Fastly (NYSE:FSLY) Price Target Cut to $8.00 by Analysts at Royal Bank of Canada

Fastly (NYSE:FSLY) had its target price cut by Royal Bank of Canada from $10.00 to $8.00 in a report published on Thursday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Other equities analysts have also issued reports about the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $9.00 price objective (down from $10.00) on shares of Fastly in a research report on Thursday. DA Davidson raised their price target on shares of Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Robert W. Baird lifted their price objective on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective on the stock in a research note on Monday, December 2nd. Finally, Craig Hallum raised their target price on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $8.55.

Fastly Stock Down 20.9 %

Shares of Fastly stock opened at $7.97 on Thursday. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.12 billion, a P/E ratio of -7.31 and a beta of 1.26. The firm’s 50 day moving average price is $10.03 and its 200-day moving average price is $8.11. Fastly has a 52-week low of $5.52 and a 52-week high of $23.68.

Fastly (NYSE:FSLY) last released its quarterly earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. On average, sell-side analysts predict that Fastly will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Artur Bergman sold 31,551 shares of Fastly stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $10.31, for a total value of $325,290.81. Following the sale, the chief technology officer now owns 3,394,136 shares of the company’s stock, valued at approximately $34,993,542.16. This trade represents a 0.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Nightingale sold 49,816 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $311,350.00. Following the transaction, the chief executive officer now owns 1,600,973 shares of the company’s stock, valued at $10,006,081.25. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 260,152 shares of company stock worth $2,287,883. Company insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Several institutional investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board purchased a new position in Fastly in the 4th quarter valued at about $82,000. Marshall Wace LLP purchased a new position in shares of Fastly in the fourth quarter valued at approximately $7,618,000. Zacks Investment Management boosted its stake in shares of Fastly by 5.3% in the fourth quarter. Zacks Investment Management now owns 127,203 shares of the company’s stock worth $1,201,000 after acquiring an additional 6,424 shares during the last quarter. Mariner LLC increased its position in shares of Fastly by 18.0% during the fourth quarter. Mariner LLC now owns 22,868 shares of the company’s stock worth $216,000 after purchasing an additional 3,487 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Fastly in the 4th quarter valued at $3,717,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.