Royal Bank of Canada Forecasts Strong Price Appreciation for Fastly (NYSE:FSLY) Stock

by · The Markets Daily

Fastly (NYSE:FSLY – Get Free Report) had its price target lifted by analysts at Royal Bank of Canada from $6.00 to $7.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price points to a potential downside of 12.39% from the company’s current price.

Several other equities research analysts have also recently commented on the company. Piper Sandler boosted their target price on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday. Morgan Stanley dropped their price objective on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 27th. Craig Hallum decreased their target price on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $7.81.

Read Our Latest Stock Analysis on Fastly

Fastly Stock Performance

Shares of NYSE:FSLY traded down $0.17 on Thursday, hitting $7.99. The company’s stock had a trading volume of 2,827,303 shares, compared to its average volume of 3,540,669. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -6.44 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13. Fastly has a 12 month low of $5.52 and a 12 month high of $25.87. The stock’s 50-day moving average is $7.01 and its two-hundred day moving average is $7.64.

Fastly (NYSE:FSLY – Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share 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 the consensus estimate of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.32) earnings per share. On average, equities research analysts forecast that Fastly will post -0.96 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Artur Bergman sold 19,889 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total transaction of $118,538.44. Following the sale, the chief technology officer now owns 6,205,000 shares in the company, valued at $36,981,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Artur Bergman sold 19,889 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total transaction of $118,538.44. Following the transaction, the chief technology officer now directly owns 6,205,000 shares of the company’s stock, valued at approximately $36,981,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ronald W. Kisling sold 15,933 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $98,465.94. Following the completion of the sale, the chief financial officer now directly owns 570,124 shares of the company’s stock, valued at approximately $3,523,366.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 143,450 shares of company stock worth $891,093 over the last ninety days. 6.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fastly

A number of institutional investors have recently modified their holdings of FSLY. Aigen Investment Management LP acquired a new stake in Fastly during the third quarter valued at $89,000. Entropy Technologies LP raised its position in Fastly by 118.7% during the third quarter. Entropy Technologies LP now owns 39,803 shares of the company’s stock valued at $301,000 after acquiring an additional 21,600 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Fastly by 308.0% in the third quarter. International Assets Investment Management LLC now owns 76,101 shares of the company’s stock valued at $5,760,000 after acquiring an additional 57,448 shares during the last quarter. Wealth Effects LLC grew its position in Fastly by 86.9% in the third quarter. Wealth Effects LLC now owns 23,651 shares of the company’s stock worth $179,000 after acquiring an additional 11,000 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Fastly by 15.2% during the 3rd quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock valued at $128,000 after purchasing an additional 2,296 shares in the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

About Fastly

(Get Free Report)

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.

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