Fastly (NYSE:FSLY) PT Lowered to $8.00

Fastly (NYSE:FSLY) had its target price trimmed by Raymond James from $13.00 to $8.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has a strong-buy rating on the stock.

Several other research analysts also recently weighed in on FSLY. Citigroup lowered their price target on shares of Fastly from $15.00 to $10.00 and set a neutral rating for the company in a report on Thursday, May 9th. Bank of America lowered shares of Fastly from a buy rating to an underperform rating and lowered their target price for the company from $18.00 to $8.00 in a research note on Thursday, May 2nd. Piper Sandler downgraded shares of Fastly from an overweight rating to a neutral rating and reduced their price target for the stock from $10.00 to $6.00 in a research report on Thursday. DA Davidson lowered shares of Fastly from a buy rating to a neutral rating and decreased their price target for the company from $24.00 to $8.50 in a report on Thursday, May 2nd. Finally, Royal Bank of Canada dropped their price objective on shares of Fastly from $18.00 to $9.00 and set a sector perform rating on the stock in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $7.93.

Fastly Stock Up 7.4 %

Shares of NYSE:FSLY traded up $0.42 during midday trading on Thursday, hitting $6.09. 3,334,981 shares of the company’s stock traded hands, compared to its average volume of 3,825,502. The firm’s fifty day moving average price is $7.41 and its two-hundred day moving average price is $11.46. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.83 and a current ratio of 3.83. Fastly has a twelve month low of $5.52 and a twelve month high of $25.87. The company has a market cap of $832.13 million, a PE ratio of -6.09 and a beta of 1.13.

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

Insider Activity at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $8.84, for a total value of $65,849.16. Following the transaction, the chief financial officer now owns 586,057 shares of the company’s stock, valued at $5,180,743.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of Fastly stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $8.84, for a total transaction of $65,849.16. Following the transaction, the chief financial officer now directly owns 586,057 shares in the company, valued at approximately $5,180,743.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Ronald W. Kisling sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $7.27, for a total value of $87,240.00. Following the completion of the sale, the chief financial officer now directly owns 593,506 shares of the company’s stock, valued at approximately $4,314,788.62. The disclosure for this sale can be found here. Insiders sold a total of 135,217 shares of company stock valued at $1,176,853 over the last ninety days. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Fastly by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock valued at $176,152,000 after purchasing an additional 657,334 shares during the period. First Trust Advisors LP lifted its position in Fastly by 21.8% during the 4th quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock worth $99,443,000 after buying an additional 998,749 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Fastly by 9.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock worth $33,942,000 after acquiring an additional 162,659 shares during the last quarter. Jennison Associates LLC bought a new position in Fastly in the 1st quarter worth approximately $13,724,000. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Fastly by 94.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after buying an additional 466,560 shares during the period. 79.71% of the stock is owned by institutional investors and hedge funds.

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.