Fastly (NYSE:FSLY) Raised to “Outperform” at Oppenheimer

Fastly (NYSE:FSLY) was upgraded by analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research report issued on Monday, Marketbeat Ratings reports. The brokerage currently has a $12.00 target price on the stock. Oppenheimer’s target price indicates a potential upside of 27.86% from the stock’s previous close.

A number of other brokerages have also recently issued reports on FSLY. Piper Sandler upped their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. DA Davidson lifted their target price on shares of Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley decreased their target price on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 27th. 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, Robert W. Baird increased their price target on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.55.

Fastly Stock Down 4.9 %

Shares of Fastly stock opened at $9.39 on Monday. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. Fastly has a 1 year low of $5.52 and a 1 year high of $25.87. The stock has a 50-day moving average price of $7.48 and a 200 day moving average price of $7.27. The company has a market cap of $1.32 billion, a P/E ratio of -8.61 and a beta of 1.27.

Fastly (NYSE:FSLY) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $131.86 million. During the same quarter in the prior year, the business earned ($0.33) EPS. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, analysts expect that Fastly will post -0.87 EPS for the current fiscal year.

Insider Activity

In other news, CEO Todd Nightingale sold 49,816 shares of Fastly stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $311,350.00. Following the completion of the transaction, the chief executive officer now owns 1,600,973 shares in the company, valued at approximately $10,006,081.25. The trade was a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total value of $53,930.76. Following the sale, the chief financial officer now owns 558,564 shares in the company, valued at approximately $4,044,003.36. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,550 shares of company stock worth $1,091,021. Company insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FSLY. Geode Capital Management LLC grew its holdings in Fastly by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after acquiring an additional 46,951 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Fastly in the 3rd quarter valued at about $183,000. XTX Topco Ltd acquired a new stake in shares of Fastly in the 3rd quarter valued at approximately $400,000. Zacks Investment Management bought a new position in Fastly during the 3rd quarter worth approximately $914,000. Finally, Quadrature Capital Ltd grew its holdings in Fastly by 84.2% during the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock valued at $848,000 after purchasing an additional 51,224 shares during the period. 79.71% of the stock is currently 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.