Fastly (NYSE:FSLY) Sets New 52-Week Low Following Analyst Downgrade

Fastly, Inc. (NYSE:FSLY) shares reached a new 52-week low during mid-day trading on Thursday after Royal Bank of Canada lowered their price target on the stock from $18.00 to $9.00. Royal Bank of Canada currently has a sector perform rating on the stock. Fastly traded as low as $7.83 and last traded at $8.30, with a volume of 10177393 shares trading hands. The stock had previously closed at $12.93.

Several other brokerages have also issued reports on FSLY. Bank of America lowered shares of Fastly from a “buy” rating to an “underperform” rating and lowered their price target for the company from $18.00 to $8.00 in a report on Thursday. Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 price target for the company. in a research report on Thursday, February 15th. DA Davidson cut shares of Fastly from a “buy” rating to a “neutral” rating and cut their price target for the stock from $24.00 to $8.50 in a research note on Thursday. Citigroup lowered their price objective on Fastly from $20.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. Finally, Piper Sandler upgraded Fastly from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $19.00 to $16.00 in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Fastly has a consensus rating of “Hold” and a consensus price target of $15.17.

Insider Transactions at Fastly

In other Fastly news, CEO Todd Nightingale sold 50,708 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.09, for a total value of $815,891.72. Following the transaction, the chief executive officer now owns 1,371,348 shares of the company’s stock, valued at $22,064,989.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Artur Bergman sold 3,327 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $13.93, for a total value of $46,345.11. Following the completion of the sale, the insider now owns 6,040,043 shares of the company’s stock, valued at $84,137,798.99. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Todd Nightingale sold 50,708 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.09, for a total value of $815,891.72. Following the transaction, the chief executive officer now directly owns 1,371,348 shares in the company, valued at approximately $22,064,989.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 199,201 shares of company stock valued at $3,160,402. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Fastly

Large investors have recently made changes to their positions in the company. Hanseatic Management Services Inc. acquired a new stake in shares of Fastly during the 3rd quarter worth approximately $33,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Fastly in the 3rd quarter valued at $36,000. Allworth Financial LP boosted its position in shares of Fastly by 1,420.9% in the 4th quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock worth $38,000 after purchasing an additional 1,975 shares during the last quarter. Hollencrest Capital Management bought a new position in shares of Fastly in the 3rd quarter worth $58,000. Finally, Strs Ohio bought a new stake in Fastly in the third quarter valued at about $65,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

Fastly Stock Down 3.5 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 3.14 and a quick ratio of 3.14. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -8.48 and a beta of 1.21. The firm has a 50 day simple moving average of $13.09 and a two-hundred day simple moving average of $16.21.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. The company had revenue of $137.78 million during the quarter, compared to analysts’ expectations of $139.25 million. Fastly had a negative return on equity of 15.88% and a negative net margin of 25.26%. As a group, sell-side analysts expect that Fastly, Inc. will post -1.07 EPS for the current year.

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.