Fastly (NYSE:FSLY) PT Lowered to $9.00 at Royal Bank of Canada

Fastly (NYSE:FSLY) had its price objective lowered by equities researchers at Royal Bank of Canada from $18.00 to $9.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 5.76% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Piper Sandler raised shares of Fastly from a “neutral” rating to an “overweight” rating and reduced their price objective for the stock from $19.00 to $16.00 in a research note on Monday, April 8th. Bank of America lowered shares of Fastly from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $18.00 to $8.00 in a research note on Thursday. DA Davidson downgraded shares of Fastly from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $24.00 to $8.50 in a report on Thursday. Citigroup dropped their target price on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Finally, Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.17.

Fastly Price Performance

FSLY traded down $4.42 during midday trading on Thursday, hitting $8.51. The company had a trading volume of 15,486,580 shares, compared to its average volume of 4,032,644. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.14. The company has a market capitalization of $1.16 billion, a PE ratio of -8.18 and a beta of 1.21. Fastly has a twelve month low of $7.83 and a twelve month high of $25.87. The firm’s 50-day simple moving average is $13.21 and its 200-day simple moving average is $16.26.

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

Insider Activity

In other news, insider Artur Bergman sold 21,875 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $25.19, for a total value of $551,031.25. Following the completion of the sale, the insider now owns 6,050,259 shares of the company’s stock, valued at $152,406,024.21. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Artur Bergman sold 21,875 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $25.19, for a total value of $551,031.25. Following the completion of the sale, the insider now owns 6,050,259 shares of the company’s stock, valued at $152,406,024.21. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Nightingale sold 50,708 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were 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 directly owns 1,371,348 shares of the company’s stock, valued at approximately $22,064,989.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 199,201 shares of company stock valued at $3,160,402. 7.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fastly

Several institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets raised its stake in Fastly by 11.6% during the first quarter. BNP Paribas Financial Markets now owns 305,797 shares of the company’s stock worth $3,966,000 after acquiring an additional 31,749 shares in the last quarter. Private Advisor Group LLC raised its stake in Fastly by 155.4% during the first quarter. Private Advisor Group LLC now owns 41,133 shares of the company’s stock worth $533,000 after acquiring an additional 25,030 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Fastly by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock worth $133,000 after acquiring an additional 863 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Fastly by 13.4% in the first quarter. Principal Financial Group Inc. now owns 16,063 shares of the company’s stock valued at $208,000 after buying an additional 1,897 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in Fastly by 66.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 227,001 shares of the company’s stock valued at $2,944,000 after acquiring an additional 90,968 shares during the last quarter. Institutional investors 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.