Fastly (NYSE:FSLY) Price Target Raised to $10.00

Fastly (NYSE:FSLY) had its target price boosted by Royal Bank of Canada from $7.00 to $10.00 in a report published on Friday,Benzinga reports. They currently have a sector perform rating on the stock.

A number of other brokerages also recently commented on FSLY. Oppenheimer upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price on the stock in a research note on Monday, December 2nd. Robert W. Baird boosted their price target on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note 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. Piper Sandler boosted their target price on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, DA Davidson increased their price target on shares of Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. One equities 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 company. Based on data from MarketBeat.com, Fastly currently has an average rating of “Hold” and an average target price of $8.85.

Fastly Trading Up 3.7 %

Shares of NYSE FSLY opened at $9.55 on Friday. 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 has a one year low of $5.52 and a one year high of $25.87. The business has a 50-day moving average price of $8.78 and a two-hundred day moving average price of $7.65. The firm has a market capitalization of $1.34 billion, a PE ratio of -8.76 and a beta of 1.27.

Fastly (NYSE:FSLY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.08. The business had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company posted ($0.33) earnings per share. As a group, analysts predict that Fastly will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Artur Bergman sold 16,922 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $105,762.50. Following the completion of the transaction, the chief technology officer now directly owns 6,138,900 shares in the company, valued at $38,368,125. The trade was a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ronald W. Kisling sold 16,102 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $100,637.50. Following the completion of the sale, the chief financial officer now directly owns 542,462 shares of the company’s stock, valued at $3,390,387.50. This represents a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 228,641 shares of company stock worth $1,841,418 in the last quarter. 6.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in shares of Fastly by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after purchasing an additional 46,951 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Fastly in the third quarter worth $183,000. XTX Topco Ltd acquired a new stake in Fastly during the third quarter worth $400,000. Zacks Investment Management bought a new stake in Fastly in the 3rd quarter valued at $914,000. Finally, Quadrature Capital Ltd increased its holdings in Fastly by 84.2% in the 3rd quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock valued at $848,000 after buying an additional 51,224 shares during the period. 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.