Jonathan Vassil, Chief Revenue Officer of Toast , Inc. (NYSE:TOST), recently sold 1,367 shares of the company's Class A Common Stock. The shares were sold at an average price of $31.078 each, totaling approximately $42,483. This transaction was executed on November 4, 2024.
The sale was conducted to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units (RSUs), as noted in the filing. Following this transaction, Vassil holds 39,834 shares directly.
In addition, on November 1, 2024, Vassil acquired 2,935 shares of Class A Common Stock through the vesting of RSUs. These RSUs converted into common stock on a one-for-one basis, as part of a pre-established vesting schedule.
In other recent news, Toast Inc. has been the focus of attention from financial firms DA Davidson and Baird. DA Davidson raised its price target for the company from $32.00 to $35.00, maintaining a Buy rating and expressing confidence in Toast's performance and future prospects. This decision comes ahead of Toast's third-quarter earnings report, which is expected to either meet or slightly surpass current forecasts.
On the other hand, Baird has updated its outlook on Toast, raising its price target from $28 to $30 while maintaining a Neutral rating. The firm anticipates a stronger than expected third-quarter performance from Toast, with recurring gross profit predicted to be about 2% higher than market consensus. Baird also anticipates a mild increase in the company's guidance for the year 2024, reflecting positive developments projected in Toast's financial performance.
In addition to these developments, Toast has reported strong second-quarter results, surpassing expectations with significant growth in key financial metrics. The company added a record 8,000 net new locations, leading to a 29% year-over-year increase in recurring gross profit streams. Adjusted EBITDA reached $92 million, marking a healthy 27% margin on these profit streams. Following this strong performance, Toast has revised its full-year financial outlook upwards.
InvestingPro Insights
As Jonathan Vassil adjusts his stake in Toast, Inc. (NYSE:TOST), investors might find value in examining the company'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's revenue growth remains robust, with a 32.19% increase over the last twelve months as of Q2 2024, reaching $4.386 billion. This strong top-line performance aligns with Toast's expanding footprint in the restaurant industry and its ability to capitalize on the digital transformation trend in food services.
InvestingPro Tips highlight that Toast's stock price has seen a strong return over the last year, with a remarkable 73.36% price total return. This impressive performance suggests that investors have been optimistic about the company's growth prospects and market position. Additionally, the stock is currently trading near its 52-week high, with the price at 97.59% of its peak, indicating sustained investor confidence.
However, it's important to note that Toast is not yet profitable over the last twelve months, with an operating income of -$117 million. This reflects the company's focus on growth and market expansion rather than immediate profitability. Despite this, an InvestingPro Tip suggests that analysts predict the company will be profitable this year, which could be a positive sign for potential investors.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for Toast, providing a more comprehensive view of the company's financial health and market position.
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