Piper Sandler Upgrades Fastly (NYSE:FSLY) to Overweight

Piper Sandler upgraded shares of Fastly (NYSE:FSLY) from a neutral rating to an overweight rating in a research report released on Monday morning, MarketBeat reports. They currently have $16.00 target price on the stock, down from their prior target price of $19.00.

Several other research firms have also commented on FSLY. Bank of America lowered their price target on shares of Fastly from $28.00 to $18.00 and set a buy rating on the stock in a report on Thursday, March 28th. Citigroup raised shares of Fastly from a sell rating to a neutral rating and upped their price target for the company from $11.00 to $20.00 in a report on Monday, January 22nd. Craig Hallum lowered shares of Fastly from a buy rating to a hold rating and set a $20.00 price target on the stock. in a report on Thursday, February 15th. Finally, Royal Bank of Canada raised shares of Fastly from an underperform rating to a sector perform rating and upped their price target for the company from $12.00 to $18.00 in a report on Monday, January 8th. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $19.11.

Fastly Price Performance

Shares of FSLY opened at $13.74 on Monday. The firm has a market capitalization of $1.84 billion, a PE ratio of -13.21 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.14 and a quick ratio of 3.14. Fastly has a 1-year low of $11.61 and a 1-year high of $25.87. The company’s fifty day moving average price is $15.31 and its 200-day moving average price is $16.71.

Fastly (NYSE:FSLY) last announced its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. The firm had revenue of $137.78 million for the quarter, compared to analyst estimates of $139.25 million. On average, equities research analysts predict that Fastly will post -1.07 EPS for the current year.

Insider Transactions at Fastly

In related news, CFO Ronald W. Kisling sold 12,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $12.92, for a total transaction of $155,040.00. Following the completion of the transaction, the chief financial officer now owns 640,222 shares in the company, valued at approximately $8,271,668.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Artur Bergman sold 17,500 shares of the company’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $17.51, for a total transaction of $306,425.00. Following the completion of the transaction, the insider now owns 6,176,244 shares in the company, valued at approximately $108,146,032.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Ronald W. Kisling sold 12,000 shares of the company’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 of the company’s stock, valued at approximately $8,271,668.24. The disclosure for this sale can be found here. Insiders have sold a total of 311,195 shares of company stock valued at $5,434,420 in the last ninety days. 7.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FSLY. Ameritas Investment Partners Inc. raised its holdings in Fastly by 7.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,797 shares of the company’s stock valued at $154,000 after acquiring an additional 680 shares during the last quarter. Arizona State Retirement System raised its holdings in Fastly by 2.7% in the 3rd quarter. Arizona State Retirement System now owns 32,544 shares of the company’s stock valued at $624,000 after acquiring an additional 844 shares during the last quarter. Laird Norton Trust Company LLC raised its holdings in Fastly by 1.9% in the 3rd quarter. Laird Norton Trust Company LLC now owns 45,780 shares of the company’s stock valued at $878,000 after acquiring an additional 862 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Fastly by 6.6% in the 4th quarter. Principal Financial Group Inc. now owns 14,166 shares of the company’s stock valued at $252,000 after acquiring an additional 872 shares during the last quarter. Finally, American International Group Inc. raised its holdings in Fastly by 1.5% in the 4th quarter. American International Group Inc. now owns 60,081 shares of the company’s stock valued at $1,069,000 after acquiring an additional 873 shares during the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.