Aman Narang Sells 14,365 Shares of Toast (NYSE:TOST) Stock

Toast, Inc. (NYSE:TOST) CEO Aman Narang sold 14,365 shares of Toast stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $28.85, for a total value of $414,430.25. Following the transaction, the chief executive officer directly owned 70,451 shares in the company, valued at approximately $2,032,511.35. The trade was a 16.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Toast Trading Up 0.5%

NYSE TOST opened at $29.62 on Wednesday. The firm has a market capitalization of $15.28 billion, a P/E ratio of 45.56 and a beta of 1.74. The business has a fifty day simple moving average of $25.69 and a 200 day simple moving average of $28.58. Toast, Inc. has a 12 month low of $22.26 and a 12 month high of $49.66.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TOST. UBS Group dropped their price target on shares of Toast from $40.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. DA Davidson decreased their price objective on shares of Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, May 12th. BMO Capital Markets reissued an “outperform” rating on shares of Toast in a research report on Monday, June 1st. Citigroup reduced their target price on Toast from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday, May 8th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Toast in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $37.62.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC raised its holdings in shares of Toast by 1,555.5% in the 1st quarter. NewEdge Advisors LLC now owns 17,432 shares of the company’s stock worth $578,000 after purchasing an additional 16,379 shares during the period. Cerity Partners LLC grew its holdings in Toast by 24.0% during the second quarter. Cerity Partners LLC now owns 81,574 shares of the company’s stock valued at $3,613,000 after purchasing an additional 15,774 shares during the period. State Street Corp increased its position in Toast by 2.7% in the second quarter. State Street Corp now owns 9,212,889 shares of the company’s stock worth $408,039,000 after buying an additional 245,276 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new stake in Toast in the second quarter worth $4,479,000. Finally, Sei Investments Co. raised its stake in shares of Toast by 24.6% in the second quarter. Sei Investments Co. now owns 1,030,007 shares of the company’s stock valued at $45,619,000 after buying an additional 203,404 shares during the period. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

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.