Fastly (NYSE:FSLY) Given New $7.00 Price Target at Piper Sandler

Fastly (NYSE:FSLY) had its price target lifted by equities researchers at Piper Sandler from $6.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target suggests a potential downside of 8.74% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Citigroup raised their target price on shares of Fastly from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Morgan Stanley boosted their target price on shares of Fastly from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Thursday. Oppenheimer assumed coverage on shares of Fastly in a report on Thursday, March 20th. They issued a “market perform” rating for the company. Finally, Royal Bank of Canada reduced their price objective on Fastly from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. Nine investment analysts have rated the stock with a hold rating, According to MarketBeat.com, Fastly has an average rating of “Hold” and an average target price of $8.28.

Fastly Price Performance

Shares of NYSE:FSLY opened at $7.67 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -6.73 and a beta of 1.47. The firm has a fifty day moving average price of $6.16 and a 200 day moving average price of $7.92. Fastly has a fifty-two week low of $4.65 and a fifty-two week high of $12.08.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The firm had revenue of $144.47 million during the quarter, compared to analyst estimates of $138.40 million. Fastly had a negative return on equity of 12.75% and a negative net margin of 29.07%. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) earnings per share. As a group, sell-side analysts expect that Fastly will post -0.78 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Artur Bergman sold 10,000 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $10.58, for a total transaction of $105,800.00. Following the completion of the transaction, the chief technology officer now owns 3,364,136 shares in the company, valued at $35,592,558.88. The trade was a 0.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 5,342 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $5.26, for a total value of $28,098.92. Following the completion of the sale, the chief financial officer now owns 665,693 shares in the company, valued at approximately $3,501,545.18. The trade was a 0.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 102,903 shares of company stock valued at $798,627. 6.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fastly

Institutional investors have recently modified their holdings of the stock. AlphaQuest LLC grew its stake in Fastly by 169.1% in the fourth quarter. AlphaQuest LLC now owns 4,710 shares of the company’s stock worth $44,000 after purchasing an additional 2,960 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Fastly by 451.7% in the 1st quarter. GAMMA Investing LLC now owns 7,261 shares of the company’s stock worth $46,000 after buying an additional 5,945 shares during the period. Jones Financial Companies Lllp grew its position in shares of Fastly by 128.9% during the 4th quarter. Jones Financial Companies Lllp now owns 5,720 shares of the company’s stock worth $54,000 after buying an additional 3,221 shares in the last quarter. Wealthfront Advisers LLC purchased a new position in shares of Fastly during the fourth quarter valued at $72,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Fastly in the fourth quarter valued at about $82,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

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.