Fastly (NYSE:FSLY) Given New $6.00 Price Target at Craig Hallum

Fastly (NYSE:FSLY) had its target price reduced by Craig Hallum from $10.00 to $6.00 in a research report report published on Thursday, Benzinga reports. Craig Hallum currently has a hold rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler cut shares of Fastly from an overweight rating to a neutral rating and decreased their price target for the company from $10.00 to $6.00 in a research report on Thursday. DA Davidson cut shares of Fastly from a buy rating to a neutral rating and decreased their price target for the company from $24.00 to $8.50 in a research report on Thursday, May 2nd. Citigroup decreased their price target on shares of Fastly from $15.00 to $10.00 and set a neutral rating for the company in a research report on Thursday, May 9th. Royal Bank of Canada decreased their price target on shares of Fastly from $18.00 to $9.00 and set a sector perform rating for the company in a research report on Thursday, May 2nd. Finally, Bank of America cut shares of Fastly from a buy rating to an underperform rating and decreased their price target for the company from $18.00 to $8.00 in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Fastly presently has an average rating of Hold and an average target price of $7.93.

Fastly Stock Down 3.4 %

FSLY stock traded down $0.20 during midday trading on Thursday, hitting $5.66. The company’s stock had a trading volume of 4,996,267 shares, compared to its average volume of 3,833,700. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87. The firm has a market capitalization of $773.37 million, a P/E ratio of -5.66 and a beta of 1.13. The firm has a 50-day simple moving average of $7.41 and a 200-day simple moving average of $11.59.

Insider Transactions at Fastly

In other news, CEO Todd Nightingale sold 65,447 shares of Fastly stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $8.84, for a total transaction of $578,551.48. Following the completion of the sale, the chief executive officer now directly owns 1,741,181 shares of the company’s stock, valued at approximately $15,392,040.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CTO Artur Bergman sold 10,928 shares of Fastly stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $8.84, for a total transaction of $96,603.52. Following the sale, the chief technology officer now directly owns 6,244,124 shares in the company, valued at approximately $55,198,056.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Nightingale sold 65,447 shares of Fastly stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $8.84, for a total transaction of $578,551.48. Following the sale, the chief executive officer now owns 1,741,181 shares in the company, valued at $15,392,040.04. The disclosure for this sale can be found here. In the last three months, insiders sold 135,217 shares of company stock valued at $1,176,853. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP increased its stake in Fastly by 1,420.9% in the fourth quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock valued at $38,000 after purchasing an additional 1,975 shares during the period. Cambridge Trust Co. acquired a new position in Fastly in the first quarter valued at $39,000. Cape Investment Advisory Inc. increased its stake in Fastly by 27,666.7% in the first quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock valued at $54,000 after purchasing an additional 4,150 shares during the period. EMC Capital Management increased its stake in Fastly by 400.0% in the second quarter. EMC Capital Management now owns 7,500 shares of the company’s stock valued at $54,000 after purchasing an additional 6,000 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in Fastly in the fourth quarter valued at $61,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

About Fastly

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.