Bank of America Lowers Fastly (NYSE:FSLY) Price Target to $18.00

Fastly (NYSE:FSLY) had its price objective lowered by analysts at Bank of America from $28.00 to $18.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 39.97% from the stock’s previous close.

A number of other research firms have also recently issued reports on FSLY. Citigroup raised shares of Fastly from a “sell” rating to a “neutral” rating and lifted their price target for the company from $11.00 to $20.00 in a research note on Monday, January 22nd. Craig Hallum cut shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 price target on the stock. in a research note on Thursday, February 15th. Finally, Royal Bank of Canada raised shares of Fastly from an “underperform” rating to a “sector perform” rating and lifted their target price for the stock from $12.00 to $18.00 in a research note on Monday, January 8th. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.50.

Fastly Stock Up 1.8 %

Fastly stock traded up $0.23 during midday trading on Thursday, hitting $12.86. 2,227,101 shares of the company’s stock were exchanged, compared to its average volume of 4,099,315. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.14. Fastly has a 12 month low of $11.61 and a 12 month high of $25.87. The firm has a 50-day moving average of $16.96 and a two-hundred day moving average of $17.29. The company has a market cap of $1.73 billion, a PE ratio of -12.36 and a beta of 1.23.

Fastly (NYSE:FSLY) last announced its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.05. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. The firm had revenue of $137.78 million during the quarter, compared to analyst estimates of $139.25 million. As a group, analysts expect that Fastly will post -1.07 earnings per share for the current fiscal year.

Insider Transactions at Fastly

In other news, CEO Todd Nightingale sold 50,708 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.09, for a total value of $815,891.72. Following the completion of the sale, the chief executive officer now directly owns 1,371,348 shares of the company’s stock, valued at $22,064,989.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Todd Nightingale sold 50,708 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.09, for a total transaction of $815,891.72. Following the completion of the sale, the chief executive officer now owns 1,371,348 shares in the company, valued at $22,064,989.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard Devon Daniels sold 7,766 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $12.66, for a total value of $98,317.56. Following the sale, the director now owns 34,328 shares of the company’s stock, valued at approximately $434,592.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 334,195 shares of company stock valued at $5,898,005. 7.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Fastly by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,924,190 shares of the company’s stock valued at $230,051,000 after buying an additional 192,076 shares during the period. First Trust Advisors LP raised its position in shares of Fastly by 65.3% in the 1st quarter. First Trust Advisors LP now owns 7,846,587 shares of the company’s stock valued at $136,374,000 after purchasing an additional 3,099,852 shares in the last quarter. Legal & General Group Plc raised its position in shares of Fastly by 13.3% in the 3rd quarter. Legal & General Group Plc now owns 6,627,895 shares of the company’s stock valued at $127,057,000 after purchasing an additional 778,677 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Fastly in the 4th quarter valued at approximately $42,697,000. Finally, Morgan Stanley raised its position in shares of Fastly by 72.5% in the 3rd quarter. Morgan Stanley now owns 4,516,313 shares of the company’s stock valued at $86,578,000 after purchasing an additional 1,898,633 shares in the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.