Brokerages Set Fastly, Inc. (NYSE:FSLY) Target Price at $7.81

Shares of Fastly, Inc. (NYSE:FSLY) have received an average rating of “Hold” from the eight ratings firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $7.81.

Several equities analysts have recently commented on FSLY shares. Craig Hallum lowered their price target on shares of Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Piper Sandler lowered shares of Fastly from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $10.00 to $6.00 in a research note on Thursday, August 8th. Raymond James reduced their price objective on Fastly from $13.00 to $8.00 and set a “strong-buy” rating for the company in a research report on Thursday, August 8th. Finally, Morgan Stanley lowered their target price on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th.

Insider Buying and Selling

In other news, CFO Ronald W. Kisling sold 12,000 shares of Fastly stock in a transaction on Monday, July 1st. The stock was sold at an average price of $7.27, for a total transaction of $87,240.00. Following the transaction, the chief financial officer now directly owns 593,506 shares in the company, valued at approximately $4,314,788.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Ronald W. Kisling sold 12,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the completion of the transaction, the chief financial officer now owns 593,506 shares in the company, valued at approximately $4,314,788.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Artur Bergman sold 19,889 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total transaction of $118,538.44. Following the completion of the sale, the chief technology officer now owns 6,205,000 shares in the company, valued at $36,981,800. The disclosure for this sale can be found here. Insiders have sold a total of 155,450 shares of company stock valued at $990,251 over the last quarter. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

A number of hedge funds have recently modified their holdings of FSLY. Allspring Global Investments Holdings LLC boosted its position in shares of Fastly by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock valued at $133,000 after purchasing an additional 863 shares during the period. EntryPoint Capital LLC boosted its holdings in shares of Fastly by 41.1% in the first quarter. EntryPoint Capital LLC now owns 5,644 shares of the company’s stock worth $73,000 after buying an additional 1,643 shares during the period. Principal Financial Group Inc. increased its position in shares of Fastly by 13.4% in the first quarter. Principal Financial Group Inc. now owns 16,063 shares of the company’s stock worth $208,000 after acquiring an additional 1,897 shares in the last quarter. CWM LLC raised its holdings in shares of Fastly by 10.5% during the second quarter. CWM LLC now owns 22,266 shares of the company’s stock valued at $164,000 after acquiring an additional 2,121 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Fastly by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock valued at $503,000 after acquiring an additional 2,128 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Fastly Stock Performance

Shares of NYSE FSLY opened at $7.28 on Tuesday. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35. The firm’s 50-day moving average price is $6.78 and its two-hundred day moving average price is $8.88. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87. The stock has a market capitalization of $994.72 million, a P/E ratio of -7.28 and a beta of 1.20.

Fastly (NYSE:FSLY) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. The business had revenue of $132.37 million during the quarter, compared to analyst estimates of $131.62 million. During the same quarter in the previous year, the firm posted ($0.32) EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Fastly will post -0.96 earnings per share for the current year.

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.