Fastly (NYSE:FSLY) Price Target Cut to $10.00

Fastly (NYSE:FSLY) had its price target cut by equities researchers at Piper Sandler from $11.00 to $10.00 in a report released on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 25.47% from the stock’s current price.

FSLY has been the subject of a number of other reports. DA Davidson cut shares of Fastly from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $24.00 to $8.50 in a report on Thursday, May 2nd. Citigroup dropped their price target on shares of Fastly from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Bank of America lowered shares of Fastly from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $18.00 to $8.00 in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada dropped their price objective on shares of Fastly from $18.00 to $9.00 and set a “sector perform” rating for the company in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.69.

Fastly Stock Performance

Shares of NYSE FSLY opened at $7.97 on Monday. The company has a market cap of $1.09 billion, a PE ratio of -7.97 and a beta of 1.14. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.35. Fastly has a 12-month low of $6.77 and a 12-month high of $25.87. The stock has a 50 day simple moving average of $7.78 and a 200-day simple moving average of $12.79.

Fastly (NYSE:FSLY) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. The company had revenue of $133.52 million for the quarter, compared to analysts’ expectations of $133.01 million. On average, equities research analysts forecast that Fastly will post -1.08 EPS for the current year.

Insider Buying and Selling

In related news, CFO Ronald W. Kisling sold 2,919 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $8.92, for a total transaction of $26,037.48. Following the sale, the chief financial officer now directly owns 606,712 shares in the company, valued at $5,411,871.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Ronald W. Kisling sold 12,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $7.27, for a total value of $87,240.00. Following the sale, the chief financial officer now directly owns 593,506 shares of the company’s stock, valued at approximately $4,314,788.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Ronald W. Kisling sold 2,919 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $8.92, for a total transaction of $26,037.48. Following the completion of the transaction, the chief financial officer now owns 606,712 shares in the company, valued at approximately $5,411,871.04. The disclosure for this sale can be found here. Insiders have sold a total of 127,768 shares of company stock worth $1,111,004 over the last ninety days. Company insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Fastly by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after acquiring an additional 657,334 shares in the last quarter. First Trust Advisors LP lifted its stake in Fastly by 21.8% in the 4th quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock valued at $99,443,000 after purchasing an additional 998,749 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Fastly by 9.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock valued at $33,942,000 after purchasing an additional 162,659 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Fastly by 14.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,325,751 shares of the company’s stock valued at $23,598,000 after purchasing an additional 166,184 shares during the last quarter. Finally, Jennison Associates LLC bought a new position in shares of Fastly during the first quarter valued at $13,724,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.