Citigroup Increases Fastly (NYSE:FSLY) Price Target to $10.00

Fastly (NYSE:FSLY) had its target price hoisted by equities researchers at Citigroup from $9.00 to $10.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential upside of 4.77% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. DA Davidson upped their price target on Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Royal Bank of Canada upped their price objective on Fastly from $7.00 to $10.00 and gave the stock a “sector perform” rating in a research note on Friday, January 3rd. Robert W. Baird lifted their target price on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Oppenheimer upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price target for the company in a research note on Monday, December 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.85.

Fastly Stock Up 1.4 %

FSLY stock traded up $0.14 during midday trading on Friday, hitting $9.55. The company’s stock had a trading volume of 1,054,615 shares, compared to its average volume of 2,104,449. The company has a market cap of $1.34 billion, a PE ratio of -8.76 and a beta of 1.24. The firm’s 50-day moving average is $9.11 and its 200-day moving average is $7.77. Fastly has a 12 month low of $5.52 and a 12 month high of $25.87. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The firm had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. During the same period in the previous year, the company earned ($0.33) earnings per share. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, equities research analysts forecast that Fastly will post -0.86 earnings per share for the current fiscal year.

Insider Activity at Fastly

In other news, CEO Todd Nightingale sold 49,816 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $6.25, for a total value of $311,350.00. Following the sale, the chief executive officer now directly owns 1,600,973 shares in the company, valued at approximately $10,006,081.25. This represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Artur Bergman sold 8,049 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $10.04, for a total value of $80,811.96. Following the transaction, the chief technology officer now owns 3,426,087 shares in the company, valued at approximately $34,397,913.48. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 241,741 shares of company stock valued at $1,993,300 over the last 90 days. 6.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can raised its holdings in shares of Fastly by 11,140.2% in the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after buying an additional 1,293,490 shares during the last quarter. Quadrature Capital Ltd lifted its holdings in shares of Fastly by 84.2% during the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock worth $848,000 after purchasing an additional 51,224 shares during the period. Penserra Capital Management LLC raised its position in Fastly by 18.8% during the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after buying an additional 801,968 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Fastly in the 3rd quarter valued at $400,000. Finally, Zacks Investment Management acquired a new stake in shares of Fastly in the third quarter worth $914,000. 79.71% of the stock is owned by institutional investors and hedge funds.

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.