Fastly (NYSE:FSLY) Price Target Cut to $13.00

Fastly (NYSE:FSLYGet Rating) had its target price lowered by equities research analysts at Craig Hallum from $19.00 to $13.00 in a report issued on Thursday, The Fly reports. Craig Hallum’s price target indicates a potential upside of 15.35% from the stock’s previous close.

Several other equities research analysts also recently issued reports on FSLY. Citigroup dropped their target price on Fastly from $22.00 to $14.00 and set a “sell” rating on the stock in a research report on Friday, May 6th. Morgan Stanley downgraded Fastly from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $18.00 to $12.00 in a research report on Monday, July 11th. Piper Sandler dropped their target price on Fastly from $19.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 6th. Finally, Royal Bank of Canada downgraded Fastly from a “sector perform” rating to an “underperform” rating and dropped their target price for the stock from $17.50 to $9.00 in a research report on Tuesday, July 19th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $16.00.

Fastly Price Performance

Fastly stock opened at $11.27 on Thursday. Fastly has a 12 month low of $9.50 and a 12 month high of $58.62. The company has a current ratio of 5.26, a quick ratio of 5.26 and a debt-to-equity ratio of 0.99. The business’s 50 day simple moving average is $11.99 and its 200 day simple moving average is $16.33. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -6.83 and a beta of 1.38.

Fastly (NYSE:FSLYGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.05). Fastly had a negative net margin of 49.93% and a negative return on equity of 22.17%. The firm had revenue of $102.40 million during the quarter, compared to analysts’ expectations of $98.94 million. During the same quarter in the previous year, the company posted ($0.39) EPS. Fastly’s revenue for the quarter was up 20.7% on a year-over-year basis. Sell-side analysts forecast that Fastly will post -1.88 EPS for the current year.

Insider Transactions at Fastly

In other news, CFO Ronald W. Kisling sold 5,083 shares of the company’s stock in a transaction on Monday, July 18th. The shares were sold at an average price of $12.02, for a total value of $61,097.66. Following the transaction, the chief financial officer now owns 409,054 shares of the company’s stock, valued at $4,916,829.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Ronald W. Kisling sold 5,083 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $12.02, for a total value of $61,097.66. Following the transaction, the chief financial officer now owns 409,054 shares of the company’s stock, valued at $4,916,829.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Brett Shirk sold 3,008 shares of the stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $10.54, for a total value of $31,704.32. Following the completion of the transaction, the executive vice president now directly owns 304,223 shares in the company, valued at approximately $3,206,510.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,368 shares of company stock valued at $515,068. 8.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Coatue Management LLC bought a new position in Fastly in the fourth quarter valued at $93,363,000. Cambridge Investment Research Advisors Inc. boosted its position in Fastly by 6.1% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 21,356 shares of the company’s stock valued at $757,000 after buying an additional 1,236 shares during the period. Roundview Capital LLC boosted its position in Fastly by 7.3% during the fourth quarter. Roundview Capital LLC now owns 15,542 shares of the company’s stock valued at $551,000 after buying an additional 1,051 shares during the period. Slow Capital Inc. boosted its position in Fastly by 3.4% during the fourth quarter. Slow Capital Inc. now owns 42,554 shares of the company’s stock valued at $1,509,000 after buying an additional 1,382 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in Fastly during the fourth quarter valued at about $165,000. Institutional investors own 65.08% of the company’s stock.

Fastly Company Profile

(Get Rating)

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.

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