Royal Bank of Canada Lowers Fastly (NYSE:FSLY) Price Target to $9.00

Fastly (NYSE:FSLY) had its target price decreased by research analysts at Royal Bank of Canada from $18.00 to $9.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 6.13% from the company’s previous close.

A number of other equities research analysts have also issued reports on FSLY. DA Davidson lowered shares of Fastly from a “buy” rating to a “neutral” rating and decreased their target price for the company from $24.00 to $8.50 in a research note on Thursday. Piper Sandler raised shares of Fastly from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $19.00 to $16.00 in a research note on Monday, April 8th. Citigroup decreased their target price on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price for the company. in a research note on Thursday, February 15th. Finally, Bank of America lowered shares of Fastly from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $18.00 to $8.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fastly currently has an average rating of “Hold” and an average target price of $15.17.

Fastly Price Performance

Fastly stock traded down $0.31 during mid-day trading on Thursday, hitting $8.48. The company’s stock had a trading volume of 9,888,475 shares, compared to its average volume of 4,714,319. The company has a quick ratio of 3.14, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $1.16 billion, a P/E ratio of -8.48 and a beta of 1.21. Fastly has a twelve month low of $7.83 and a twelve month high of $25.87. The stock’s fifty day moving average price is $12.97 and its two-hundred day moving average price is $16.16.

Fastly (NYSE:FSLY) last posted 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. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.82%. The firm had revenue of $137.78 million during the quarter, compared to analyst estimates of $139.25 million. Research analysts forecast that Fastly will post -1.07 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard Devon Daniels sold 7,766 shares of Fastly stock in a transaction on Friday, March 15th. The shares were sold at an average price of $12.66, for a total value of $98,317.56. Following the transaction, the director now owns 34,328 shares in the company, valued at approximately $434,592.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Richard Devon Daniels sold 7,766 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.66, for a total transaction of $98,317.56. Following the transaction, the director now owns 34,328 shares in the company, valued at approximately $434,592.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Ronald W. Kisling sold 12,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $12.92, for a total transaction of $155,040.00. Following the transaction, the chief financial officer now owns 640,222 shares in the company, valued at approximately $8,271,668.24. The disclosure for this sale can be found here. Insiders have sold 199,201 shares of company stock worth $3,160,402 in the last quarter. 7.60% of the stock is currently owned by company insiders.

Institutional Trading of Fastly

Institutional investors have recently made changes to their positions in the business. Hanseatic Management Services Inc. acquired a new stake in shares of Fastly during the 3rd quarter valued at about $33,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Fastly in the third quarter valued at about $36,000. Allworth Financial LP boosted its position in Fastly by 1,420.9% in the fourth quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock valued at $38,000 after buying an additional 1,975 shares in the last quarter. Hollencrest Capital Management acquired a new position in Fastly in the third quarter valued at about $58,000. Finally, Strs Ohio acquired a new position in Fastly in the third quarter valued at about $65,000. 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.