Fastly (NASDAQ:FSLY) Stock Gets Price Target Cut from Freedom Broker

Fastly (NASDAQ:FSLY) had its target price reduced by Freedom Broker from $37.00 to $35.00 in a research report released on Monday morning,Benzinga reports. Freedom Broker currently has a buy rating on the stock.

FSLY has been the topic of several other reports. Canaccord Genuity Group began coverage on shares of Fastly in a research report on Friday, July 17th. They issued a “buy” rating and a $27.00 price objective on the stock. Evercore reissued an “outperform” rating on shares of Fastly in a research report on Wednesday, September 23rd. Bank of America boosted their price target on Fastly from $20.00 to $22.00 and gave the stock an “underperform” rating in a research note on Wednesday, September 23rd. Royal Bank Of Canada lowered their target price on shares of Fastly from $25.00 to $19.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 5th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 price target on shares of Fastly in a report on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.00.

Fastly Stock Performance

FSLY opened at $17.26 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.07 and a current ratio of 3.07. Fastly has a 1-year low of $7.87 and a 1-year high of $34.82. The company’s fifty day moving average price is $23.62 and its two-hundred day moving average price is $21.63.

Fastly (NASDAQ:FSLY) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.12 by $0.05. Fastly had a negative return on equity of 4.53% and a negative net margin of 8.74%. The firm had revenue of $190.19 million during the quarter, compared to the consensus estimate of $187.82 million. As a group, equities research analysts expect that Fastly will post -0.27 earnings per share for the current year.

Insider Transactions at Fastly

In other news, insider Jeffrey Ford sold 45,832 shares of the firm’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $24.65, for a total transaction of $1,129,758.80. Following the transaction, the insider directly owned 249,861 shares of the company’s stock, valued at approximately $6,159,073.65. This trade represents a 15.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Scott R. Lovett sold 41,815 shares of the firm’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $24.64, for a total transaction of $1,030,321.60. Following the transaction, the insider directly owned 1,281,583 shares in the company, valued at $31,578,205.12. This trade represents a 3.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 1,323,893 shares of company stock worth $35,452,889. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Advisors Asset Management Inc. acquired a new position in shares of Fastly in the 3rd quarter valued at $470,000. Private Advisor Group LLC acquired a new stake in Fastly in the 3rd quarter valued at about $224,000. Ieq Capital LLC purchased a new stake in shares of Fastly in the third quarter valued at about $208,000. Proem Advisors LLC purchased a new stake in Fastly in the third quarter valued at $3,337,000. Finally, Voya Investment Management LLC raised its position in Fastly by 126.0% in the third quarter. Voya Investment Management LLC now owns 5,509,813 shares of the company’s stock valued at $141,437,000 after purchasing an additional 3,071,858 shares during the period. Institutional investors own 79.71% of the company’s stock.

About Fastly

Fastly, Inc. provides an edge cloud platform that helps businesses deliver and secure websites, applications, and digital content. Its services include content delivery, web application and API protection, DDoS mitigation, bot management, and tools for monitoring and analyzing internet traffic. The company also offers edge computing through Fastly Compute, which lets developers run code closer to users. Fastly’s platform is designed to help organizations improve the speed, reliability, and security of online services, and it serves customers across multiple industries and geographies.