Toast (NYSE:TOST) General Counsel Brian Elworthy Sells 108,000 Shares

Toast, Inc. (NYSE:TOST) General Counsel Brian Elworthy sold 108,000 shares of the company’s stock in a transaction 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 owned 189,642 shares of the company’s stock, valued at $4,909,831.38. This trade represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Toast Trading Down 4.6%

Toast stock traded down $1.26 during trading on Tuesday, hitting $26.40. 16,084,072 shares of the company were exchanged, compared to its average volume of 13,874,069. The business’s 50 day moving average is $26.28 and its 200 day moving average is $30.16. Toast, Inc. has a 52 week low of $22.26 and a 52 week high of $49.66. The company has a market capitalization of $13.62 billion, a P/E ratio of 40.69 and a beta of 1.76.

Toast announced that its Board of Directors has initiated a stock buyback program on Thursday, February 12th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Needham & Company LLC decreased their price target on Toast from $60.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 13th. Canaccord Genuity Group set a $37.00 price target on Toast in a report on Friday, February 13th. Jefferies Financial Group set a $35.00 price target on Toast in a report on Friday, February 13th. Sanford C. Bernstein set a $39.00 price target on Toast in a report on Monday, February 16th. Finally, Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.84.

Institutional Trading of Toast

A number of hedge funds have recently bought and sold shares of TOST. Lavelle Capital LP purchased a new position in shares of Toast in the first quarter valued at $1,458,000. Western Wealth Management LLC purchased a new position in shares of Toast in the first quarter valued at $78,000. Royal Fund Management LLC grew its position in shares of Toast by 29.4% in the first 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 in the last quarter. Bank of America Corp DE grew its position in shares of Toast by 10.6% in the first 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 in the last quarter. Finally, Edgestream Partners L.P. grew its position in shares of Toast by 88.4% in the first 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 in the last quarter. 82.91% of the stock is currently owned by 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.