Brokerages Set Fastly, Inc. (NYSE:FSLY) Target Price at $7.94

Shares of Fastly, Inc. (NYSE:FSLY) have been assigned an average recommendation of “Hold” from the ten research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $8.55.

A number of equities analysts have weighed in on the stock. Robert W. Baird lifted their price target on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Royal Bank of Canada lifted their target price on Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a report on Thursday, November 7th. Oppenheimer upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price target for the company in a research note on Monday. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Finally, Piper Sandler boosted their target price on Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday.

Insiders Place Their Bets

In other news, CTO Artur Bergman sold 49,178 shares of Fastly stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total transaction of $396,866.46. Following the sale, the chief technology officer now directly owns 6,155,822 shares of the company’s stock, valued at approximately $49,677,483.54. The trade was a 0.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.12, for a total value of $98,763.56. Following the completion of the transaction, the chief executive officer now directly owns 1,588,810 shares of the company’s stock, valued at $12,901,137.20. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,550 shares of company stock worth $1,091,021 in the last 90 days. 6.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fastly

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Fastly by 1.6% during the third quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after buying an additional 46,951 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Fastly during the 3rd quarter valued at $183,000. XTX Topco Ltd acquired a new position in Fastly during the 3rd quarter worth $400,000. Zacks Investment Management bought a new stake in shares of Fastly in the 3rd quarter worth about $914,000. Finally, Quadrature Capital Ltd raised its stake in shares of Fastly by 84.2% in the 3rd quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock valued at $848,000 after purchasing an additional 51,224 shares in the last quarter. 79.71% of the stock is currently owned by hedge funds and other institutional investors.

Fastly Stock Performance

Fastly stock opened at $9.39 on Friday. The stock has a fifty day moving average price of $7.48 and a 200 day moving average price of $7.27. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87. The firm has a market capitalization of $1.32 billion, a P/E ratio of -8.61 and a beta of 1.27. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $131.86 million. During the same quarter in the prior year, the company posted ($0.33) EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. Equities research analysts anticipate that Fastly will post -0.87 earnings per share for the current year.

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.