Fastly (NYSE:FSLY) Downgraded by Piper Sandler to “Neutral”

Piper Sandler lowered shares of Fastly (NYSE:FSLY) from an overweight rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. They currently have $6.00 price objective on the stock, down from their prior price objective of $10.00.

A number of other research analysts have also recently issued reports on the stock. DA Davidson cut shares of Fastly from a buy rating to a neutral rating and dropped their target price for the company from $24.00 to $8.50 in a report on Thursday, May 2nd. Bank of America cut shares of Fastly from a buy rating to an underperform rating and dropped their target price for the company from $18.00 to $8.00 in a report on Thursday, May 2nd. Citigroup dropped their target price on shares of Fastly from $15.00 to $10.00 and set a neutral rating for the company in a report on Thursday, May 9th. 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 research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $7.93.

Fastly Stock Down 3.4 %

NYSE:FSLY traded down $0.20 during trading hours on Thursday, hitting $5.66. The company’s stock had a trading volume of 4,996,267 shares, compared to its average volume of 3,833,700. The stock has a market capitalization of $773.37 million, a P/E ratio of -5.86 and a beta of 1.13. The stock has a fifty day moving average of $7.46 and a 200-day moving average of $11.69. 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 52-week low of $5.52 and a 52-week high of $25.87.

Insider Buying and Selling

In other Fastly news, CFO Ronald W. Kisling sold 23,105 shares of Fastly stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $8.84, for a total value of $204,248.20. Following the transaction, the chief financial officer now owns 609,631 shares in the company, valued at approximately $5,389,138.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $8.84, for a total value of $65,849.16. Following the completion of the transaction, the chief financial officer now owns 586,057 shares of the company’s stock, valued at $5,180,743.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ronald W. Kisling sold 23,105 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $8.84, for a total value of $204,248.20. Following the completion of the transaction, the chief financial officer now directly owns 609,631 shares of the company’s stock, valued at approximately $5,389,138.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 135,217 shares of company stock worth $1,176,853. 6.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Fastly

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FSLY. Qsemble Capital Management LP purchased a new stake in shares of Fastly in the second quarter valued at $586,000. Daiwa Securities Group Inc. grew its position in shares of Fastly by 95.3% in the second quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock valued at $65,000 after purchasing an additional 4,318 shares during the last quarter. Arizona State Retirement System grew its position in Fastly by 10.3% during the second quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock worth $263,000 after buying an additional 3,338 shares in the last quarter. Rhumbline Advisers grew its position in Fastly by 8.5% during the second quarter. Rhumbline Advisers now owns 189,832 shares of the company’s stock worth $1,399,000 after buying an additional 14,813 shares in the last quarter. Finally, Versor Investments LP bought a new position in Fastly during the second quarter worth about $231,000. 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.