Fastly (NYSE:FSLY) Cut to “Market Perform” at Raymond James

Fastly (NYSE:FSLY) was downgraded by equities researchers at Raymond James from a “strong-buy” rating to a “market perform” rating in a research report issued on Tuesday, Marketbeat.com reports.

Other research analysts also recently issued research reports about the company. Piper Sandler downgraded Fastly from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $10.00 to $6.00 in a report on Thursday, August 8th. Morgan Stanley reduced their price target on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 27th. Finally, Craig Hallum lowered their price objective on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, Fastly currently has a consensus rating of “Hold” and an average price target of $7.81.

Fastly Stock Performance

Shares of FSLY stock opened at $7.46 on Tuesday. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -7.46 and a beta of 1.20. The stock has a fifty day moving average of $6.73 and a 200 day moving average of $8.62. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $132.37 million during the quarter, compared to analysts’ expectations of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company posted ($0.32) EPS. As a group, research analysts expect that Fastly will post -0.96 earnings per share for the current year.

Insider Buying and Selling at Fastly

In other news, CEO Todd Nightingale sold 66,066 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the sale, the chief executive officer now directly owns 1,662,952 shares of the company’s stock, valued at $10,277,043.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CTO Artur Bergman sold 19,889 shares of Fastly stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total value of $118,538.44. Following the completion of the sale, the chief technology officer now directly owns 6,205,000 shares in the company, valued at $36,981,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Nightingale sold 66,066 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $408,287.88. Following the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 143,450 shares of company stock worth $903,011. 6.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Fastly

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Fastly by 5.1% in the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after acquiring an additional 657,334 shares during the period. First Trust Advisors LP grew its stake in shares of Fastly by 21.8% during the 4th quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock valued at $99,443,000 after purchasing an additional 998,749 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Fastly by 9.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock valued at $33,942,000 after purchasing an additional 162,659 shares during the period. Jennison Associates LLC purchased a new stake in shares of Fastly during the 1st quarter valued at about $13,724,000. Finally, CANADA LIFE ASSURANCE Co lifted 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 worth $12,453,000 after purchasing an additional 466,560 shares during the period. Institutional investors 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.