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

Toast, Inc. (NYSE:TOST - Get Free Report)'s stock price was down 3.3% on Tuesday following insider selling activity. The company traded as low as $41.22 and last traded at $41.58. Approximately 2,818,295 shares traded 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 on Monday, June 2nd. The shares were sold at an average price of $42.60, for a total transaction of $12,780,000.00. Following the completion of the sale, the general counsel now owns 216,156 shares in the company, valued at approximately $9,208,245.60. The trade was a 58.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wall Street Zen cut shares of Toast from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Royal Bank of Canada upped their target price on shares of Toast from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Thursday, February 20th. DA Davidson dropped their target price on shares of Toast from $42.00 to $40.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. BMO Capital Markets upped their target price on shares of Toast from $44.00 to $45.00 and gave the company an "outperform" rating in a research report on Monday, May 12th. Finally, The Goldman Sachs Group dropped their target price on shares of Toast from $43.00 to $38.00 and set a "neutral" rating for the company in a research report on Wednesday, April 2nd. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.21.

Toast Trading Up 2.4%

The stock's 50 day moving average price is $37.77 and its 200 day moving average price is $38.04. The company has a market capitalization of $21.33 billion, a price-to-earnings ratio of -4,278.42, a P/E/G ratio of 2.16 and a beta of 2.02.

Institutional Investors Weigh In On Toast

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Toast by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 43,945,584 shares of the company's stock valued at $1,457,675,000 after purchasing an additional 1,471,352 shares during the last quarter. Capital International Investors lifted its stake in Toast by 1.9% in the 4th quarter. Capital International Investors now owns 41,961,233 shares of the company's stock valued at $1,529,657,000 after purchasing an additional 785,641 shares during the last quarter. FMR LLC lifted its stake in Toast by 22.1% in the 4th quarter. FMR LLC now owns 29,853,639 shares of the company's stock valued at $1,088,165,000 after purchasing an additional 5,403,896 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Toast by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,454,209 shares of the company's stock valued at $777,978,000 after purchasing an additional 3,490,686 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its position in Toast by 7.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 15,520,360 shares of the company's stock worth $514,811,000 after acquiring an additional 1,082,958 shares during the last quarter. 82.91% of the stock is currently 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.