Oppenheimer Initiates Coverage on Fastly (NYSE:FSLY)

Stock analysts at Oppenheimer assumed coverage on shares of Fastly (NYSE:FSLY) in a research report issued on Thursday. The firm set a “market perform” rating on the stock.

Several other research firms have also recently commented on FSLY. Piper Sandler reaffirmed a “neutral” rating and issued a $9.00 price objective (down from $10.00) on shares of Fastly in a research report on Thursday, February 13th. Royal Bank of Canada cut their price objective on shares of Fastly from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. Finally, Citigroup boosted their price objective on shares of Fastly from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $8.55.

Fastly Price Performance

Shares of FSLY stock opened at $7.13 on Thursday. Fastly has a 12-month low of $5.52 and a 12-month high of $14.12. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -6.25 and a beta of 1.31. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The firm has a fifty day moving average of $8.43 and a 200-day moving average of $8.20.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative net margin of 29.07% and a negative return on equity of 12.75%. On average, equities research analysts forecast that Fastly will post -0.78 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Todd Nightingale sold 8,595 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $6.87, for a total value of $59,047.65. Following the sale, the chief executive officer now directly owns 1,544,706 shares of the company’s stock, valued at approximately $10,612,130.22. This represents a 0.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Artur Bergman sold 10,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $10.09, for a total transaction of $100,900.00. Following the completion of the sale, the chief technology officer now directly owns 3,434,136 shares in the company, valued at approximately $34,650,432.24. The trade was a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 173,699 shares of company stock valued at $1,587,050 in the last three months. 6.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastly

A number of institutional investors and hedge funds have recently modified their holdings of FSLY. Alyeska Investment Group L.P. bought a new stake in shares of Fastly in the 4th quarter valued at about $35,334,000. Bank of Montreal Can raised its holdings in shares of Fastly by 11,140.2% in the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock valued at $9,867,000 after purchasing an additional 1,293,490 shares during the period. Marshall Wace LLP bought a new stake in shares of Fastly in the 4th quarter valued at about $7,618,000. Penserra Capital Management LLC raised 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 valued at $38,418,000 after purchasing an additional 801,968 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of Fastly in the 4th quarter valued at about $7,088,000. 79.71% of the stock is owned by institutional investors.

About Fastly

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.