Royal Bank of Canada Cuts Fastly (NYSE:FSLY) Price Target to $8.00

Fastly (NYSE:FSLY) had its price objective lowered by stock analysts at Royal Bank of Canada from $10.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 2.15% from the company’s current price.

Several other brokerages also recently weighed in on FSLY. Robert W. Baird lifted their target price on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Craig Hallum boosted their target price on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. DA Davidson raised their price target on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Citigroup upped their price objective on Fastly from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, Oppenheimer raised Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a report on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $8.55.

Fastly Stock Performance

Shares of NYSE:FSLY traded down $2.24 on Thursday, reaching $7.83. The company’s stock had a trading volume of 9,142,586 shares, compared to its average volume of 2,858,916. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. Fastly has a 52-week low of $5.52 and a 52-week high of $23.68. The stock’s 50-day moving average is $10.03 and its two-hundred day moving average is $8.11. The stock has a market capitalization of $1.10 billion, a P/E ratio of -7.19 and a beta of 1.26.

Fastly (NYSE:FSLY) last announced its earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. As a group, sell-side analysts forecast that Fastly will post -0.86 EPS for the current year.

Insider Transactions at Fastly

In other news, CTO Artur Bergman sold 16,922 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $105,762.50. Following the completion of the transaction, the chief technology officer now directly owns 6,138,900 shares in the company, valued at approximately $38,368,125. This represents a 0.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Nightingale sold 49,816 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $311,350.00. Following the transaction, the chief executive officer now directly owns 1,600,973 shares of the company’s stock, valued at approximately $10,006,081.25. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 260,152 shares of company stock worth $2,287,883. 6.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can increased its position in shares of Fastly by 11,140.2% during the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock valued at $9,867,000 after purchasing an additional 1,293,490 shares during the period. Penserra Capital Management LLC grew its stake in shares of Fastly by 18.8% in the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after purchasing an additional 801,968 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Fastly by 402.8% in the 4th quarter. Alliancebernstein L.P. now owns 844,349 shares of the company’s stock worth $7,971,000 after purchasing an additional 676,408 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Fastly during the fourth quarter valued at approximately $3,717,000. Finally, First Eagle Investment Management LLC bought a new stake in Fastly during the fourth quarter worth approximately $3,192,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.