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

Fastly (NYSE:FSLY - Free Report) had its price objective raised by Royal Bank of Canada from $7.00 to $10.00 in a research report sent to investors on Friday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Other equities research analysts also recently issued reports about the company. Robert W. Baird lifted their price objective on Fastly from $7.00 to $8.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Oppenheimer raised shares of Fastly from a "market perform" rating to an "outperform" rating and set a $12.00 price target on the stock in a report on Monday, December 2nd. Raymond James downgraded shares of Fastly from a "strong-buy" rating to a "market perform" rating in a research note on Tuesday, October 1st. Piper Sandler boosted their target price on shares of Fastly from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 3rd. Finally, DA Davidson increased 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. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $8.85.

Fastly Stock Up 3.7 %

NYSE:FSLY traded up $0.34 during trading hours on Friday, hitting $9.55. The stock had a trading volume of 2,158,103 shares, compared to its average volume of 2,409,952. The business has a 50 day simple moving average of $8.73 and a two-hundred day simple moving average of $7.62. Fastly has a 1-year low of $5.52 and a 1-year high of $25.87. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.34 billion, a PE ratio of -8.76 and a beta of 1.27.

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

Insider Activity

In related news, CEO Todd Nightingale sold 49,816 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The shares were 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 in the company, valued at $10,006,081.25. This trade represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Artur Bergman sold 49,178 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total value of $396,866.46. Following the completion of the sale, the chief technology officer now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 228,641 shares of company stock valued at $1,841,418. Insiders own 6.70% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Bank of Montreal Can increased its holdings in shares of Fastly by 11,140.2% in the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company's stock valued at $9,867,000 after buying an additional 1,293,490 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of 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 purchasing an additional 801,968 shares during the period. Point72 Asset Management L.P. lifted its holdings in shares of Fastly by 461.5% during the second 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 during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Fastly in the 2nd quarter valued at $1,233,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Fastly by 18.0% in 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. Institutional investors 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.