Insider Selling: Toast (NYSE:TOST) CEO Sells $1,479,148.65 in Stock

Key Points

• Toast CEO Aman Narang sold 42,105 shares at an average price of $35.13, totaling approximately $1.48 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan and reduced his direct ownership by 26%.
• Toast shares traded around $34.88, with the stock posting a 52-week range of $22.26 to $45.64 and a market capitalization of approximately $17.93 billion.
• The company reported quarterly revenue of $1.91 billion, up 23.1% year over year, but earnings per share of $0.26 missed analysts’ $0.32 consensus estimate. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $38.77.

Toast, Inc. (NYSE:TOST - Get Free Report) CEO Aman Narang sold 42,105 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $35.13, for a total transaction of $1,479,148.65. Following the sale, the chief executive officer directly owned 119,843 shares in the company, valued at approximately $4,210,084.59. This trade represents a 26.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Aman Narang also recently made the following trade(s):

• On Monday, August 10th, Aman Narang sold 119,843 shares of Toast stock. The stock was sold at an average price of $35.38, for a total value of $4,240,045.34.
• On Thursday, August 6th, Aman Narang sold 13,510 shares of Toast stock. The shares were sold at an average price of $35.02, for a total value of $473,120.20.
• On Wednesday, August 5th, Aman Narang sold 124,542 shares of Toast stock. The shares were sold at an average price of $35.29, for a total value of $4,395,087.18.
• On Thursday, July 2nd, Aman Narang sold 14,365 shares of Toast stock. The shares were sold at an average price of $28.85, for a total value of $414,430.25.

Toast Price Performance

Toast stock traded down $0.81 during mid-day trading on Tuesday, hitting $34.88. The company's stock had a trading volume of 6,798,521 shares, compared to its average volume of 11,778,866. Toast, Inc. has a 52-week low of $22.26 and a 52-week high of $45.64. The company has a market cap of $17.93 billion, a PE ratio of 44.71 and a beta of 1.72. The firm's 50 day moving average is $28.60 and its 200 day moving average is $27.88.

Toast (NYSE:TOST - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.06). The business had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.87 billion. Toast had a net margin of 7.14% and a return on equity of 23.90%. The company's revenue was up 23.1% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS. As a group, analysts forecast that Toast, Inc. will post 0.99 EPS for the current year.

Wall Street Analysts Forecast Growth

TOST has been the topic of several research reports. Zacks Research lowered shares of Toast from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Mizuho decreased their target price on shares of Toast from $45.00 to $38.00 and set an "outperform" rating for the company in a research note on Tuesday, May 12th. BMO Capital Markets boosted their price target on shares of Toast from $35.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Robert W. Baird upped their price target on shares of Toast from $30.00 to $33.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Finally, Morgan Stanley set a $45.00 price objective on Toast in a report on Friday, May 8th. Seventeen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $38.77.

Hedge Funds Weigh In On Toast

Hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its position in Toast by 1,555.5% in the first quarter. NewEdge Advisors LLC now owns 17,432 shares of the company's stock worth $578,000 after acquiring an additional 16,379 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Toast by 24.0% during the 2nd 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 in the last quarter. State Street Corp raised its holdings in shares of Toast by 2.7% during the 2nd quarter. State Street Corp now owns 9,212,889 shares of the company's stock valued at $408,039,000 after purchasing an additional 245,276 shares in the last quarter. Frontier Capital Management Co. LLC acquired a new stake in shares of Toast in the 2nd quarter valued at $4,479,000. Finally, Sei Investments Co. lifted its stake in shares of Toast by 24.6% in the 2nd quarter. Sei Investments Co. now owns 1,030,007 shares of the company's stock valued at $45,619,000 after purchasing an additional 203,404 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source