Insider Selling: Toast (NYSE:TOST) General Counsel Sells $190,980.45 in Stock

Toast, Inc. (NYSE:TOST) General Counsel Brian Elworthy sold 6,507 shares of Toast stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $29.35, for a total value of $190,980.45. Following the completion of the sale, the general counsel directly owned 204,023 shares in the company, valued at $5,988,075.05. This trade represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Toast Trading Up 1.1%

NYSE:TOST opened at $30.59 on Thursday. The business’s 50-day moving average is $32.96 and its 200 day moving average is $29.01. Toast, Inc. has a 12 month low of $22.26 and a 12 month high of $39.72. The company has a market capitalization of $15.72 billion, a P/E ratio of 39.22 and a beta of 1.74.

Toast (NYSE:TOST) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.06). Toast had a net margin of 7.14% and a return on equity of 23.90%. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the business earned $0.13 EPS. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. On average, research analysts forecast that Toast, Inc. will post 1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TOST. Congress Asset Management Co. raised its holdings in shares of Toast by 46.3% in the third quarter. Congress Asset Management Co. now owns 1,755,072 shares of the company’s stock worth $50,880,000 after buying an additional 555,568 shares during the period. Moody National Bank Trust Division boosted its holdings in Toast by 17.0% during the 3rd quarter. Moody National Bank Trust Division now owns 50,298 shares of the company’s stock valued at $1,458,000 after acquiring an additional 7,298 shares during the period. Hickory Point Bank & Trust grew its position in Toast by 10.0% in the 3rd quarter. Hickory Point Bank & Trust now owns 5,500 shares of the company’s stock valued at $159,000 after acquiring an additional 500 shares during the last quarter. Talon Private Wealth LLC purchased a new stake in Toast in the second quarter worth $837,000. Finally, Junto Capital Management LP purchased a new stake in Toast in the second quarter worth $54,320,000. Institutional investors own 82.91% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Toast in a research report on Monday, August 17th. Wall Street Zen cut shares of Toast from a “buy” rating to a “hold” rating in a research note on Sunday. Canaccord Genuity Group set a $40.00 target price on shares of Toast in a report on Wednesday, August 5th. UBS Group increased their price target on shares of Toast from $34.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, BTIG Research reiterated a “neutral” rating on shares of Toast in a research report on Thursday, August 27th. Sixteen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $39.12.

About Toast

Toast, Inc (NYSE:TOST) provides a cloud-based technology platform designed for restaurants and other foodservice businesses. Its platform combines point-of-sale hardware and software with tools for payment processing, menu and order management, employee operations, inventory, reporting and customer engagement.

The company’s products and services support in-restaurant, online and delivery orders, as well as gift cards, loyalty programs, marketing and payroll-related functions. Toast also offers restaurant-specific hardware, including terminals, handheld devices, kitchen display systems and self-service kiosks, allowing businesses to manage operations through an integrated technology ecosystem.

Founded in 2011 and headquartered in Boston, Toast initially focused on helping restaurants replace traditional point-of-sale systems with cloud-based technology.