Toast in the 4th quarter valued at $202,808,000. ValueAct Holdings L.P. increased its stake 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 worth $284,622,000 after acquiring an additional 4,618,077 shares during the last quarter. Capital International Investors increased its stake in shares of Toast by 7.4% in the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after acquiring an additional 3,351,545 shares during the last quarter. Finally, XN LP raised its holdings in shares of Toast by 50.8% during the 4th quarter. XN LP now owns 8,988,386 shares of the company’s stock worth $319,178,000 after acquiring an additional 3,029,856 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Toast Company Profile

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.