Insider Selling: Toast (NYSE:TOST) General Counsel Sells $2,796,120.00 in Stock

Toast, Inc. (NYSE:TOST) General Counsel Brian Elworthy sold 108,000 shares of Toast stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.89, for a total value of $2,796,120.00. Following the sale, the general counsel directly owned 189,642 shares of the company’s stock, valued at approximately $4,909,831.38. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Toast Trading Up 0.4%

NYSE:TOST opened at $25.18 on Friday. The stock has a market cap of $12.99 billion, a P/E ratio of 38.74 and a beta of 1.76. The stock has a 50 day simple moving average of $26.17 and a 200 day simple moving average of $29.92. Toast, Inc. has a 1-year low of $22.26 and a 1-year high of $49.66.

Toast declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 12th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Toast

Several hedge funds and other institutional investors have recently modified their holdings of the business. Lavelle Capital LP bought a new position in shares of Toast in the 1st quarter valued at $1,458,000. Western Wealth Management LLC bought a new position in shares of Toast in the 1st quarter valued at $78,000. Royal Fund Management LLC increased its stake in shares of Toast by 29.4% in the 1st quarter. Royal Fund Management LLC now owns 40,000 shares of the company’s stock valued at $1,060,000 after purchasing an additional 9,089 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Toast by 10.6% in the 1st quarter. Bank of America Corp DE now owns 4,866,197 shares of the company’s stock valued at $129,003,000 after purchasing an additional 465,006 shares during the last quarter. Finally, Edgestream Partners L.P. increased its stake in shares of Toast by 88.4% in the 1st quarter. Edgestream Partners L.P. now owns 189,366 shares of the company’s stock valued at $5,020,000 after purchasing an additional 88,858 shares during the last quarter. Institutional investors own 82.91% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TOST. Loop Capital began coverage on Toast in a report on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price objective for the company. Wells Fargo & Company dropped their price objective on Toast from $47.00 to $36.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Toast in a report on Friday, May 8th. Truist Financial dropped their price objective on Toast from $36.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group dropped their price objective on Toast from $43.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, February 17th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $37.84.

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.