Piper Sandler Reaffirms “Neutral” Rating for Fastly (NYSE:FSLY)

Fastly (NYSE:FSLY)‘s stock had its “neutral” rating reaffirmed by investment analysts at Piper Sandler in a report released on Thursday,Benzinga reports. They presently have a $9.00 price target on the stock, down from their previous price target of $10.00. Piper Sandler’s price target points to a potential upside of 18.97% from the company’s current price.

Several other research analysts have also weighed in on the company. Royal Bank of Canada increased their target price on Fastly from $7.00 to $10.00 and gave the stock a “sector perform” rating in a research report on Friday, January 3rd. Oppenheimer upgraded 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. Robert W. Baird boosted their target price on Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Citigroup raised their price target on shares of Fastly from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Craig Hallum boosted their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research note 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $8.75.

Fastly Trading Down 24.9 %

FSLY traded down $2.51 during midday trading on Thursday, hitting $7.57. The company’s stock had a trading volume of 6,577,416 shares, compared to its average volume of 2,769,744. Fastly has a 52-week low of $5.52 and a 52-week high of $23.68. The firm has a 50-day moving average price of $10.03 and a two-hundred day moving average price of $8.11. 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 firm has a market cap of $1.06 billion, a P/E ratio of -6.97 and a beta of 1.26.

Fastly (NYSE:FSLY) last released 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%. On average, research analysts anticipate that Fastly will post -0.86 earnings per share for the current year.

Insider Buying and Selling

In other Fastly news, CTO Artur Bergman sold 10,000 shares of Fastly stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $10.58, for a total transaction of $105,800.00. Following the sale, the chief technology officer now directly owns 3,364,136 shares in the company, valued at $35,592,558.88. The trade was a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ronald W. Kisling sold 16,102 shares of the 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 $100,637.50. Following the transaction, the chief financial officer now owns 542,462 shares of the company’s stock, valued at approximately $3,390,387.50. This trade represents a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 260,152 shares of company stock worth $2,287,883. 6.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastly

Several hedge funds and other institutional investors have recently modified their holdings of FSLY. Bank of Montreal Can grew its stake in Fastly by 11,140.2% in the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after purchasing an additional 1,293,490 shares in the last quarter. Penserra Capital Management LLC lifted its stake in Fastly by 18.8% during the third quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after purchasing an additional 801,968 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Fastly by 402.8% during the fourth quarter. Alliancebernstein L.P. now owns 844,349 shares of the company’s stock worth $7,971,000 after purchasing an additional 676,408 shares during the period. Raymond James Financial Inc. bought a new position in shares of Fastly in the 4th quarter worth about $3,717,000. Finally, First Eagle Investment Management LLC acquired a new position in shares of Fastly in the 4th quarter valued at about $3,192,000. Institutional investors own 79.71% of the company’s stock.

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.