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Stephen Fredette, President of Toast , Inc. (NYSE:TOST), recently executed a series of stock transactions, as detailed in a recent SEC filing. The transactions come as Toast’s stock has shown remarkable performance, delivering a 53% return over the past year according to InvestingPro data. On April 2, Fredette sold 3,793 shares of Class A Common Stock at an average price of $34.998 per share, totaling approximately $132,747. This sale was to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units (RSUs). The transaction occurred with Toast’s market capitalization standing at $20.5 billion, with the stock currently trading near its InvestingPro Fair Value.
In addition to the sales, Fredette acquired a total of 12,914 shares of Class A Common Stock on April 1 through the conversion of RSUs, which are part of his compensation package. These transactions were not discretionary trades but were related to the vesting schedule of RSUs granted to him.
Following these transactions, Fredette holds direct ownership of 1,411,253 shares of Class A Common Stock. Additionally, he has indirect holdings through family trusts and nominee trusts, which collectively own a significant number of shares. As of the report date, Fredette also owns 25,722,670 shares of Class B Common Stock, each convertible into one share of Class A Common Stock. For deeper insights into Toast’s valuation metrics and 12 additional ProTips, visit InvestingPro, where you’ll find comprehensive analysis in the Pro Research Report.
In other recent news, Toast Inc. reported fourth-quarter earnings that exceeded DA Davidson’s expectations, with total revenue surpassing forecasts by 2% and adjusted EBITDA exceeding predictions by 16%. This prompted DA Davidson to raise Toast’s price target from $38 to $42, while maintaining a Neutral rating on the stock. The company also issued its initial 2025 outlook, projecting a 23%-25% year-over-year growth in Non-GAAP FinTech & Subscription gross profit and a 37%-42% increase in adjusted EBITDA. Piper Sandler also maintained a Neutral rating on Toast, with a $35 price target, highlighting the company’s strong growth and profitability in 2024, including a nearly 40% increase in subscription and financial products gross profit. Toast is expected to continue expanding into international markets, the food and beverage sector, and enterprise adoption in 2025, potentially impacting its margins due to increased investments. UBS analyst Tim Chiodo upheld a Buy rating for Toast, with a $47 price target, citing the company’s realistic projections for net new location additions and growth in various market segments. Additionally, Bernstein analysts noted that Toast could face high single-digit negative revisions in gross profit and double-digit EPS revisions in a recession scenario due to its exposure to new business formation and discretionary spending.
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