Royal Bank of Canada Raises Fastly (NYSE:FSLY) Price Target to $10.00

Fastly (NYSE:FSLY) had its target price boosted by analysts at Royal Bank of Canada from $7.00 to $10.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 4.71% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Piper Sandler increased their price objective on shares of Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Robert W. Baird boosted their price objective on Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Oppenheimer upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price on the stock in a research report on Monday, December 2nd. Finally, Craig Hallum boosted their price target on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $8.85.

Fastly Price Performance

NYSE:FSLY opened at $9.55 on Friday. 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 has a 52 week low of $5.52 and a 52 week high of $25.87. The stock’s 50-day moving average price is $8.78 and its 200-day moving average price is $7.64. The stock has a market capitalization of $1.34 billion, a PE ratio of -8.76 and a beta of 1.27.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.08. The company had revenue of $137.21 million for the quarter, compared to analyst estimates of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. Fastly’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned ($0.33) earnings per share. As a group, equities analysts expect that Fastly will post -0.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Artur Bergman sold 49,178 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total transaction of $396,866.46. Following the completion of the sale, the chief technology officer now owns 6,155,822 shares in the company, valued at $49,677,483.54. This trade represents a 0.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 16,102 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $100,637.50. Following the completion of the transaction, the chief financial officer now owns 542,462 shares in the company, valued at $3,390,387.50. This represents a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 228,641 shares of company stock valued at $1,841,418. Insiders own 6.70% 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 company. Bank of Montreal Can increased its stake in Fastly by 11,140.2% during the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after purchasing an additional 1,293,490 shares during the period. Penserra Capital Management LLC lifted its holdings in Fastly by 18.8% during the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after buying an additional 801,968 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Fastly by 461.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after buying an additional 621,680 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Fastly in the second quarter worth $1,233,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fastly by 18.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company’s stock worth $8,006,000 after acquiring an additional 161,070 shares during the period. Hedge funds and other institutional investors 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.