Fastly (NYSE:FSLY) Price Target Raised to $10.00

Fastly (NYSE:FSLY) had its price objective increased by Royal Bank of Canada from $7.00 to $10.00 in a report released on Friday morning,Benzinga reports. They currently have a sector perform rating on the stock.

FSLY has been the topic of a number of other research reports. Craig Hallum increased their price target on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Piper Sandler raised their target price on shares of Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Robert W. Baird boosted their price target on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. DA Davidson raised their price objective on shares of Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a research note on Monday, December 2nd. 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’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.85.

Fastly Stock Performance

Shares of Fastly stock opened at $9.55 on Friday. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -8.76 and a beta of 1.27. 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 business has a 50-day moving average of $8.73 and a 200 day moving average of $7.62. Fastly has a 12 month low of $5.52 and a 12 month high of $25.87.

Fastly (NYSE:FSLY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.08. The firm had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.33) earnings per share. As a group, sell-side analysts forecast that Fastly will post -0.86 earnings per share for the current year.

Insider Buying and Selling

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 owns 6,155,822 shares in the company, valued at approximately $49,677,483.54. The trade was a 0.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ronald W. Kisling sold 16,102 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $100,637.50. Following the completion of the sale, the chief financial officer now directly owns 542,462 shares of the company’s stock, 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. Insiders have sold 228,641 shares of company stock worth $1,841,418 in the last ninety days. 6.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fastly

A number of institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Fastly by 11.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company’s stock worth $222,000 after purchasing an additional 3,124 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Fastly by 59.4% during the second quarter. Commonwealth Equity Services LLC now owns 48,987 shares of the company’s stock worth $361,000 after buying an additional 18,258 shares during the period. Versor Investments LP purchased a new position in shares of Fastly during the second quarter worth about $231,000. Rhumbline Advisers increased its position in Fastly by 8.5% in the 2nd quarter. Rhumbline Advisers now owns 189,832 shares of the company’s stock valued at $1,399,000 after acquiring an additional 14,813 shares during the period. Finally, Arizona State Retirement System raised its stake in Fastly by 10.3% during the 2nd quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock valued at $263,000 after acquiring an additional 3,338 shares during the last quarter. 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.