Toast (NYSE:TOST) Shares Down 3.3% After Insider Selling

Toast, Inc. (NYSE:TOST - Get Free Report) shares were down 3.3% on Tuesday following insider selling activity. The stock traded as low as $41.22 and last traded at $41.58. Approximately 2,818,295 shares changed hands during trading, a decline of 58% from the average daily volume of 6,758,968 shares. The stock had previously closed at $42.99.

Specifically, General Counsel Brian R. Elworthy sold 300,000 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $42.60, for a total value of $12,780,000.00. Following the transaction, the general counsel now directly owns 216,156 shares in the company, valued at approximately $9,208,245.60. This represents a 58.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TOST shares. JPMorgan Chase & Co. boosted their price target on Toast from $36.00 to $42.00 and gave the company a "neutral" rating in a research note on Thursday, February 20th. Robert W. Baird upped their target price on Toast from $38.00 to $40.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Evercore ISI assumed coverage on Toast in a report on Wednesday, April 9th. They set an "in-line" rating and a $29.00 target price on the stock. Royal Bank of Canada boosted their price target on Toast from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Thursday, February 20th. Finally, Truist Financial began coverage on shares of Toast in a research report on Monday, June 2nd. They set a "buy" rating and a $48.00 price objective for the company. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Toast has a consensus rating of "Moderate Buy" and a consensus price target of $41.21.

Toast Stock Performance

The company has a market cap of $21.94 billion, a price-to-earnings ratio of -4,401.60, a P/E/G ratio of 2.16 and a beta of 2.02. The company has a fifty day moving average of $37.97 and a two-hundred day moving average of $38.02.

Institutional Trading of Toast

A number of hedge funds have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership acquired a new stake in Toast during the 4th quarter worth approximately $282,010,000. Norges Bank bought a new stake in shares of Toast in the fourth quarter worth $205,888,000. Principal Financial Group Inc. grew its stake in shares of Toast by 14,258.8% in the first quarter. Principal Financial Group Inc. now owns 5,474,443 shares of the company's stock worth $181,587,000 after purchasing an additional 5,436,317 shares during the last quarter. FMR LLC lifted its holdings in Toast by 22.1% during the 4th quarter. FMR LLC now owns 29,853,639 shares of the company's stock worth $1,088,165,000 after buying an additional 5,403,896 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Toast by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 42,474,232 shares of the company's stock valued at $1,548,186,000 after buying an additional 4,147,430 shares during the period. 82.91% of the stock is owned by institutional investors and hedge funds.

About Toast

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.