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Toast , Inc. (NYSE:TOST) CEO Aman Narang has recently sold shares of the company’s Class A common stock, according to a filing with the Securities and Exchange Commission. On April 2, Narang sold 9,395 shares at an average price of $34.998, generating a total of $328,806.
The sale was executed to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs), as noted in the filing. This transaction did not represent a discretionary trade by Narang.
In addition to the sale, Narang also executed multiple transactions on April 1, acquiring a total of 20,494 shares of Class A common stock through RSU conversions. These shares were acquired at no cost, with RSUs converting on a one-for-one basis into Class A shares upon vesting and settlement.
Following these transactions, Narang holds 286,985 shares of Class A common stock. Additionally, he owns 18,912,840 shares of Class B common stock, which can be converted into Class A shares at any time. Based on current market prices and InvestingPro’s Fair Value analysis, Toast appears to be trading slightly above its intrinsic value, with the stock showing notable price volatility.
In other recent news, Toast Inc. reported fourth-quarter earnings that exceeded expectations, leading DA Davidson to raise its price target for the company from $38 to $42. Toast’s revenue was 2% higher than projected, and its adjusted EBITDA surpassed forecasts by 16%. The company also provided an optimistic outlook for 2025, anticipating a 23%-25% increase in Non-GAAP FinTech & Subscription gross profit and a 37%-42% rise in adjusted EBITDA. Despite these positive results, DA Davidson maintained a Neutral rating on Toast shares. Piper Sandler also reiterated a Neutral rating with a $35 price target, highlighting Toast’s strong growth in subscription and financial products gross profit and a significant EBITDA margin expansion. UBS analyst Tim Chiodo maintained a Buy rating with a $47 price target, expressing confidence in Toast’s ability to capture a substantial share of new restaurant cloud POS locations in the U.S. and growth in international markets. Bernstein analysts noted potential high single-digit negative revisions for Toast in a recession scenario due to its exposure to new business formation and discretionary spending. These developments reflect a mix of optimism and caution regarding Toast’s future performance.
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