Fastly (NYSE:FSLY) Given New $10.00 Price Target at Royal Bank of Canada

Fastly (NYSE:FSLY) had its price target hoisted by Royal Bank of Canada from $7.00 to $10.00 in a research report released on Friday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

A number of other equities research analysts have also weighed in on FSLY. Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective on the stock in a report on Monday, December 2nd. Piper Sandler raised their price objective on Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. DA Davidson upped their target price on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Finally, Craig Hallum upped their price objective on shares of Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Fastly has an average rating of “Hold” and a consensus price target of $8.85.

Fastly Price Performance

FSLY opened at $9.55 on Friday. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The business’s fifty day simple moving average is $8.73 and its 200-day simple moving average is $7.62. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -8.76 and a beta of 1.27. Fastly has a 12-month low of $5.52 and a 12-month high of $25.87.

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

Insiders Place Their Bets

In other news, CFO Ronald W. Kisling sold 7,449 shares of Fastly stock in a transaction dated Wednesday, October 16th. The shares were 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 $4,044,003.36. This trade represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Artur Bergman sold 10,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $10.09, for a total transaction of $100,900.00. Following the sale, the chief technology officer now directly owns 3,434,136 shares of the company’s stock, valued at $34,650,432.24. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 228,641 shares of company stock worth $1,841,418. 6.70% of the stock is owned by corporate insiders.

Institutional Trading of Fastly

Institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its holdings in Fastly by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock valued at $503,000 after purchasing an additional 2,128 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Fastly by 15.2% in the third quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after buying an additional 2,296 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Fastly by 11.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company’s stock worth $222,000 after acquiring an additional 3,124 shares during the last quarter. Arizona State Retirement System grew its stake in Fastly by 10.3% during the 2nd quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock valued at $263,000 after acquiring an additional 3,338 shares in the last quarter. Finally, FMR LLC raised its holdings in 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 acquiring an additional 3,522 shares during the last quarter. 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.