Fastly (NYSE:FSLY) Downgraded to Market Perform at Raymond James

Fastly (NYSE:FSLY) was downgraded by research analysts at Raymond James from a “strong-buy” rating to a “market perform” rating in a research report issued on Tuesday, FinViz reports.

Several other analysts have also issued reports on the company. Piper Sandler lowered Fastly from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $6.00 in a research note on Thursday, August 8th. Morgan Stanley dropped their price target on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 27th. Finally, Craig Hallum reduced their price objective on shares of Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Fastly presently has a consensus rating of “Hold” and a consensus target price of $7.81.

Fastly Trading Up 0.1 %

Shares of Fastly stock opened at $7.57 on Tuesday. The stock has a market cap of $1.03 billion, a P/E ratio of -7.57 and a beta of 1.20. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35. Fastly has a 12-month low of $5.52 and a 12-month high of $25.87. The business’s 50 day moving average is $6.75 and its 200-day moving average is $8.67.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $132.37 million during the quarter, compared to analysts’ expectations of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.32) earnings per share. Equities research analysts predict that Fastly will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Artur Bergman sold 16,748 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the completion of the sale, the chief technology officer now owns 6,225,980 shares of the company’s stock, valued at $38,476,556.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fastly news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $408,287.88. Following the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Artur Bergman sold 16,748 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the sale, the chief technology officer now owns 6,225,980 shares of the company’s stock, valued at $38,476,556.40. The disclosure for this sale can be found here. Insiders have sold 143,450 shares of company stock worth $903,011 in the last 90 days. Company insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cambridge Trust Co. bought a new position in shares of Fastly in the first quarter worth about $39,000. Cape Investment Advisory Inc. lifted its stake in Fastly by 27,666.7% in the 1st quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock valued at $54,000 after purchasing an additional 4,150 shares during the last quarter. Point72 DIFC Ltd bought a new position in Fastly in the 2nd quarter valued at approximately $38,000. EntryPoint Capital LLC boosted its position in Fastly by 41.1% in the first quarter. EntryPoint Capital LLC now owns 5,644 shares of the company’s stock valued at $73,000 after buying an additional 1,643 shares in the last quarter. Finally, Geneos Wealth Management Inc. bought a new stake in shares of Fastly during the first quarter worth $92,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.