Fastly (NYSE:FSLY) Price Target Cut to $15.00

Fastly (NYSE:FSLY) had its price objective decreased by equities research analysts at Citigroup from $20.00 to $15.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 15.87% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Bank of America reduced their price target on shares of Fastly from $28.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, March 28th. Royal Bank of Canada raised shares of Fastly from an “underperform” rating to a “sector perform” rating and increased their price target for the company from $12.00 to $18.00 in a report on Monday, January 8th. Piper Sandler raised shares of Fastly from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $19.00 to $16.00 in a report on Monday, April 8th. Finally, Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 price target for the company. in a report on Thursday, February 15th. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.56.

Fastly Price Performance

NYSE FSLY opened at $12.95 on Thursday. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.35. The company has a fifty day simple moving average of $13.34 and a 200 day simple moving average of $16.32. The company has a market cap of $1.74 billion, a P/E ratio of -12.45 and a beta of 1.22. Fastly has a 1 year low of $11.61 and a 1 year high of $25.87.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.05. The business had revenue of $137.78 million during the quarter, compared to the consensus estimate of $139.25 million. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. On average, sell-side analysts predict that Fastly will post -1.07 EPS for the current year.

Insider Transactions at Fastly

In other news, insider Artur Bergman sold 21,875 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $25.19, for a total transaction of $551,031.25. Following the completion of the transaction, the insider now directly owns 6,050,259 shares of the company’s stock, valued at approximately $152,406,024.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Artur Bergman sold 21,875 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $25.19, for a total transaction of $551,031.25. Following the completion of the sale, the insider now owns 6,050,259 shares in the company, valued at approximately $152,406,024.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ronald W. Kisling sold 7,486 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $13.00, for a total transaction of $97,318.00. Following the sale, the chief financial officer now owns 632,736 shares of the company’s stock, valued at approximately $8,225,568. The disclosure for this sale can be found here. In the last three months, insiders sold 221,076 shares of company stock valued at $3,620,434. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Fastly

Hedge funds have recently made changes to their positions in the company. Qube Research & Technologies Ltd increased its position in shares of Fastly by 77.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 777,384 shares of the company’s stock worth $14,902,000 after purchasing an additional 339,820 shares in the last quarter. Essex Investment Management Co. LLC acquired a new stake in shares of Fastly during the 3rd quarter worth about $1,942,000. Vanguard Group Inc. increased its position in shares of Fastly by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 12,732,114 shares of the company’s stock worth $244,075,000 after purchasing an additional 381,845 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Fastly during the 3rd quarter worth about $477,000. Finally, Moody Aldrich Partners LLC acquired a new stake in Fastly in the 4th quarter valued at about $2,155,000. 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.