Fastly (NYSE:FSLY) Stock Price Expected to Rise, Piper Sandler Analyst Says

Fastly (NYSE:FSLY) had its target price raised by stock analysts at Piper Sandler from $8.00 to $10.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 1.32% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. 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. Royal Bank of Canada boosted their price target on Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a research note on Thursday, November 7th. Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Robert W. Baird raised their price objective on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $8.55.

Fastly Stock Up 16.4 %

NYSE FSLY opened at $9.87 on Tuesday. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of -9.05 and a beta of 1.27. The company has a fifty day moving average of $7.39 and a two-hundred day moving average of $7.25. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.08. The company had revenue of $137.21 million during the quarter, compared to the consensus estimate of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. Fastly’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.33) EPS. On average, analysts predict that Fastly will post -0.87 earnings per share for the current year.

Insider Transactions at Fastly

In other news, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.12, for a total value of $98,763.56. Following the completion of the transaction, the chief executive officer now directly owns 1,588,810 shares of the company’s stock, valued at approximately $12,901,137.20. This represents a 0.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Ronald W. Kisling sold 7,449 shares of the company’s 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 $4,044,003.36. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 154,550 shares of company stock worth $1,091,021. Insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC lifted its holdings in shares of Fastly by 18.8% in the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after acquiring an additional 801,968 shares during the last quarter. Geode Capital Management LLC increased its stake in Fastly by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after acquiring an additional 46,951 shares during the last quarter. Bank of Montreal Can lifted its holdings in Fastly by 11,140.2% during the 3rd 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. Charles Schwab Investment Management Inc. raised its holdings in Fastly by 18.0% in the third 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. Finally, Point72 Asset Management L.P. raised its stake in Fastly by 461.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock worth $5,575,000 after acquiring an additional 621,680 shares during the last quarter. 79.71% of the stock is owned by 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.