Citigroup Boosts Fastly (NYSE:FSLY) Price Target to $10.00

Fastly (NYSE:FSLY) had its price objective hoisted by equities research analysts at Citigroup from $9.00 to $10.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 7.46% from the company’s previous close.

Several other equities research analysts also recently commented on FSLY. DA Davidson raised their target price on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Craig Hallum lifted their price objective on shares of Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Royal Bank of Canada lifted their price target on shares of Fastly from $7.00 to $10.00 and gave the stock a “sector perform” rating in a research note on Friday, January 3rd. Finally, Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research report on Monday, December 2nd. One equities research 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 MarketBeat.com, Fastly has a consensus rating of “Hold” and a consensus target price of $8.85.

Fastly Price Performance

FSLY opened at $9.31 on Friday. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87. The company has a 50 day moving average of $9.14 and a two-hundred day moving average of $7.79. The company has a market cap of $1.31 billion, a P/E ratio of -8.54 and a beta of 1.24. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The firm had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. During the same period in the prior year, the company earned ($0.33) EPS. The firm’s revenue was up 7.3% on a year-over-year basis. On average, analysts expect that Fastly will post -0.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Ronald W. Kisling sold 16,102 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $100,637.50. Following the transaction, the chief financial officer now directly owns 542,462 shares in the company, valued at $3,390,387.50. This trade represents a 2.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Nightingale sold 49,816 shares of Fastly stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $311,350.00. Following the completion of the transaction, the chief executive officer now directly owns 1,600,973 shares of the company’s stock, valued at approximately $10,006,081.25. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 241,741 shares of company stock valued at $1,993,300 in the last ninety days. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Point72 DIFC Ltd bought a new stake in shares of Fastly during the 2nd quarter valued at about $38,000. FMR LLC boosted its stake in Fastly by 124.2% in the third quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after acquiring an additional 3,522 shares during the period. Aigen Investment Management LP acquired a new position in Fastly in the third quarter valued at approximately $89,000. Lombard Odier Asset Management USA Corp bought a new position in shares of Fastly during the second quarter valued at approximately $114,000. Finally, Blue Trust Inc. raised its position in shares of Fastly by 15.2% during the 3rd quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after purchasing an additional 2,296 shares during the period. 79.71% of the stock is currently owned by institutional investors.

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.