Piper Sandler Lowers Fastly (NYSE:FSLY) Price Target to $6.00

Fastly (NYSE:FSLY) had its price objective reduced by Piper Sandler from $9.00 to $6.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

FSLY has been the subject of a number of other research reports. Citigroup increased their price objective on Fastly from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Royal Bank of Canada decreased their price target on shares of Fastly from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. Finally, Oppenheimer initiated coverage on shares of Fastly in a research note on Thursday, March 20th. They set a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating and nine have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.25.

Fastly Trading Down 3.0 %

NYSE:FSLY opened at $4.98 on Tuesday. The company has a 50-day moving average price of $7.49 and a 200-day moving average price of $8.19. The stock has a market cap of $707.94 million, a price-to-earnings ratio of -4.36 and a beta of 1.43. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. Fastly has a 12 month low of $4.65 and a 12 month high of $14.12.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, February 12th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative net margin of 29.07% and a negative return on equity of 12.75%. Equities analysts predict that Fastly will post -0.78 EPS for the current year.

Insider Activity at Fastly

In other news, CFO Ronald W. Kisling sold 6,038 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $9.45, for a total transaction of $57,059.10. Following the completion of the transaction, the chief financial officer now directly owns 519,812 shares of the company’s stock, valued at $4,912,223.40. The trade was a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Artur Bergman sold 31,551 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $10.31, for a total transaction of $325,290.81. Following the completion of the sale, the chief technology officer now owns 3,394,136 shares in the company, valued at $34,993,542.16. This represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 155,150 shares of company stock valued at $1,356,178. 6.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fastly

Several hedge funds and other institutional investors have recently modified their holdings of FSLY. AlphaQuest LLC increased its position in Fastly by 169.1% during the fourth quarter. AlphaQuest LLC now owns 4,710 shares of the company’s stock valued at $44,000 after acquiring an additional 2,960 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Fastly by 451.7% during the 1st quarter. GAMMA Investing LLC now owns 7,261 shares of the company’s stock valued at $46,000 after purchasing an additional 5,945 shares during the last quarter. FMR LLC lifted its stake in shares of Fastly by 124.2% in the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock worth $48,000 after purchasing an additional 3,522 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Fastly by 128.9% in the fourth 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 during the last quarter. Finally, Wealthfront Advisers LLC bought a new stake in Fastly during the fourth quarter valued at approximately $72,000. 79.71% of the stock is owned by institutional investors.

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.