Fastly (NYSE:FSLY) Price Target Raised to $8.00 at Piper Sandler

Fastly (NYSE:FSLY) had its price target hoisted by Piper Sandler from $6.00 to $8.00 in a research report released on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other research analysts have also issued reports about the company. Raymond James lowered Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Craig Hallum lowered their price objective on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Finally, Morgan Stanley lowered their price objective on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.94.

Fastly Price Performance

Shares of NYSE FSLY traded down $0.50 during mid-day trading on Thursday, hitting $7.67. 4,540,180 shares of the stock traded hands, compared to its average volume of 3,557,736. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.13 and a quick ratio of 4.13. Fastly has a twelve month low of $5.52 and a twelve month high of $25.87. The company has a market cap of $1.06 billion, a PE ratio of -6.07 and a beta of 1.24. The firm has a 50 day simple moving average of $7.01 and a two-hundred day simple moving average of $7.64.

Fastly (NYSE:FSLY) last announced its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $132.37 million during the quarter, compared to analyst estimates of $131.62 million. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. Fastly’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the company earned ($0.32) EPS. As a group, equities research analysts forecast that Fastly will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at Fastly

In other Fastly 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 completion of the transaction, the chief technology officer now owns 6,155,822 shares in the company, valued at approximately $49,677,483.54. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total value of $53,930.76. Following the transaction, the chief financial officer now owns 558,564 shares in the company, valued at $4,044,003.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Artur Bergman sold 49,178 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total value of $396,866.46. Following the completion of the transaction, the chief technology officer now owns 6,155,822 shares in the company, valued at $49,677,483.54. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 192,628 shares of company stock worth $1,287,959. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Hedge funds have recently modified their holdings of the stock. Point72 DIFC Ltd bought a new stake in shares of Fastly in the 2nd quarter worth approximately $38,000. Cambridge Trust Co. bought a new stake in Fastly during the 1st quarter valued at $39,000. Cape Investment Advisory Inc. raised its holdings in Fastly by 27,666.7% during the 1st quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock valued at $54,000 after acquiring an additional 4,150 shares during the period. EMC Capital Management raised its holdings in Fastly by 400.0% during the 2nd quarter. EMC Capital Management now owns 7,500 shares of the company’s stock valued at $54,000 after acquiring an additional 6,000 shares during the period. Finally, Daiwa Securities Group Inc. raised its holdings in Fastly by 95.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock valued at $65,000 after acquiring an additional 4,318 shares during the period. Institutional investors own 79.71% of the company’s stock.

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.