Morgan Stanley Cuts Fastly (NYSE:FSLY) Price Target to $7.00

Fastly (NYSE:FSLY) had its target price cut by Morgan Stanley from $12.00 to $7.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts also recently weighed in on FSLY. Craig Hallum reduced their target price on Fastly from $10.00 to $6.00 and set a hold rating on the stock in a research report on Thursday, August 8th. Raymond James cut their price objective on shares of Fastly from $13.00 to $8.00 and set a strong-buy rating on the stock in a report on Thursday, August 8th. Citigroup lowered their target price on shares of Fastly from $15.00 to $10.00 and set a neutral rating for the company in a report on Thursday, May 9th. Piper Sandler downgraded shares of Fastly from an overweight rating to a neutral rating and cut their price target for the stock from $10.00 to $6.00 in a research note on Thursday, August 8th. Finally, Royal Bank of Canada lowered their price objective on shares of Fastly from $18.00 to $9.00 and set a sector perform rating for the company in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $7.81.

Fastly Stock Performance

Shares of NYSE FSLY opened at $6.08 on Tuesday. The company has a 50-day simple moving average of $7.11 and a 200-day simple moving average of $10.13. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.83 and a quick ratio of 3.83. The company has a market cap of $830.08 million, a PE ratio of -6.09 and a beta of 1.13. Fastly has a 12 month low of $5.52 and a 12 month high of $25.87.

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $132.37 million during the quarter, compared to analysts’ expectations of $131.62 million. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.82%. Fastly’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.32) EPS. On average, equities analysts anticipate that Fastly will post -1.08 earnings per share for the current year.

Insider Transactions at Fastly

In related news, CEO Todd Nightingale sold 66,066 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 $408,287.88. Following the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fastly news, CTO Artur Bergman sold 16,748 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the completion of the sale, the chief technology officer now owns 6,225,980 shares of the company’s stock, valued at $38,476,556.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Nightingale sold 66,066 shares of Fastly 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 $408,287.88. Following the sale, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The disclosure for this sale can be found here. Insiders sold 134,369 shares of company stock valued at $864,656 over the last 90 days. Corporate insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cambridge Trust Co. acquired a new stake in shares of Fastly during the first quarter valued at about $39,000. International Assets Investment Management LLC acquired a new stake in shares of Fastly during the fourth quarter worth approximately $61,000. Cape Investment Advisory Inc. increased its stake in shares of Fastly by 27,666.7% in the first 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 during the last quarter. Point72 DIFC Ltd acquired a new stake in Fastly in the second quarter valued at $38,000. Finally, EntryPoint Capital LLC boosted its stake in Fastly by 41.1% during the 1st quarter. EntryPoint Capital LLC now owns 5,644 shares of the company’s stock valued at $73,000 after acquiring an additional 1,643 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.