Fastly (NYSE:FSLY) PT Lowered to $9.00 at Royal Bank of Canada

Fastly (NYSE:FSLY) had its target price trimmed by Royal Bank of Canada from $18.00 to $9.00 in a research report report published on Thursday, Benzinga reports. The firm currently has a sector perform rating on the stock.

A number of other equities analysts have also recently commented on the stock. Craig Hallum cut shares of Fastly from a buy rating to a hold rating and set a $20.00 price target for the company. in a research note on Thursday, February 15th. Citigroup decreased their target price on Fastly from $20.00 to $15.00 and set a neutral rating for the company in a research report on Thursday, April 25th. Bank of America cut shares of Fastly from a buy rating to an underperform rating and cut their price target for the stock from $18.00 to $8.00 in a report on Thursday. DA Davidson lowered shares of Fastly from a buy rating to a neutral rating and decreased their price objective for the company from $24.00 to $8.50 in a report on Thursday. Finally, Piper Sandler upgraded shares of Fastly from a neutral rating to an overweight rating and dropped their target price for the stock from $19.00 to $16.00 in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $15.17.

Fastly Stock Performance

Shares of Fastly stock traded down $0.31 during trading on Thursday, reaching $8.48. 9,888,475 shares of the stock traded hands, compared to its average volume of 4,714,319. Fastly has a 52-week low of $7.83 and a 52-week high of $25.87. The company has a current ratio of 3.83, a quick ratio of 3.14 and a debt-to-equity ratio of 0.35. The business has a fifty day simple moving average of $12.97 and a two-hundred day simple moving average of $16.16.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. The firm had revenue of $137.78 million during the quarter, compared to analyst estimates of $139.25 million. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.82%. On average, equities research analysts anticipate that Fastly will post -1.07 EPS for the current fiscal year.

Insider Activity at Fastly

In other Fastly news, insider Artur Bergman sold 21,875 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $25.19, for a total transaction of $551,031.25. Following the sale, the insider now directly owns 6,050,259 shares of the company’s stock, valued at approximately $152,406,024.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Ronald W. Kisling sold 12,235 shares of Fastly stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.09, for a total value of $196,861.15. Following the completion of the transaction, the chief financial officer now owns 450,449 shares in the company, valued at approximately $7,247,724.41. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Artur Bergman sold 21,875 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $25.19, for a total value of $551,031.25. Following the transaction, the insider now owns 6,050,259 shares in the company, valued at approximately $152,406,024.21. The disclosure for this sale can be found here. Insiders have sold a total of 199,201 shares of company stock worth $3,160,402 over the last quarter. Insiders own 7.60% of the company’s stock.

Institutional Trading of Fastly

Several large investors have recently made changes to their positions in FSLY. Geneos Wealth Management Inc. acquired a new stake in Fastly during the first quarter worth $92,000. Jennison Associates LLC purchased a new stake in shares of Fastly in the 1st quarter valued at approximately $13,724,000. BNP Paribas Financial Markets boosted its position in shares of Fastly by 11.6% during the 1st quarter. BNP Paribas Financial Markets now owns 305,797 shares of the company’s stock worth $3,966,000 after purchasing an additional 31,749 shares during the period. Private Advisor Group LLC increased its holdings in Fastly by 155.4% in the 1st quarter. Private Advisor Group LLC now owns 41,133 shares of the company’s stock valued at $533,000 after purchasing an additional 25,030 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Fastly by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock valued at $133,000 after acquiring an additional 863 shares during the period. 79.71% of the stock is currently 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.