Fastly (NYSE:FSLY) Price Target Cut to $18.00 by Analysts at Bank of America

Fastly (NYSE:FSLY) had its price objective cut by research analysts at Bank of America from $28.00 to $18.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 39.97% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Craig Hallum cut Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a research report on Thursday, February 15th. Citigroup upgraded Fastly from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $11.00 to $20.00 in a research report on Monday, January 22nd. Finally, Royal Bank of Canada upgraded Fastly from an “underperform” rating to a “sector perform” rating and lifted their target price for the stock from $12.00 to $18.00 in a research report on Monday, January 8th. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fastly currently has an average rating of “Hold” and a consensus price target of $19.50.

Fastly Stock Up 1.8 %

Fastly stock traded up $0.23 during midday trading on Thursday, reaching $12.86. The company’s stock had a trading volume of 2,227,101 shares, compared to its average volume of 4,099,315. Fastly has a fifty-two week low of $11.61 and a fifty-two week high of $25.87. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.35. The company has a market cap of $1.73 billion, a P/E ratio of -12.36 and a beta of 1.23. The business has a 50-day simple moving average of $16.96 and a 200-day simple moving average of $17.29.

Fastly (NYSE:FSLY) last posted its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. Fastly had a negative return on equity of 16.02% and a negative net margin of 26.30%. The company had revenue of $137.78 million for the quarter, compared to analysts’ expectations of $139.25 million. On average, research analysts expect that Fastly will post -1.07 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Todd Nightingale sold 50,708 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.09, for a total transaction of $815,891.72. Following the transaction, the chief executive officer now owns 1,371,348 shares in the company, valued at $22,064,989.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Artur Bergman sold 74,375 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $20.25, for a total transaction of $1,506,093.75. Following the transaction, the insider now owns 6,101,869 shares in the company, valued at approximately $123,562,847.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Todd Nightingale sold 50,708 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.09, for a total transaction of $815,891.72. Following the transaction, the chief executive officer now owns 1,371,348 shares in the company, valued at approximately $22,064,989.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 334,195 shares of company stock valued at $5,898,005. Insiders own 7.60% of the company’s stock.

Institutional Trading of Fastly

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hanseatic Management Services Inc. bought a new stake in Fastly during the third quarter worth about $33,000. Neo Ivy Capital Management acquired a new position in Fastly in the second quarter valued at approximately $29,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Fastly in the third quarter valued at approximately $36,000. MetLife Investment Management LLC acquired a new position in Fastly in the first quarter valued at approximately $37,000. Finally, Allworth Financial LP increased its stake in Fastly by 1,420.9% in the fourth quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock valued at $38,000 after purchasing an additional 1,975 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.