Aman Narang, the CEO of Toast , Inc. (NYSE:TOST), recently sold a significant portion of his holdings in the company. The transaction comes as Toast's stock has delivered an impressive 129% return over the past year, with the company now commanding a market capitalization of $21.94 billion. According to a Form 4 filing with the Securities and Exchange Commission, Narang sold a total of 720,000 shares of Class A common stock on December 13, 2024. The sale, which was executed under a Rule 10b5-1 trading plan, amounted to approximately $27.76 million.
The shares were sold in two separate transactions. The first transaction involved the sale of 533,700 shares at a weighted average price of $38.242, with prices ranging from $37.9 to $38.885. The second transaction consisted of 186,300 shares sold at a weighted average price of $39.471, with prices ranging from $38.91 to $39.74.
Following these transactions, Narang holds no shares of Class A common stock under the Narang Family Trust. However, he retains direct ownership of 259,079 shares of Class A common stock and 18,912,840 shares of Class B common stock, which are convertible into Class A shares at any time.
These transactions reflect Narang's ongoing management of his equity in the company, while maintaining a substantial investment in Toast, Inc.
In other recent news, PayPal Holdings Inc (NASDAQ:PYPL). has seen a positive shift in sentiment among American small and medium-sized businesses (SMBs), which is expected to boost technology investments. This shift has been attributed to a slowdown in inflation growth, lower interest rates, and the anticipated benefits of incoming fiscal policies. Analysts from RBC have identified PayPal as a potential beneficiary of this trend. Meanwhile, PayPal has received upgrades from Macquarie and Wolfe Research, citing the company's effective expense management and alignment of prices with the value provided.
Toast Inc., a restaurant technology platform, has announced an extension of its collaboration with Uber Technologies Inc . (NYSE:UBER) to enhance delivery options for U.S. restaurants. The expanded partnership integrates Toast Delivery Services with Uber Direct, aiming to help restaurants reduce delivery costs and widen their delivery areas. In other recent developments, DA Davidson downgraded Toast's stock from Buy to Neutral due to concerns over margin expansion expectations for 2025. However, Baird maintained its Neutral rating on Toast with a steady price target of $38.00, adjusting its expectations due to the company's new guidance on future margins.
Goldman Sachs adjusted its stance on Toast Inc., shifting the stock's rating from Buy to Neutral but increased the price target to $45.00. The adjustment reflects a more balanced view of the stock's risk-reward profile, suggesting that the current stock price now adequately reflects the positive developments previously anticipated. These are the recent developments in PayPal Holdings Inc. and Toast Inc.
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