Stephen Fredette Sells 9,146 Shares of Toast (NYSE:TOST) Stock

Toast, Inc. (NYSE:TOST) President Stephen Fredette sold 9,146 shares of the firm’s 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 $263,862.10. Following the completion of the sale, the president directly owned 931,449 shares in the company, valued at approximately $26,872,303.65. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Toast Stock Performance

Toast stock opened at $29.62 on Wednesday. The stock has a market capitalization of $15.28 billion, a P/E ratio of 45.56 and a beta of 1.74. The company’s fifty day moving average price is $25.69 and its 200 day moving average price is $28.58. Toast, Inc. has a 1 year low of $22.26 and a 1 year high of $49.66.

Analysts Set New Price Targets

Several research firms recently weighed in on TOST. DA Davidson reduced their price target on shares of Toast from $33.00 to $28.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Loop Capital began coverage on Toast in a report on Tuesday, March 31st. They issued a “hold” rating and a $26.00 price objective on the stock. Zacks Research upgraded Toast from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 26th. Piper Sandler assumed coverage on Toast in a report on Wednesday, June 10th. They set an “overweight” rating and a $32.00 target price for the company. Finally, Rothschild & Co Redburn restated a “neutral” rating and issued a $35.00 target price on shares of Toast in a research report on Tuesday, May 12th. 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 data from MarketBeat, Toast presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.62.

Institutional Trading of Toast

Large investors have recently bought and sold shares of the business. Capital International Investors lifted its stake in Toast by 7.4% in the 3rd quarter. Capital International Investors now owns 48,428,060 shares of the company’s stock worth $1,768,256,000 after purchasing an additional 3,351,545 shares in the last quarter. Jennison Associates LLC grew its position in shares of Toast by 1.0% in the fourth quarter. Jennison Associates LLC now owns 15,157,955 shares of the company’s stock valued at $538,259,000 after purchasing an additional 157,394 shares in the last quarter. Morgan Stanley increased its holdings in shares of Toast by 6.7% in the fourth quarter. Morgan Stanley now owns 10,372,626 shares of the company’s stock valued at $368,332,000 after purchasing an additional 653,487 shares during the last quarter. State Street Corp increased its holdings in shares of Toast by 3.0% in the fourth quarter. State Street Corp now owns 9,820,594 shares of the company’s stock valued at $348,729,000 after purchasing an additional 282,282 shares during the last quarter. Finally, XN LP lifted its position in 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 buying an additional 3,029,856 shares in the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

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.