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

Fastly (NYSE:FSLY) had its target price reduced by Royal Bank of Canada from $10.00 to $8.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target indicates a potential downside of 1.05% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Robert W. Baird lifted their price target on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler reiterated a “neutral” rating and issued a $9.00 price target (down previously from $10.00) on shares of Fastly in a research note on Thursday. Craig Hallum lifted their price target on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Citigroup lifted their price target on Fastly from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Oppenheimer raised 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. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Fastly has an average rating of “Hold” and an average target price of $8.55.

Fastly Price Performance

Fastly stock opened at $8.09 on Thursday. The stock’s fifty day moving average price is $9.99 and its two-hundred day moving average price is $8.11. Fastly has a one year low of $5.52 and a one year high of $18.42. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The firm has a market cap of $1.13 billion, a PE ratio of -7.42 and a beta of 1.26.

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

Insiders Place Their Bets

In other Fastly news, CEO Todd Nightingale sold 49,816 shares of Fastly stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $311,350.00. Following the transaction, the chief executive officer now directly owns 1,600,973 shares of the company’s stock, valued at approximately $10,006,081.25. The trade was a 3.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ronald W. Kisling sold 16,102 shares of Fastly stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $6.25, for a total value of $100,637.50. Following the transaction, the chief financial officer now directly owns 542,462 shares in the company, valued at $3,390,387.50. The trade was a 2.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 260,152 shares of company stock valued at $2,287,883. 6.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 180 Wealth Advisors LLC lifted its stake in shares of Fastly by 2.5% in the 4th quarter. 180 Wealth Advisors LLC now owns 68,643 shares of the company’s stock valued at $648,000 after purchasing an additional 1,695 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of 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 during the period. Blue Trust Inc. lifted its stake in shares of Fastly by 15.2% in the 3rd quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock valued at $128,000 after purchasing an additional 2,296 shares during the period. AlphaQuest LLC lifted its stake in shares of Fastly by 169.1% in the 4th quarter. AlphaQuest LLC now owns 4,710 shares of the company’s stock valued at $44,000 after purchasing an additional 2,960 shares during the period. Finally, Rhumbline Advisers lifted its stake in shares of Fastly by 1.6% in the 4th quarter. Rhumbline Advisers now owns 192,131 shares of the company’s stock valued at $1,814,000 after purchasing an additional 3,081 shares during the period. 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.