Fastly (NYSE:FSLY) Given New $8.00 Price Target at Piper Sandler

Fastly (NYSE:FSLY) had its price target upped by Piper Sandler from $6.00 to $8.00 in a research report report published on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other research analysts have also issued research reports about the company. Craig Hallum decreased their target price on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Finally, Morgan Stanley lowered their price objective on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, Fastly presently has a consensus rating of “Hold” and an average target price of $7.94.

Fastly Stock Performance

Shares of FSLY stock opened at $7.67 on Thursday. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -7.04 and a beta of 1.24. The stock has a fifty day moving average of $7.09 and a 200 day moving average of $7.57. 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 announced its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.19%. The firm had revenue of $137.21 million for the quarter, compared to analyst estimates of $131.86 million. During the same quarter in the previous year, the firm posted ($0.33) EPS. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. 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 company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Todd Nightingale sold 66,066 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at $10,277,043.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Artur Bergman sold 16,748 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the transaction, the chief technology officer now directly owns 6,225,980 shares in the company, valued at approximately $38,476,556.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 192,628 shares of company stock worth $1,287,959. 6.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FSLY. CANADA LIFE ASSURANCE Co boosted its holdings in Fastly by 94.4% in the first 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 last quarter. Vanguard Group Inc. boosted its stake in shares of Fastly by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after buying an additional 657,334 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Fastly by 52.1% in the first quarter. Oppenheimer & Co. Inc. now owns 51,212 shares of the company’s stock worth $664,000 after acquiring an additional 17,536 shares during the period. Qsemble Capital Management LP purchased a new stake in Fastly during the second quarter valued at $586,000. Finally, SG Americas Securities LLC lifted its holdings in Fastly by 77.5% in the third quarter. SG Americas Securities LLC now owns 221,357 shares of the company’s stock valued at $1,676,000 after acquiring an additional 96,664 shares during the period. 79.71% of the stock is owned by hedge funds and other institutional investors.

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.