Fastly (NYSE:FSLY) Price Target Raised to $7.00

Fastly (NYSE:FSLY - Get Free Report) had its target price lifted by research analysts at Royal Bank of Canada from $6.00 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank of Canada's price objective would indicate a potential downside of 14.27% from the stock's previous close.

Several other brokerages have also weighed in on FSLY. Raymond James lowered shares of Fastly from a "strong-buy" rating to a "market perform" rating in a research report on Tuesday, October 1st. Morgan Stanley dropped their price objective on Fastly from $12.00 to $7.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 27th. Craig Hallum decreased 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. Finally, Piper Sandler lifted their price target on Fastly from $6.00 to $8.00 and gave the stock a "neutral" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $7.94.

Fastly Price Performance

Shares of Fastly stock remained flat at $8.17 during trading on Thursday. The company had a trading volume of 5,529,861 shares, compared to its average volume of 3,553,159. The business's 50-day simple moving average is $7.01 and its 200 day simple moving average is $7.64. Fastly has a 12-month low of $5.52 and a 12-month high of $25.87. The firm has a market capitalization of $1.13 billion, a P/E ratio of -6.59 and a beta of 1.24. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35.

Fastly (NYSE:FSLY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.01. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The business had revenue of $132.37 million for the quarter, compared to analysts' expectations of $131.62 million. During the same period in the prior year, the company posted ($0.32) EPS. The business's revenue for the quarter was up 7.8% on a year-over-year basis. Research analysts predict that Fastly will post -0.96 EPS for the current fiscal year.

Insider Activity

In other Fastly news, CTO Artur Bergman sold 16,748 shares of the business's 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 $103,502.64. Following the completion of the sale, the chief technology officer now directly owns 6,225,980 shares in the company, valued at $38,476,556.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fastly news, CTO Artur Bergman sold 16,748 shares of the business's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $103,502.64. Following the transaction, the chief technology officer now owns 6,225,980 shares in the company, valued at $38,476,556.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total value of $53,930.76. Following the completion of the sale, the chief financial officer now owns 558,564 shares of the company's stock, valued at approximately $4,044,003.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 143,450 shares of company stock valued at $891,093 in the last three months. Corporate insiders own 6.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Fastly by 5.1% during the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company's stock valued at $176,152,000 after acquiring an additional 657,334 shares in the last quarter. Point72 Asset Management L.P. grew its stake in Fastly by 461.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company's stock valued at $5,575,000 after purchasing an additional 621,680 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Fastly by 94.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company's stock worth $12,453,000 after purchasing an additional 466,560 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Fastly during the 2nd quarter worth approximately $1,233,000. Finally, Marshall Wace LLP raised its position in shares of Fastly by 1,197.4% in the 2nd quarter. Marshall Wace LLP now owns 151,172 shares of the company's stock valued at $1,114,000 after purchasing an additional 139,520 shares in the last quarter. 79.71% of the stock is currently owned by hedge funds and other 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.