Aman Narang sells 138,052 Toast shares for $4.9M

Aman Narang, CEO of restaurant-tech giant Toast, sold 138,052 shares for about $4.9 million on Monday, according to a regulatory filing. The stock has dropped 24% over the past year, pushing the company’s market value to $20.1 billion. Narang’s sale was executed under a pre-planned trading schedule designed to avoid timing conflicts, not a sudden move.

The transaction was structured under a Rule 10b5-1 plan set up by the Starlight 2026 Charitable Remainder Trust on March 13, 2026. Such plans let executives sell shares on a fixed timetable, removing the temptation to trade on inside information. Narang received a weighted average price of $35.27 per share, slightly above Tuesday’s closing price of $34.72. After the sale, he still holds 70,451 shares directly and another 462,698 indirectly through trusts and related entities.

Toast’s business has grown fast, but its stock has struggled. The company reported $6.8 billion in revenue over the last 12 months and $486 million in net income. It sells point-of-sale hardware like Toast Point of Sale systems and Toast Flex terminals, along with subscription software for inventory, payments, and kitchen displays. Restaurants use the platform to cut wait times and improve service. Toast operates in the U.S. and Ireland, serving both small eateries and multi-unit chains.

The timing highlights investor concern over growth vs. profit. While revenue keeps climbing, the 24% slide suggests markets are waiting for clearer profitability. Narang’s planned sale shows confidence in the long-term roadmap rather than a vote of no confidence. Toast remains a key player in restaurant tech, but the stock’s dip will keep pressure on executives to prove the platform can deliver sustainable margins as competition heats up.