Fastly (NYSE:FSLY) Raised to “Outperform” at Oppenheimer

Oppenheimer upgraded shares of Fastly (NYSE:FSLY) from a market perform rating to an outperform rating in a research report sent to investors on Monday morning, MarketBeat reports. They currently have $12.00 price objective on the stock.

Several other analysts also recently commented on the stock. Morgan Stanley decreased their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. DA Davidson increased their price objective on shares of Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Robert W. Baird boosted 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. Finally, Craig Hallum upped 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 issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.35.

Fastly Trading Up 16.4 %

NYSE:FSLY opened at $9.87 on Monday. The stock has a fifty day simple moving average of $7.39 and a 200 day simple moving average of $7.25. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of -9.06 and a beta of 1.24. Fastly has a 1-year low of $5.52 and a 1-year high of $25.87. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last announced its earnings results on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The company had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. During the same period last year, the company posted ($0.33) earnings per share. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Sell-side analysts forecast that Fastly will post -0.87 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Artur Bergman sold 16,922 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 $105,762.50. Following the completion of the transaction, the chief technology officer now owns 6,138,900 shares in the company, valued at approximately $38,368,125. This trade represents a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ronald W. Kisling sold 16,102 shares of the business’s stock in a transaction that occurred on 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 approximately $3,390,387.50. This trade represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 154,550 shares of company stock worth $1,091,021. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Several institutional investors and hedge funds have recently modified their holdings of FSLY. CWM LLC lifted its stake in shares of Fastly by 10.5% during the 2nd quarter. CWM LLC now owns 22,266 shares of the company’s stock worth $164,000 after buying an additional 2,121 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake 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 buying an additional 2,128 shares during the last quarter. Blue Trust Inc. raised its holdings in 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 acquiring an additional 2,296 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted 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. Finally, Arizona State Retirement System boosted its holdings in shares of Fastly by 10.3% during the second quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock worth $263,000 after acquiring an additional 3,338 shares during the period. 79.71% of the stock is currently 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.