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

Fastly (NYSE:FSLY - Get Free Report) had its price target upped by Citigroup from $9.00 to $10.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's target price points to a potential upside of 7.46% from the stock's current price.

Several other equities research analysts have also weighed in on the company. Royal Bank of Canada increased their target price on Fastly from $7.00 to $10.00 and gave the stock a "sector perform" rating in a research report on Friday, January 3rd. Craig Hallum increased their target price on Fastly from $6.00 to $8.00 and gave the stock a "hold" rating in a research report on Thursday, November 7th. DA Davidson increased their target price on Fastly from $5.50 to $7.50 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Piper Sandler increased their target price on Fastly from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 3rd. Finally, Robert W. Baird increased their target price on Fastly from $7.00 to $8.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $8.85.

Fastly Stock Down 1.1 %

Shares of Fastly stock traded down $0.10 on Friday, hitting $9.31. 2,642,594 shares of the company's stock traded hands, compared to its average volume of 2,532,854. The stock has a market cap of $1.31 billion, a P/E ratio of -8.54 and a beta of 1.24. 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 firm's 50-day moving average is $9.14 and its 200 day moving average is $7.79. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87.

Fastly (NYSE:FSLY - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.08. The business had revenue of $137.21 million for the quarter, compared to analyst estimates of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The business's revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.33) EPS. Equities analysts anticipate that Fastly will post -0.86 earnings per share for the current year.

Insider Activity at Fastly

In related news, CEO Todd Nightingale sold 49,816 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total value of $311,350.00. Following the completion of the transaction, the chief executive officer now owns 1,600,973 shares in the company, valued at $10,006,081.25. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Artur Bergman sold 16,922 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $105,762.50. Following the completion of the transaction, the chief technology officer now owns 6,138,900 shares of the company's stock, valued at $38,368,125. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 241,741 shares of company stock valued at $1,993,300 over the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastly

Several hedge funds have recently bought and sold shares of the business. Penserra Capital Management LLC lifted its stake in Fastly by 18.8% in the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company's stock worth $38,418,000 after acquiring an additional 801,968 shares in the last quarter. Geode Capital Management LLC lifted its stake in Fastly by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company's stock worth $22,831,000 after acquiring an additional 46,951 shares in the last quarter. Bank of Montreal Can lifted its stake in Fastly by 11,140.2% in the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company's stock worth $9,867,000 after acquiring an additional 1,293,490 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Fastly by 18.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company's stock worth $8,006,000 after purchasing an additional 161,070 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its stake in shares of Fastly by 461.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company's stock worth $5,575,000 after purchasing an additional 621,680 shares in the last quarter. 79.71% of the stock is owned by hedge funds and other institutional investors.

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.