Royal Bank of Canada Issues Positive Forecast for Fastly (NYSE:FSLY) Stock Price

Fastly (NYSE:FSLY) had its target price upped by equities research analysts at Royal Bank of Canada from $7.00 to $10.00 in a report issued on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 6.50% from the stock’s previous close.

A number of other brokerages have also recently weighed in on FSLY. Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price target for the company in a research report on Monday, December 2nd. Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. DA Davidson boosted their price target on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Piper Sandler raised their price objective on shares of Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Robert W. Baird raised their target price on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. According to MarketBeat, Fastly presently has an average rating of “Hold” and a consensus target price of $8.85.

Fastly Stock Up 2.0 %

Fastly stock traded up $0.18 during mid-day trading on Friday, reaching $9.39. 832,201 shares of the company’s stock were exchanged, compared to its average volume of 1,706,422. The company has a fifty day moving average of $8.73 and a 200-day moving average of $7.62. The company has a market cap of $1.32 billion, a P/E ratio of -8.61 and a beta of 1.27. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. Fastly has a twelve month low of $5.52 and a twelve month high of $25.87.

Fastly (NYSE:FSLY) last released its 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. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The firm had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. During the same period in the previous year, the firm posted ($0.33) EPS. Fastly’s revenue for the quarter was up 7.3% on a year-over-year basis. Sell-side analysts expect that Fastly will post -0.86 EPS for the current year.

Insider Activity

In related news, CEO Todd Nightingale sold 12,163 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.12, for a total transaction of $98,763.56. Following the transaction, the chief executive officer now directly owns 1,588,810 shares of the company’s stock, valued at approximately $12,901,137.20. The trade was a 0.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Artur Bergman sold 49,178 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total transaction of $396,866.46. Following the completion of the sale, the chief technology officer now directly owns 6,155,822 shares of the company’s stock, valued at $49,677,483.54. This trade represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 228,641 shares of company stock valued at $1,841,418 in the last 90 days. 6.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastly

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FSLY. The Manufacturers Life Insurance Company lifted its stake in shares of Fastly by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock worth $503,000 after acquiring an additional 2,128 shares in the last quarter. Blue Trust Inc. grew its position in shares of Fastly by 15.2% during the third quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after buying an additional 2,296 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Fastly by 11.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company’s stock worth $222,000 after buying an additional 3,124 shares during the last quarter. Arizona State Retirement System boosted its stake in Fastly by 10.3% during the 2nd quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock valued at $263,000 after acquiring an additional 3,338 shares during the last quarter. Finally, FMR LLC raised its stake in shares of Fastly by 124.2% in the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after purchasing an additional 3,522 shares in 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.