Toast, Inc. (NYSE:TOST) Principal Accounting Officer, Michael James Matlock, has sold a portion of his holdings in the company, according to a recent SEC filing. The transactions, which took place on May 3, 2024, involved the sale of company shares with a total value exceeding $96,000.
The shares were sold in two separate transactions with prices ranging from $22.66 to $24.26. In the first transaction, Matlock sold 3,473 shares of Class A Common Stock at a weighted average price of $23.015 per share. The second transaction saw 678 shares sold at a weighted average price of $24.069 per share. Following these sales, Matlock's remaining ownership in Toast, Inc. stands at 46,510 shares of Class A Common Stock.
The filing noted that these sales were conducted in accordance with a Rule 10b5-1 trading plan, which Matlock had previously adopted on February 24, 2023. Such plans allow company insiders to establish pre-planned transactions at a time when they are not in possession of material non-public information, providing a structured way to plan the sale of shares while avoiding potential accusations of insider trading.
Investors and followers of Toast, Inc. may be interested in these transactions as they represent significant financial moves by one of the company's top executives. The details, including the number of shares sold and the prices at which they were transacted, provide insights into executive confidence and behavior regarding the company's stock.
Toast, Inc., headquartered in Boston, Massachusetts, operates within the computer processing and data preparation sector, offering a platform for restaurant management that combines point of sale, front of house, back of house, and guest-facing technology with a diverse marketplace of third-party applications.
The SEC filing was signed on behalf of Michael James Matlock by Monica Kleinman as Attorney-in-Fact on May 6, 2024.
InvestingPro Insights
As Toast, Inc. (NYSE:TOST) navigates the dynamic market landscape, recent financial metrics and analyst insights from InvestingPro paint a picture of a company in a pivotal growth phase. With a market capitalization of $12.59 billion, Toast stands out in the computer processing and data preparation sector. While the company's P/E ratio is not applicable due to lack of profitability in the last twelve months, its significant revenue growth and improvements in liquid assets are notable.
InvestingPro data highlights a robust 41.52% revenue growth for the last twelve months as of Q4 2023, indicating a strong expansion in Toast's business operations. Despite challenges in profitability, with an operating income margin of -7.43%, the company's gross profit margin stands at 21.71%, suggesting the potential for improvement as scale and efficiency increase. The stock's performance also reflects investor optimism, evidenced by a 23.52% return over the last three months and a 33.29% uptick over the last six months.
InvestingPro Tips for Toast, Inc. suggest that while the company suffers from weak gross profit margins, analysts are optimistic about the future, predicting profitability within the year. Additionally, Toast's liquid assets exceed short-term obligations, providing a cushion for operational needs. However, the stock's price movements have been quite volatile, which may attract investors with a higher risk tolerance.
For those considering an investment in Toast, Inc., there are additional insights available. InvestingPro offers more tips on the company, which can be accessed at Investing.com/pro/TOST. To further enhance your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these resources at hand, investors can make more informed decisions about their interest in Toast, Inc.
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