Fastly (NYSE:FSLY) Lowered to Neutral at DA Davidson

DA Davidson cut shares of Fastly (NYSE:FSLY) from a buy rating to a neutral rating in a research note published on Thursday, MarketBeat Ratings reports. The firm currently has $8.50 price target on the stock, down from their previous price target of $24.00.

A number of other brokerages have also recently commented on FSLY. Piper Sandler upgraded Fastly from a neutral rating to an overweight rating and lowered their target price for the company from $19.00 to $16.00 in a report on Monday, April 8th. Bank of America lowered Fastly from a buy rating to an underperform rating and reduced their price target for the stock from $18.00 to $8.00 in a research note on Thursday. Royal Bank of Canada raised Fastly from an underperform rating to a sector perform rating and increased their target price for the stock from $12.00 to $18.00 in a research report on Monday, January 8th. Craig Hallum lowered Fastly from a buy rating to a hold rating and set a $20.00 target price on the stock. in a research report on Thursday, February 15th. Finally, Citigroup cut their target price on Fastly from $20.00 to $15.00 and set a neutral rating on the stock in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fastly currently has an average rating of Hold and a consensus target price of $15.17.

Fastly Stock Performance

Fastly stock traded down $0.31 during trading hours on Thursday, reaching $8.48. 9,888,475 shares of the stock were exchanged, compared to its average volume of 4,714,319. The stock has a market cap of $1.16 billion, a P/E ratio of -8.48 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.83. Fastly has a 52-week low of $7.83 and a 52-week high of $25.87. The firm’s 50 day moving average is $12.97 and its 200 day moving average is $16.16.

Fastly (NYSE:FSLY) last announced its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. The company had revenue of $137.78 million during the quarter, compared to the consensus estimate of $139.25 million. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.82%. Analysts predict that Fastly will post -1.07 EPS for the current fiscal year.

Insider Activity

In other news, insider Artur Bergman sold 21,875 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $25.19, for a total transaction of $551,031.25. Following the completion of the sale, the insider now directly owns 6,050,259 shares in the company, valued at $152,406,024.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Ronald W. Kisling sold 7,486 shares of Fastly stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $13.00, for a total transaction of $97,318.00. Following the sale, the chief financial officer now owns 632,736 shares of the company’s stock, valued at $8,225,568. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Artur Bergman sold 21,875 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $25.19, for a total value of $551,031.25. Following the transaction, the insider now owns 6,050,259 shares of the company’s stock, valued at $152,406,024.21. The disclosure for this sale can be found here. Insiders sold 199,201 shares of company stock worth $3,160,402 over the last ninety days. Corporate insiders own 7.60% of the company’s stock.

Institutional Trading of Fastly

Large investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. bought a new position in Fastly in the 1st quarter valued at about $92,000. Jennison Associates LLC bought a new position in shares of Fastly in the first quarter valued at approximately $13,724,000. BNP Paribas Financial Markets increased its stake in shares of Fastly by 11.6% during the first quarter. BNP Paribas Financial Markets now owns 305,797 shares of the company’s stock valued at $3,966,000 after acquiring an additional 31,749 shares during the period. Private Advisor Group LLC increased its stake in shares of Fastly by 155.4% during the first quarter. Private Advisor Group LLC now owns 41,133 shares of the company’s stock valued at $533,000 after acquiring an additional 25,030 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Fastly by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock worth $133,000 after purchasing an additional 863 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

About Fastly

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.