David Koning from Robert W. Baird set a price target of $38 for NYSE:TOST, aligning closely with its current stock price.
Toast has experienced a 131% increase in its stock price year-to-date, significantly outperforming its sector and industry averages.
The company reported revenues of $1.31 billion in the third quarter of 2024, a 26.5% increase year-over-year, and non-GAAP earnings of 7 cents per share.
Toast Inc. (NYSE:TOST) is a prominent player in the restaurant technology sector, providing point-of-sale and management systems to streamline operations for food service businesses. On December 4, 2024, David Koning from Robert W. Baird set a price target of $38 for TOST, closely aligning with its current stock price of $38.14, a slight decrease of 0.37% from the target.
Toast has seen a remarkable 131% increase in its stock price year-to-date, significantly outperforming the Zacks Computer and Technology sector’s growth of 29.8% and the Zacks Internet Software industry’s return of 35.1%. This growth is impressive compared to industry peers like Innovid, which rose by 102.7%, while 8×8 and Five9 saw declines of 18.3% and 47.6%, respectively.
The surge in Toast’s stock price is largely driven by its innovative product expansion and strong partnerships. The company has successfully increased its restaurant locations and expanded its footprint by entering new market domains. This strategic growth has helped Toast capture a larger market share, contributing to its stock’s impressive performance.
In the third quarter of 2024, Toast reported revenues of $1.31 billion, marking a 26.5% increase compared to the previous year and exceeding the Zacks Consensus Estimate by 1.4%. Additionally, Toast’s non-GAAP earnings of 7 cents per share surpassed the Zacks Consensus Estimate of 1 cent, highlighting the company’s strong financial performance.
Currently, TOST is priced at $38.14, reflecting a decrease of 10.09% with a change of $4.28. The stock has fluctuated between a low of $37.69 and a high of $42.89 during the day. Over the past year, TOST has reached a high of $44.115 and a low of $14.45. The company has a market capitalization of approximately $21.66 billion, with a trading volume of 21,280,758 shares today.
