Stephen Fredette Sells 7,289 Shares of Toast (NYSE:TOST) Stock

Toast, Inc. (NYSE:TOST) President Stephen Fredette sold 7,289 shares of the company’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.19, for a total transaction of $190,898.91. Following the sale, the president directly owned 920,985 shares of the company’s stock, valued at $24,120,597.15. This represents a 0.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Stephen Fredette also recently made the following trade(s):

• On Tuesday, February 3rd, Stephen Fredette sold 1,060 shares of Toast stock. The shares were sold at an average price of $30.34, for a total transaction of $32,160.40.
• On Monday, January 5th, Stephen Fredette sold 4,866 shares of Toast stock. The shares were sold at an average price of $34.38, for a total transaction of $167,293.08.

Toast Trading Down 0.1%

NYSE TOST traded down $0.03 on Friday, hitting $26.44. 9,600,162 shares of the company’s stock were exchanged, compared to its average volume of 10,888,302. Toast, Inc. has a 52 week low of $24.35 and a 52 week high of $49.66. The stock has a 50-day moving average of $28.25 and a 200-day moving average of $33.41. The stock has a market cap of $13.86 billion, a price-to-earnings ratio of 48.97 and a beta of 1.90.

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

Toast announced that its board has authorized a share repurchase program on Thursday, February 12th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Truist Financial set a $36.00 target price on Toast in a research report on Wednesday, February 25th. JPMorgan Chase & Co. raised Toast from a “neutral” rating to an “overweight” rating and set a $43.00 price objective for the company in a research note on Thursday, December 4th. Evercore upgraded shares of Toast from an “in-line” rating to an “outperform” rating and set a $40.00 price objective for the company in a report on Tuesday, January 20th. Mizuho cut their target price on shares of Toast from $57.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 17th. Finally, UBS Group set a $40.00 price target on shares of Toast in a research report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.88.

Key Stories Impacting Toast

Here are the key news stories impacting Toast this week:

• Neutral Sentiment: Loop Capital initiated coverage of Toast with a “Hold” rating, which removes an immediate buy catalyst and may cap near?term upside until clearer growth/profitability signals arrive. Loop Capital coverage
• Neutral Sentiment: Toast has been heavily searched by investors (Zacks spotlight), which can increase short?term volume and volatility but doesn’t itself change fundamentals. Zacks: Investors Heavily Search
• Negative Sentiment: Multiple senior executives sold stock on April 2 (CEO Aman Narang, CFO Elena Gomez, President Stephen Fredette, General Counsel Brian Elworthy, and CRO Jonathan Vassil), collectively disposing of roughly $1.04M of shares at about $26.19 each. The CEO’s sale reduced his holding by ~19.95%; other insiders also trimmed positions. Clustered sales by top management can be perceived negatively by the market (signaling liquidity needs or reduced insider confidence), even if they stem from routine vesting/diversification; filings are available with the SEC. CEO SEC filing

Institutional Investors Weigh In On Toast

A number of institutional investors have recently made changes to their positions in TOST. Bayban bought a new position in shares of Toast during the fourth quarter worth about $25,000. Quent Capital LLC acquired a new position in shares of Toast in the third quarter worth approximately $27,000. SHP Wealth Management bought a new stake in Toast in the fourth quarter valued at approximately $29,000. Alpine Bank Wealth Management bought a new stake in Toast in the third quarter valued at approximately $30,000. Finally, Strive Financial Group LLC acquired a new stake in Toast during the 4th quarter valued at approximately $29,000. Institutional investors own 82.91% of the company’s stock.

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.