Insider sale and recent conversions
Brian R. Elworthy, serving as General Counsel at Toast, Inc. (NASDAQ:TOST), completed a sale of 3,664 shares of Class A Common Stock on April 2, 2026, at $26.187 per share, for total gross proceeds of $95,949. The disposal followed the prior day conversion, on April 1, 2026, of 10,045 restricted stock units into the same Class A shares, with the per-share conversion price recorded as $0.
Separately, records show Elworthy holds an indirect position of 39,368 shares of Class A Common Stock through the Brian R. Elworthy Irrevocable Trust of 2019.
Share price context and recent trading
Toast shares were trading near their 52-week low of $24.35 at the time of the reported transactions, and the stock has declined roughly 28% over the prior six months. That share-price backdrop frames the timing of the legal officer's sale and prior conversion of restricted stock units.
Company financials and market reaction
Toast reported fourth-quarter 2025 results that combined mixed top- and bottom-line outcomes. The company recorded earnings per share of $0.16, missing consensus estimates of $0.24 and producing a negative earnings surprise of 33.33%. Revenue for the period came in at $1.63 billion, just ahead of the $1.62 billion forecast.
Despite the revenue beat, the market reaction to the quarterly numbers was negative, as reflected in the subsequent analyst activity and downward pressure on the stock.
Analyst adjustments and coverage moves
Following the earnings release, several firms updated their views and price targets for Toast. DA Davidson reduced its price target to $33 from $36 while maintaining a Neutral rating, citing stronger-than-expected Non-GAAP FinTech and Subscription gross profit as well as adjusted EBITDA. Needham trimmed its target to $35 from $60 but kept a Buy rating, noting strong location additions and growth in average revenue per user. Bernstein SocGen Group upgraded the stock to Outperform with a $39 price target while observing a significant decline in the stock over the past year. Loop Capital initiated coverage with a Hold rating and a $26 price target, pointing to the company’s execution in the restaurant point-of-sale segment.
Conclusion
The combination of an insider sale, recent RSU conversion, mixed quarterly results, and divergent analyst assessments leaves a complex picture for investors assessing Toast. The transactions by Elworthy are clearly documented, and the company’s latest earnings and subsequent analyst moves offer both upside and downside signals for market participants focused on the restaurant technology and payments ecosystem.