Brian R. Elworthy, General Counsel at Toast , Inc. (NYSE:TOST), recently sold a portion of his holdings in the company. According to a recent SEC filing, Elworthy sold 1,006 shares of Toast's Class A Common Stock on November 4, 2024, at an average price of $31.078 per share, amounting to a total transaction value of approximately $31,264. This sale was made to cover tax withholding obligations related to the vesting of restricted stock units (RSUs), as noted in the filing.
Following this transaction, Elworthy holds 178,982 shares of the company's stock directly. Additionally, he has indirect ownership of 78,736 shares through the Brian R. Elworthy Irrevocable Trust of 2019. The filing also indicated that Elworthy acquired 2,152 shares on November 1, 2024, as part of an RSU vesting, which converted into Class A Common Stock on a one-for-one basis.
In other recent news, Toast Inc. has experienced robust growth, with a 29% year-over-year increase in recurring gross profit streams and a record addition of 8,000 net new locations. The company's strong performance has led to an upward revision of its full-year financial outlook. Meanwhile, financial firm Baird has raised its price target for Toast Inc. to $30, maintaining a neutral rating and expressing a balanced risk/reward outlook. DA Davidson also increased its price target for the company to $35, reflecting confidence in Toast's future prospects. These recent developments suggest that analysts are optimistic about Toast's future performance. The anticipation of a stronger than expected third-quarter performance, along with the company's strategic positioning and product offerings, contribute to this positive outlook. However, investors should note that these projections are based on the analysts' assessments and may not fully reflect the company's actual future performance.
InvestingPro Insights
To provide additional context to Brian R. Elworthy's recent stock transaction, it's worth examining Toast's current financial position and market performance. According to InvestingPro data, Toast boasts a substantial market capitalization of $17.04 billion, reflecting its significant presence in the restaurant technology sector.
The company has demonstrated impressive revenue growth, with a 32.19% increase over the last twelve months as of Q2 2024, reaching $4.39 billion. This robust top-line expansion aligns with an InvestingPro Tip indicating that Toast's net income is expected to grow this year, potentially signaling improving financial health.
Toast's stock has shown remarkable momentum, with a 73.36% price total return over the past year and a 33.33% return over the last six months. The stock is currently trading near its 52-week high, with its price at 97.59% of the peak. This strong performance is reflected in another InvestingPro Tip, which notes the company's high return over the last year.
Despite these positive indicators, investors should be aware that Toast is not currently profitable, as highlighted by an InvestingPro Tip. The company's P/E ratio stands at -87.34, indicating that profitability remains a challenge. However, analysts predict that Toast will become profitable this year, which could be a significant turning point for the company's financial narrative.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for Toast, providing a comprehensive view of the company's prospects and challenges. These insights can be valuable for understanding the context of insider transactions like Elworthy's recent sale.
Brian R. Elworthy, General Counsel at Toast, Inc. (NYSE:TOST), recently sold a portion of his holdings in the company. According to a recent SEC filing, Elworthy sold 1,006 shares of Toast's Class A Common Stock on November 4, 2024, at an average price of $31.078 per share, amounting to a total transaction value of approximately $31,264. This sale was made to cover tax withholding obligations related to the vesting of restricted stock units (RSUs), as noted in the filing.
Following this transaction, Elworthy holds 178,982 shares of the company's stock directly. Additionally, he has indirect ownership of 78,736 shares through the Brian R. Elworthy Irrevocable Trust of 2019. The filing also indicated that Elworthy acquired 2,152 shares on November 1, 2024, as part of an RSU vesting, which converted into Class A Common Stock on a one-for-one basis.
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