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

Fastly (NYSE:FSLY) had its price target hoisted by Citigroup from $9.00 to $10.00 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also issued reports on FSLY. Robert W. Baird increased their target price on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Piper Sandler lifted their price target on Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Royal Bank of Canada increased their target price on shares of Fastly from $7.00 to $10.00 and gave the company a “sector perform” rating in a research report on Friday, January 3rd. Oppenheimer raised Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price target on the stock in a research report on Monday, December 2nd. Finally, Raymond James cut shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Fastly presently has an average rating of “Hold” and an average target price of $8.85.

Fastly Stock Performance

FSLY opened at $9.31 on Friday. Fastly has a twelve month low of $5.52 and a twelve month high of $25.87. The firm has a market capitalization of $1.31 billion, a PE ratio of -8.54 and a beta of 1.24. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average price is $9.14 and its 200 day moving average price is $7.79.

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

Insider Activity

In other news, CEO Todd Nightingale sold 12,163 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.12, for a total value of $98,763.56. Following the sale, the chief executive officer now owns 1,588,810 shares in the company, valued at approximately $12,901,137.20. This represents a 0.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Artur Bergman sold 16,922 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $105,762.50. Following the completion of the sale, the chief technology officer now directly owns 6,138,900 shares of the company’s stock, valued at approximately $38,368,125. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,741 shares of company stock valued at $1,993,300 in the last three months. Corporate insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

A number of institutional investors and hedge funds have recently made changes to their positions in FSLY. Penserra Capital Management LLC raised its stake in shares of Fastly by 18.8% during the third quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock valued at $38,418,000 after purchasing an additional 801,968 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Fastly by 1.6% during the third quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after purchasing an additional 46,951 shares during the period. Bank of Montreal Can raised 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 worth $9,867,000 after buying an additional 1,293,490 shares during the period. Charles Schwab Investment Management Inc. raised its holdings 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 valued at $8,006,000 after acquiring an additional 161,070 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Fastly by 461.5% in the second quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after purchasing an additional 621,680 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.