Toast (NYSE:TOST) Sets New 12-Month Low Following Insider Selling

Toast, Inc. (NYSE:TOST)’s share price hit a new 52-week low during trading on Wednesday after an insider sold shares in the company. The company traded as low as $27.70 and last traded at $27.33, with a volume of 1012533 shares. The stock had previously closed at $28.25.

Specifically, President Stephen Fredette sold 1,060 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $30.34, for a total value of $32,160.40. Following the sale, the president owned 913,067 shares of the company’s stock, valued at $27,702,452.78. The trade was a 0.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Elena Gomez sold 1,437 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total transaction of $43,598.58. Following the transaction, the chief financial officer owned 164,629 shares of the company’s stock, valued at approximately $4,994,843.86. This represents a 0.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In other news, CEO Aman Narang sold 1,648 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $30.34, for a total value of $50,000.32. Following the sale, the chief executive officer directly owned 340,723 shares in the company, valued at approximately $10,337,535.82. This represents a 0.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. JPMorgan Chase & Co. upgraded Toast from a “neutral” rating to an “overweight” rating and set a $43.00 target price for the company in a research report on Thursday, December 4th. Royal Bank Of Canada set a $45.00 price objective on Toast in a report on Wednesday, November 5th. Evercore raised shares of Toast from an “in-line” rating to an “outperform” rating and set a $40.00 target price on the stock in a report on Tuesday, January 20th. Jefferies Financial Group reiterated a “buy” rating on shares of Toast in a research report on Tuesday. Finally, Truist Financial set a $42.00 price target on shares of Toast in a research report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.55.

Toast Trading Up 2.4%

The stock has a market cap of $14.27 billion, a P/E ratio of 64.44 and a beta of 1.93. The business’s fifty day simple moving average is $34.24 and its 200 day simple moving average is $37.98.

Toast (NYSE:TOST) last announced its earnings results on Tuesday, November 4th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.08). Toast had a return on equity of 15.77% and a net margin of 4.68%.The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the company posted $0.07 earnings per share. Toast’s revenue for the quarter was up 25.1% on a year-over-year basis. On average, analysts predict that Toast, Inc. will post 0.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TOST. Alliancebernstein L.P. boosted its stake in shares of Toast by 2,432.8% in the 3rd quarter. Alliancebernstein L.P. now owns 8,215,758 shares of the company’s stock valued at $299,957,000 after purchasing an additional 7,891,383 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Toast by 331.0% during the second quarter. Jennison Associates LLC now owns 8,601,887 shares of the company’s stock worth $380,978,000 after buying an additional 6,606,245 shares during the last quarter. Norges Bank acquired a new position in Toast in the second quarter valued at approximately $219,324,000. Marshall Wace LLP boosted its stake in Toast by 108.3% in the second quarter. Marshall Wace LLP now owns 7,887,409 shares of the company’s stock valued at $349,333,000 after acquiring an additional 4,100,104 shares during the last quarter. Finally, ValueAct Holdings L.P. acquired a new stake in Toast during the 3rd quarter worth $124,032,000. 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.