Fastly (NYSE:FSLY) Price Target Lowered to $8.00 at Royal Bank of Canada

Fastly (NYSE:FSLY) had its price objective lowered by equities research analysts at Royal Bank of Canada from $10.00 to $8.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 2.15% from the company’s previous close.

Several other research firms have also recently weighed in on FSLY. Piper Sandler reissued a “neutral” rating and set a $9.00 price objective (down previously from $10.00) on shares of Fastly in a research report on Thursday. Citigroup raised their price objective on shares of Fastly from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a research note on Monday, December 2nd. DA Davidson raised their price target on shares of Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Craig Hallum lifted their target price on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Fastly currently has a consensus rating of “Hold” and an average target price of $8.55.

Fastly Stock Down 22.2 %

Shares of FSLY traded down $2.24 during trading hours on Thursday, reaching $7.83. The company’s stock had a trading volume of 9,142,586 shares, compared to its average volume of 2,858,916. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -7.19 and a beta of 1.26. The company has a 50 day moving average of $10.03 and a two-hundred day moving average of $8.11. Fastly has a 1-year low of $5.52 and a 1-year high of $23.68.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.22). Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. As a group, research analysts predict that Fastly will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Fastly news, CEO Todd Nightingale sold 49,816 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $6.25, for a total transaction of $311,350.00. Following the sale, the chief executive officer now owns 1,600,973 shares of the company’s stock, valued at $10,006,081.25. This represents a 3.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Artur Bergman sold 3,400 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $12.01, for a total transaction of $40,834.00. Following the transaction, the chief technology officer now owns 3,444,136 shares in the company, valued at $41,364,073.36. The trade was a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 260,152 shares of company stock worth $2,287,883 in the last three months. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Several hedge funds and other institutional investors have recently made changes to their positions in FSLY. AlphaQuest LLC boosted its holdings in Fastly by 169.1% in the fourth quarter. AlphaQuest LLC now owns 4,710 shares of the company’s stock valued at $44,000 after acquiring an additional 2,960 shares during the last quarter. FMR LLC boosted its stake in shares of Fastly by 124.2% in the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after purchasing an additional 3,522 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Fastly by 128.9% during the 4th quarter. Jones Financial Companies Lllp now owns 5,720 shares of the company’s stock worth $54,000 after buying an additional 3,221 shares during the period. Wealthfront Advisers LLC bought a new stake in shares of Fastly during the fourth quarter worth approximately $72,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Fastly in the fourth quarter valued at approximately $83,000. 79.71% of the stock is owned by institutional investors and hedge funds.

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.