Piper Sandler Increases Fastly (NYSE:FSLY) Price Target to $7.00

Fastly (NYSE:FSLY) had its price objective raised by investment analysts at Piper Sandler from $6.00 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential downside of 8.74% from the company’s current price.

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

Fastly Stock Performance

Shares of FSLY opened at $7.67 on Thursday. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The stock has a market cap of $1.11 billion, a P/E ratio of -6.73 and a beta of 1.47. The business’s 50 day moving average price is $6.16 and its 200-day moving average price is $7.92. Fastly has a 52 week low of $4.65 and a 52 week high of $12.08.

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. Fastly had a negative return on equity of 12.75% and a negative net margin of 29.07%. The business had revenue of $144.47 million for the quarter, compared to the consensus estimate of $138.40 million. During the same period in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities research analysts anticipate that Fastly will post -0.78 earnings per share for the current fiscal year.

Insider Activity at Fastly

In other news, CTO Artur Bergman sold 10,000 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $10.58, for a total value of $105,800.00. Following the completion of the sale, the chief technology officer now directly owns 3,364,136 shares in the company, valued at $35,592,558.88. This represents a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Todd Nightingale sold 35,509 shares of Fastly stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $8.04, for a total value of $285,492.36. Following the transaction, the chief executive officer now owns 1,553,301 shares in the company, valued at $12,488,540.04. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,903 shares of company stock worth $798,627. 6.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Fastly by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 15,590,433 shares of the company’s stock worth $98,687,000 after acquiring an additional 300,572 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Fastly by 2.4% in the fourth quarter. Legal & General Group Plc now owns 8,025,959 shares of the company’s stock worth $75,765,000 after purchasing an additional 189,667 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of Fastly by 83.1% during the 1st quarter. Penserra Capital Management LLC now owns 7,177,688 shares of the company’s stock valued at $45,434,000 after purchasing an additional 3,256,629 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Fastly during the 4th quarter valued at $35,334,000. Finally, First Trust Advisors LP boosted its holdings in Fastly by 4.9% in the 4th quarter. First Trust Advisors LP now owns 3,139,255 shares of the company’s stock worth $29,635,000 after buying an additional 147,458 shares during the period. Institutional investors 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.