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

Fastly (NYSE:FSLY) had its target price reduced by Citigroup from $15.00 to $10.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential upside of 16.96% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. DA Davidson lowered shares of Fastly from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $24.00 to $8.50 in a research report on Thursday, May 2nd. Piper Sandler upgraded shares of Fastly from a “neutral” rating to an “overweight” rating and decreased their price target for the stock from $19.00 to $16.00 in a research note on Monday, April 8th. Bank of America downgraded shares of Fastly from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $18.00 to $8.00 in a research note on Thursday, May 2nd. Royal Bank of Canada decreased their price target on shares of Fastly from $18.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 2nd. Finally, Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 price target on the stock. in a research note on Thursday, February 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.61.

Fastly Stock Performance

Shares of NYSE:FSLY traded up $0.24 during trading on Thursday, reaching $8.55. The stock had a trading volume of 3,556,435 shares, compared to its average volume of 4,292,333. Fastly has a 52 week low of $7.83 and a 52 week high of $25.87. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -8.59 and a beta of 1.21. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $12.75 and a two-hundred day simple moving average of $16.09.

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

Insider Buying and Selling

In related news, insider Artur Bergman sold 21,875 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $25.19, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Fastly news, insider Artur Bergman sold 21,875 shares of the business’s 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 completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ronald W. Kisling sold 12,235 shares of the business’s 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 sale, the chief financial officer now directly owns 450,449 shares of the company’s stock, valued at $7,247,724.41. 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 in the last 90 days. Corporate insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in shares of Fastly in the 1st quarter valued at $13,724,000. First Trust Advisors LP raised its position in shares of Fastly by 21.8% during the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock worth $99,443,000 after purchasing an additional 998,749 shares during the period. Legal & General Group Plc raised its position in shares of Fastly by 13.3% during the third quarter. Legal & General Group Plc now owns 6,627,895 shares of the company’s stock worth $127,057,000 after purchasing an additional 778,677 shares during the period. Norges Bank acquired a new stake in shares of Fastly during the fourth quarter worth about $8,014,000. Finally, Lisanti Capital Growth LLC acquired a new stake in shares of Fastly during the third quarter worth about $8,327,000. 79.71% of the stock is owned by 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.