Royal Bank of Canada Cuts Fastly (NYSE:FSLY) Price Target to $8.00

Fastly (NYSE:FSLY) had its target price cut by Royal Bank of Canada from $10.00 to $8.00 in a research note released on Thursday morning,Benzinga reports. They currently have a sector perform rating on the stock.

FSLY has been the topic of several other research reports. Robert W. Baird boosted their target price on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Craig Hallum upped their price target on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Oppenheimer upgraded shares of 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. Citigroup upped their price target on shares of Fastly from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, Piper Sandler reiterated a “neutral” rating and set a $9.00 price target (down previously from $10.00) on shares of Fastly in a research report on Thursday. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Fastly currently has a consensus rating of “Hold” and an average price target of $8.55.

Fastly Trading Up 1.4 %

Shares of Fastly stock opened at $8.09 on Thursday. Fastly has a 52-week low of $5.52 and a 52-week high of $18.42. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The company’s fifty day moving average price is $9.93 and its two-hundred day moving average price is $8.11. The firm has a market capitalization of $1.13 billion, a PE ratio of -7.42 and a beta of 1.26.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, February 12th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. On average, analysts expect that Fastly will post -0.86 EPS for the current year.

Insider Buying and Selling at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 6,038 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $9.45, for a total transaction of $57,059.10. Following the transaction, the chief financial officer now directly owns 519,812 shares in the company, valued at approximately $4,912,223.40. This represents a 1.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Artur Bergman sold 3,400 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $12.01, for a total value of $40,834.00. Following the completion of the sale, the chief technology officer now directly owns 3,444,136 shares of the company’s stock, valued at approximately $41,364,073.36. This trade represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 260,152 shares of company stock worth $2,287,883. Company insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

A number of institutional investors and hedge funds have recently modified their holdings of FSLY. The Manufacturers Life Insurance Company increased its stake in shares of Fastly by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock valued at $503,000 after acquiring an additional 2,128 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Fastly by 15.2% in the 3rd quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock valued at $128,000 after acquiring an additional 2,296 shares during the last quarter. Wealth Effects LLC increased its stake in shares of Fastly by 86.9% in the 3rd quarter. Wealth Effects LLC now owns 23,651 shares of the company’s stock valued at $179,000 after acquiring an additional 11,000 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Fastly by 308.0% in the 3rd quarter. International Assets Investment Management LLC now owns 76,101 shares of the company’s stock valued at $5,760,000 after acquiring an additional 57,448 shares during the last quarter. Finally, Entropy Technologies LP increased its stake in shares of Fastly by 118.7% in the 3rd quarter. Entropy Technologies LP now owns 39,803 shares of the company’s stock valued at $301,000 after acquiring an additional 21,600 shares during the last quarter. 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.