Fastly (NYSE:FSLY) Price Target Raised to $8.00

Fastly (NYSE:FSLY) had its price target hoisted by analysts at Piper Sandler from $6.00 to $8.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential downside of 2.79% from the company’s previous close.

FSLY has been the subject of a number of other research reports. Craig Hallum decreased their price objective on shares of Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Finally, Morgan Stanley reduced their price objective on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, Fastly presently has a consensus rating of “Hold” and a consensus target price of $8.06.

Fastly Trading Up 0.9 %

Shares of NYSE FSLY traded up $0.07 during midday trading on Thursday, hitting $8.23. The company’s stock had a trading volume of 1,343,960 shares, compared to its average volume of 3,533,802. Fastly has a 12-month low of $5.52 and a 12-month high of $25.87. The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.35. The firm has a market cap of $1.14 billion, a P/E ratio of -6.60 and a beta of 1.24. The business’s 50 day moving average is $7.01 and its two-hundred day moving average is $7.64.

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates 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 last year, the firm posted ($0.32) earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts expect that Fastly will post -0.96 EPS for the current year.

Insider Activity at Fastly

In other Fastly news, CEO Todd Nightingale sold 66,066 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $408,287.88. Following the completion of the sale, the chief executive officer now owns 1,662,952 shares in the company, valued at $10,277,043.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Ronald W. Kisling sold 15,933 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $98,465.94. Following the sale, the chief financial officer now directly owns 570,124 shares in the company, valued at approximately $3,523,366.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Nightingale sold 66,066 shares of the business’s 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 $408,287.88. Following the transaction, the chief executive officer now owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 143,450 shares of company stock valued at $891,093 over the last ninety days. 6.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fastly

Several institutional investors and hedge funds have recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new stake in shares of Fastly during the 2nd quarter valued at $38,000. Cambridge Trust Co. acquired a new position in Fastly during the 1st quarter valued at about $39,000. Cape Investment Advisory Inc. raised its stake in Fastly by 27,666.7% in the first quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock valued at $54,000 after buying an additional 4,150 shares during the last quarter. EMC Capital Management raised its stake in Fastly by 400.0% in the second quarter. EMC Capital Management now owns 7,500 shares of the company’s stock valued at $54,000 after buying an additional 6,000 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in Fastly by 95.3% in the second quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock worth $65,000 after acquiring an additional 4,318 shares in the last quarter. 79.71% of the stock is owned by hedge funds and other 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.