Piper Sandler Reaffirms Neutral Rating for Fastly (NYSE:FSLY)

Piper Sandler reaffirmed their neutral rating on shares of Fastly (NYSE:FSLY - Free Report) in a report issued on Thursday,Benzinga reports. The brokerage currently has a $9.00 price target on the stock, down from their previous price target of $10.00.

A number of other equities analysts have also recently issued reports on the stock. Oppenheimer upgraded shares of Fastly from a "market perform" rating to an "outperform" rating and set a $12.00 price objective for the company in a research report on Monday, December 2nd. Royal Bank of Canada upped their price objective on shares of 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 upped their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a "hold" rating in a research report on Thursday, November 7th. DA Davidson upped their price objective 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. Finally, Citigroup upped their price target on shares of Fastly from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $8.55.

Fastly Price Performance

Shares of Fastly stock traded up $0.12 on Thursday, reaching $8.09. 5,269,424 shares of the stock were exchanged, compared to its average volume of 2,172,157. The firm's 50 day moving average is $9.93 and its 200-day moving average is $8.11. Fastly has a one year low of $5.52 and a one year high of $18.42. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97. The firm has a market cap of $1.13 billion, a PE ratio of -7.42 and a beta of 1.26.

Fastly (NYSE:FSLY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.22). Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. As a group, analysts anticipate that Fastly will post -0.86 EPS for the current fiscal year.

Insider Activity

In other news, CTO Artur Bergman sold 31,551 shares of the company's 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 directly owns 3,394,136 shares of the company's stock, valued at approximately $34,993,542.16. This represents a 0.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Ronald W. Kisling sold 6,038 shares of the company's stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $9.45, for a total transaction of $57,059.10. Following the completion of the sale, the chief financial officer now directly owns 519,812 shares in the company, valued at approximately $4,912,223.40. This represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,312 shares of company stock valued at $1,770,133. 6.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Fastly by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 15,289,861 shares of the company's stock worth $144,336,000 after acquiring an additional 103,440 shares in the last quarter. Legal & General Group Plc boosted its stake in Fastly by 2.4% during the fourth quarter. Legal & General Group Plc now owns 8,025,959 shares of the company's stock worth $75,765,000 after acquiring an additional 189,667 shares in the last quarter. Penserra Capital Management LLC boosted its stake in Fastly by 18.8% during the third 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. Alyeska Investment Group L.P. bought a new position in Fastly during the fourth quarter worth $35,334,000. Finally, First Trust Advisors LP boosted its stake in Fastly by 4.9% during the fourth quarter. First Trust Advisors LP now owns 3,139,255 shares of the company's stock worth $29,635,000 after acquiring an additional 147,458 shares in the last quarter. 79.71% of the stock is owned by institutional investors.

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.