Fastly (NYSE:FSLY) Sets New 12-Month Low at $6.65

Fastly, Inc. (NYSE:FSLY)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $6.65 and last traded at $6.97, with a volume of 1018320 shares changing hands. The stock had previously closed at $7.51.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Royal Bank of Canada lowered their price target on shares of Fastly from $18.00 to $9.00 and set a “sector perform” rating for the company in a research report on Thursday, May 2nd. Citigroup dropped their price target on shares of Fastly from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Piper Sandler decreased their price target on shares of Fastly from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. DA Davidson lowered Fastly from a “buy” rating to a “neutral” rating and decreased their target price for the company from $24.00 to $8.50 in a research report on Thursday, May 2nd. Finally, Bank of America lowered shares of Fastly from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $18.00 to $8.00 in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.93.

Fastly Trading Down 4.7 %

The business has a 50 day simple moving average of $7.57 and a two-hundred day simple moving average of $11.92. The stock has a market cap of $978.33 million, a price-to-earnings ratio of -7.15 and a beta of 1.13. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.35.

Insider Buying and Selling

In other Fastly news, CFO Ronald W. Kisling sold 23,105 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $8.84, for a total value of $204,248.20. Following the sale, the chief financial officer now owns 609,631 shares of the company’s stock, valued at approximately $5,389,138.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Ronald W. Kisling sold 12,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $7.27, for a total transaction of $87,240.00. Following the sale, the chief financial officer now owns 593,506 shares of the company’s stock, valued at $4,314,788.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Ronald W. Kisling sold 23,105 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $8.84, for a total value of $204,248.20. Following the completion of the transaction, the chief financial officer now owns 609,631 shares of the company’s stock, valued at approximately $5,389,138.04. The disclosure for this sale can be found here. Insiders have sold a total of 135,217 shares of company stock valued at $1,176,853 over the last quarter. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Allworth Financial LP grew its position in shares of Fastly by 1,420.9% during the 4th quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock worth $38,000 after purchasing an additional 1,975 shares in the last quarter. Cambridge Trust Co. acquired a new position in Fastly during the 1st quarter worth about $39,000. Cape Investment Advisory Inc. boosted its holdings in shares of Fastly by 27,666.7% during the 1st quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock worth $54,000 after buying an additional 4,150 shares in the last quarter. EMC Capital Management grew its position in Fastly by 400.0% in the 2nd quarter. EMC Capital Management now owns 7,500 shares of the company’s stock valued at $54,000 after purchasing an additional 6,000 shares during the period. Finally, International Assets Investment Management LLC bought a new position in shares of Fastly during the 4th quarter worth approximately $61,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.