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

Fastly (NYSE:FSLY) had its price objective increased by Piper Sandler from $6.00 to $8.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential downside of 2.79% from the stock’s current price.

Several other equities research analysts also recently commented on FSLY. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Craig Hallum reduced their price target on shares of Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, Morgan Stanley lowered their price objective on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.06.

Fastly Stock Up 0.9 %

Shares of NYSE:FSLY traded up $0.07 during trading on Thursday, reaching $8.23. 1,343,960 shares of the stock traded hands, compared to its average volume of 3,533,802. The stock has a market cap of $1.14 billion, a P/E ratio of -6.60 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13. The stock has a 50-day moving average of $7.01 and a two-hundred day moving average of $7.64. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87.

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

Insider Activity at Fastly

In other news, CFO Ronald W. Kisling sold 15,933 shares of Fastly stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $98,465.94. Following the transaction, the chief financial officer now owns 570,124 shares in the company, valued at $3,523,366.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Fastly news, CTO Artur Bergman sold 16,748 shares of the firm’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 transaction of $103,502.64. Following the sale, the chief technology officer now owns 6,225,980 shares in the company, valued at approximately $38,476,556.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ronald W. Kisling sold 15,933 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $98,465.94. Following the completion of the transaction, the chief financial officer now owns 570,124 shares of the company’s stock, valued at approximately $3,523,366.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 143,450 shares of company stock worth $891,093. 6.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FSLY. Vanguard Group Inc. raised its holdings in Fastly by 5.1% during the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock valued at $176,152,000 after acquiring an additional 657,334 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Fastly by 461.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after purchasing an additional 621,680 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Fastly by 94.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after purchasing an additional 466,560 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Fastly during the second quarter valued at about $1,233,000. Finally, Marshall Wace LLP increased its holdings in shares of Fastly by 1,197.4% in the second quarter. Marshall Wace LLP now owns 151,172 shares of the company’s stock worth $1,114,000 after purchasing an additional 139,520 shares during the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

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.