Toast (NYSE:TOST) President Stephen Fredette Sells 9,368 Shares of Stock

Key Points

• Toast President Stephen Fredette sold 9,368 shares at an average price of $29.35, generating $274,950.80. The sale covered tax-withholding obligations tied to vested equity awards and reduced his stake by 0.99%.
• Toast shares traded at $30.08, with a market capitalization of approximately $15.46 billion. The stock has ranged from $22.26 to $39.72 over the past year and trades at a price-to-earnings ratio of 38.56.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $39.12, while institutional investors own 82.91% of the company. Toast’s latest quarterly revenue rose 23.1% year over year to $1.91 billion, although earnings per share fell short of estimates.

Toast, Inc. (NYSE:TOST - Get Free Report) President Stephen Fredette sold 9,368 shares of the business's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $29.35, for a total transaction of $274,950.80. Following the transaction, the president owned 941,692 shares of the company's stock, valued at approximately $27,638,660.20. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Toast Stock Performance

TOST traded up $0.29 during trading on Monday, hitting $30.08. The stock had a trading volume of 12,414,094 shares, compared to its average volume of 11,170,402. The stock has a 50 day simple moving average of $33.06 and a two-hundred day simple moving average of $28.96. Toast, Inc. has a twelve month low of $22.26 and a twelve month high of $39.72. The company has a market capitalization of $15.46 billion, a PE ratio of 38.56 and a beta of 1.74.

Toast (NYSE:TOST - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.06). Toast had a return on equity of 23.90% and a net margin of 7.14%.The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the company posted $0.13 earnings per share. The business's revenue for the quarter was up 23.1% on a year-over-year basis. On average, equities research analysts anticipate that Toast, Inc. will post 1 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on TOST. BTIG Research reiterated a "neutral" rating on shares of Toast in a research note on Thursday, August 27th. Zacks Research downgraded shares of Toast from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Truist Financial lifted their target price on shares of Toast from $33.00 to $39.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. BNP Paribas Exane downgraded shares of Toast from an "outperform" rating to a "neutral" rating and dropped their target price for the stock from $38.00 to $35.00 in a research report on Wednesday, September 2nd. Finally, Oppenheimer upped their price target on shares of Toast from $36.00 to $38.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $39.12.

Hedge Funds Weigh In On Toast

Institutional investors have recently bought and sold shares of the business. Arkfeld Wealth Strategies L.L.C. raised its holdings in shares of Toast by 138.8% during the second quarter. Arkfeld Wealth Strategies L.L.C. now owns 264,821 shares of the company's stock worth $7,807,000 after purchasing an additional 153,928 shares during the last quarter. Quantitative Investment Management LLC boosted its holdings in Toast by 120.1% in the second quarter. Quantitative Investment Management LLC now owns 63,823 shares of the company's stock valued at $1,775,000 after purchasing an additional 34,831 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Toast by 47.4% in the second quarter. Assenagon Asset Management S.A. now owns 970,799 shares of the company's stock valued at $27,008,000 after purchasing an additional 312,077 shares during the last quarter. Lavelle Capital LP acquired a new stake in Toast during the 1st quarter worth about $1,458,000. Finally, Junto Capital Management LP acquired a new stake in Toast during the 2nd quarter worth about $54,320,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Toast Company Profile

Toast, Inc NYSE: TOST provides a cloud-based technology platform designed for restaurants and other foodservice businesses. Its platform combines point-of-sale hardware and software with tools for payment processing, menu and order management, employee operations, inventory, reporting and customer engagement.

The company's products and services support in-restaurant, online and delivery orders, as well as gift cards, loyalty programs, marketing and payroll-related functions. Toast also offers restaurant-specific hardware, including terminals, handheld devices, kitchen display systems and self-service kiosks, allowing businesses to manage operations through an integrated technology ecosystem.

Founded in 2011 and headquartered in Boston, Toast initially focused on helping restaurants replace traditional point-of-sale systems with cloud-based technology.

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