Fastly (NYSE:FSLY) PT Lowered to $8.00

Fastly (NYSE:FSLY) had its target price decreased by equities research analysts at Raymond James from $13.00 to $8.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “strong-buy” rating on the stock. Raymond James’ price objective would suggest a potential upside of 41.09% from the stock’s current price.

FSLY has been the topic of a number of other reports. Royal Bank of Canada cut their price objective on Fastly from $18.00 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 2nd. Bank of America downgraded Fastly from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $18.00 to $8.00 in a report on Thursday, May 2nd. DA Davidson downgraded Fastly from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $24.00 to $8.50 in a report on Thursday, May 2nd. Citigroup dropped their target price on Fastly from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Finally, Piper Sandler downgraded Fastly from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $6.00 in a report on Thursday. One investment 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 stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $7.93.

Fastly Price Performance

Shares of NYSE FSLY traded down $0.19 during trading hours on Thursday, reaching $5.67. 5,000,073 shares of the stock traded hands, compared to its average volume of 3,833,700. The company has a market capitalization of $774.74 million, a P/E ratio of -5.66 and a beta of 1.13. 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 company’s 50-day simple moving average is $7.41 and its two-hundred day simple moving average is $11.59.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $132.37 million for the quarter, compared to analysts’ expectations of $131.62 million. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.32) EPS. Equities research analysts forecast that Fastly will post -1.08 EPS for the current year.

Insider Buying and Selling at Fastly

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

Institutional Investors Weigh In On Fastly

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Qsemble Capital Management LP purchased a new stake in Fastly during the second quarter valued at approximately $586,000. Daiwa Securities Group Inc. raised its holdings in shares of Fastly by 95.3% in the second quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock worth $65,000 after buying an additional 4,318 shares during the period. Arizona State Retirement System raised its holdings in shares of Fastly by 10.3% in the second quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock worth $263,000 after buying an additional 3,338 shares during the period. Rhumbline Advisers raised its holdings in shares of Fastly by 8.5% in the second quarter. Rhumbline Advisers now owns 189,832 shares of the company’s stock worth $1,399,000 after buying an additional 14,813 shares during the period. Finally, Versor Investments LP purchased a new stake in shares of Fastly in the second quarter worth approximately $231,000. 79.71% of the stock is currently owned by hedge funds and other institutional investors.

Fastly Company Profile

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.