Insider Selling: Toast (NYSE:TOST) General Counsel Sells $183,255.20 in Stock

Toast, Inc. (NYSE:TOST) General Counsel Brian Elworthy sold 6,352 shares of Toast stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total transaction of $183,255.20. Following the completion of the transaction, the general counsel directly owned 196,909 shares of the company’s stock, valued at $5,680,824.65. This trade represents a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Toast Stock Down 3.5%

TOST opened at $28.58 on Thursday. The firm has a market cap of $14.75 billion, a price-to-earnings ratio of 43.97 and a beta of 1.74. Toast, Inc. has a fifty-two week low of $22.26 and a fifty-two week high of $49.66. The company’s 50-day moving average price is $25.68 and its 200 day moving average price is $28.52.

Hedge Funds Weigh In On Toast

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Piper Sandler started coverage on Toast in a report on Wednesday, June 10th. They issued an “overweight” rating and a $32.00 price target on the stock. Citigroup lowered their price objective on Toast from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, May 8th. DA Davidson dropped their target price on Toast from $33.00 to $28.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Mizuho cut their target price on Toast from $45.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Robert W. Baird boosted their price target on shares of Toast from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Wednesday. Two research 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $37.41.

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.