Fastly (NYSE:FSLY) Price Target Raised to $7.00 at Royal Bank of Canada

Fastly (NYSE:FSLY) had its target price upped by Royal Bank of Canada from $6.00 to $7.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Other equities analysts also recently issued research reports about the company. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Morgan Stanley lowered their price target on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Craig Hallum lowered their price target on Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Piper Sandler boosted their price target on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $7.94.

Fastly Trading Down 6.2 %

NYSE:FSLY traded down $0.50 on Thursday, reaching $7.67. The company’s stock had a trading volume of 4,685,835 shares, compared to its average volume of 3,558,382. The firm has a market cap of $1.06 billion, a PE ratio of -6.07 and a beta of 1.24. The business’s 50-day moving average price is $7.01 and its two-hundred day moving average price is $7.64. Fastly has a 1-year low of $5.52 and a 1-year high of $25.87. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13.

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. The business had revenue of $132.37 million for the quarter, compared to analyst estimates of $131.62 million. During the same quarter in the prior year, the company posted ($0.32) earnings per share. Fastly’s revenue was up 7.8% on a year-over-year basis. Equities research analysts anticipate that Fastly will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Artur Bergman sold 49,178 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total value of $396,866.46. Following the transaction, the chief technology officer now owns 6,155,822 shares of the company’s stock, valued at approximately $49,677,483.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Ronald W. Kisling sold 15,933 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $98,465.94. Following the sale, the chief financial officer now owns 570,124 shares of the company’s stock, valued at $3,523,366.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Artur Bergman sold 49,178 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total value of $396,866.46. Following the sale, the chief technology officer now directly owns 6,155,822 shares in the company, valued at $49,677,483.54. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 192,628 shares of company stock valued at $1,287,959. 6.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Fastly

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Fastly by 5.1% during the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after purchasing an additional 657,334 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in shares of Fastly by 94.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after acquiring an additional 466,560 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of 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 acquiring an additional 621,680 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Fastly by 11.6% in the 1st quarter. BNP Paribas Financial Markets now owns 305,797 shares of the company’s stock valued at $3,966,000 after acquiring an additional 31,749 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of Fastly by 1.4% in the 1st quarter. Swiss National Bank now owns 232,400 shares of the company’s stock valued at $3,014,000 after acquiring an additional 3,200 shares during the last quarter. Institutional investors and hedge funds 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.