Brian Elworthy Sells 108,000 Shares of Toast (NYSE:TOST) Stock

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 shares were sold at an average price of $25.89, for a total value of $2,796,120.00. Following the completion of the transaction, the general counsel directly owned 189,642 shares in the company, valued at approximately $4,909,831.38. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Toast Price Performance

Shares of NYSE TOST opened at $25.07 on Thursday. The stock’s fifty day moving average price is $26.20 and its two-hundred day moving average price is $30.00. Toast, Inc. has a one year low of $22.26 and a one year high of $49.66. The firm has a market cap of $12.93 billion, a price-to-earnings ratio of 38.56 and a beta of 1.76.

Toast declared that its Board of Directors has approved a share repurchase plan on Thursday, February 12th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Toast

A number of hedge funds have recently made changes to their positions in TOST. Alliancebernstein L.P. boosted its stake in shares of Toast by 2,432.8% during the third quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock valued at $299,957,000 after purchasing an additional 7,891,383 shares in the last quarter. Norges Bank bought a new position in shares of Toast during the fourth quarter worth about $202,808,000. ValueAct Holdings L.P. raised its position in shares of Toast by 135.9% during the fourth quarter. ValueAct Holdings L.P. now owns 8,015,277 shares of the company’s stock worth $284,622,000 after acquiring an additional 4,618,077 shares during the last quarter. Capital International Investors raised its position in shares of Toast by 7.4% during the third quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after acquiring an additional 3,351,545 shares during the last quarter. Finally, XN LP raised its position in shares of Toast by 50.8% during the fourth quarter. XN LP now owns 8,988,386 shares of the company’s stock worth $319,178,000 after acquiring an additional 3,029,856 shares during the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Wall Street Zen lowered Toast from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. DA Davidson reduced their price objective on Toast from $33.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Toast in a research note on Wednesday, May 20th. UBS Group dropped their target price on Toast from $40.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Needham & Company LLC cut their price target on Toast from $60.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.84.

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.