Insider Selling: Toast (NYSE:TOST) CEO Sells $414,430.25 in Stock

Toast, Inc. (NYSE:TOST) CEO Aman Narang sold 14,365 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $28.85, for a total value of $414,430.25. Following the transaction, the chief executive officer directly owned 70,451 shares in the company, valued at $2,032,511.35. This represents a 16.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Toast Stock Performance

Toast stock opened at $28.58 on Thursday. The company has a market cap of $14.75 billion, a P/E ratio of 43.97 and a beta of 1.74. Toast, Inc. has a one year low of $22.26 and a one year high of $49.66. The business has a fifty day moving average of $25.68 and a two-hundred day moving average of $28.52.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Citigroup decreased their price objective on shares of Toast from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Toast in a research report on Wednesday, May 20th. Truist Financial decreased their price target on Toast from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. DA Davidson lowered their price target on Toast from $33.00 to $28.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Finally, Piper Sandler began coverage on Toast in a research note on Wednesday, June 10th. They issued an “overweight” rating and a $32.00 price objective for the company. Two 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.41.

Hedge Funds Weigh In On Toast

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bayban purchased a new position in shares of Toast during the 4th quarter worth approximately $25,000. SHP Wealth Management purchased a new stake in Toast in the 4th quarter valued at approximately $29,000. Strive Financial Group LLC purchased a new stake in Toast in the 4th quarter valued at approximately $29,000. Central Pacific Bank Trust Division grew its holdings in Toast by 123.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 943 shares of the company’s stock valued at $33,000 after buying an additional 521 shares during the last quarter. Finally, Silicon Valley Capital Partners acquired a new stake in Toast during the 4th quarter valued at $36,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

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.