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

Fastly (NYSE:FSLY) had its target price decreased by Royal Bank of Canada from $10.00 to $8.00 in a research report released on Thursday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

FSLY has been the subject of a number of other reports. Citigroup raised their price objective on Fastly from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Piper Sandler reiterated a “neutral” rating and set a $9.00 price target (down from $10.00) on shares of Fastly in a research report on Thursday. DA Davidson upped their price target on Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Craig Hallum lifted their price objective on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Finally, Robert W. Baird increased their target price on Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $8.55.

Fastly Stock Performance

NYSE:FSLY opened at $7.97 on Thursday. The company’s 50-day moving average is $10.03 and its two-hundred day moving average is $8.11. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -7.31 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. Fastly has a 1-year low of $5.52 and a 1-year high of $23.68.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, February 12th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. Analysts forecast that Fastly will post -0.86 EPS for the current year.

Insiders Place Their Bets

In other Fastly news, CTO Artur Bergman sold 16,922 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $6.25, for a total transaction of $105,762.50. Following the completion of the transaction, the chief technology officer now owns 6,138,900 shares in the company, valued at $38,368,125. The trade was a 0.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Todd Nightingale sold 49,816 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $6.25, for a total transaction of $311,350.00. Following the completion of the sale, the chief executive officer now owns 1,600,973 shares in the company, valued at $10,006,081.25. The trade was a 3.02 % 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 quarter. 6.70% of the stock is owned by company insiders.

Institutional Trading of Fastly

A number of institutional investors have recently bought and sold shares of FSLY. AlphaQuest LLC raised its position in shares of Fastly by 169.1% during the 4th quarter. AlphaQuest LLC now owns 4,710 shares of the company’s stock worth $44,000 after acquiring an additional 2,960 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Fastly by 128.9% in the fourth quarter. Jones Financial Companies Lllp now owns 5,720 shares of the company’s stock valued at $54,000 after purchasing an additional 3,221 shares during the last quarter. FMR LLC raised its holdings in Fastly by 124.2% during the third quarter. FMR LLC now owns 6,357 shares of the company’s stock worth $48,000 after purchasing an additional 3,522 shares in the last quarter. Wealthfront Advisers LLC purchased a new stake in shares of Fastly during the 4th quarter worth approximately $72,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Fastly in the 4th quarter valued at $82,000. 79.71% of the stock is owned by hedge funds and other 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.