Fastly (NYSE:FSLY) Rating Lowered to Underperform at Bank of America

Fastly (NYSE:FSLY) was downgraded by stock analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued on Thursday, Briefing.com reports. They presently have a $8.00 target price on the stock, down from their prior target price of $18.00. Bank of America‘s price objective suggests a potential downside of 38.18% from the company’s previous close.

FSLY has been the topic of several other reports. Piper Sandler upgraded shares of Fastly from a “neutral” rating to an “overweight” rating and decreased their price objective for the company from $19.00 to $16.00 in a research report on Monday, April 8th. Royal Bank of Canada upgraded Fastly from an “underperform” rating to a “sector perform” rating and boosted their price objective for the company from $12.00 to $18.00 in a research report on Monday, January 8th. Craig Hallum cut Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price for the company. in a research report on Thursday, February 15th. Finally, Citigroup lowered their price target on Fastly from $20.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fastly has an average rating of “Hold” and an average target price of $16.17.

Fastly Stock Up 2.3 %

Fastly stock opened at $12.94 on Thursday. The stock has a market cap of $1.77 billion, a PE ratio of -12.44 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.14. The stock has a fifty day moving average of $13.21 and a 200 day moving average of $16.26. Fastly has a one year low of $11.61 and a one year high of $25.87.

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.05. Fastly had a negative return on equity of 16.02% and a negative net margin of 26.30%. The company had revenue of $137.78 million for the quarter, compared to the consensus estimate of $139.25 million. As a group, sell-side analysts predict that Fastly will post -1.07 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Todd Nightingale sold 50,708 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.09, for a total transaction of $815,891.72. Following the sale, the chief executive officer now owns 1,371,348 shares of the company’s stock, valued at $22,064,989.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fastly news, CEO Todd Nightingale sold 50,708 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.09, for a total transaction of $815,891.72. Following the sale, the chief executive officer now directly owns 1,371,348 shares of the company’s stock, valued at $22,064,989.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 7,486 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $13.00, for a total value of $97,318.00. Following the completion of the sale, the chief financial officer now directly owns 632,736 shares of the company’s stock, valued at $8,225,568. The disclosure for this sale can be found here. Insiders have sold a total of 199,201 shares of company stock valued at $3,160,402 in the last quarter. 7.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastly

Hedge funds and other institutional investors have recently modified their holdings of the business. First Trust Advisors LP increased its holdings in Fastly by 21.8% during the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock valued at $99,443,000 after buying an additional 998,749 shares during the period. Legal & General Group Plc increased its holdings in shares of Fastly by 13.3% in the 3rd quarter. Legal & General Group Plc now owns 6,627,895 shares of the company’s stock valued at $127,057,000 after acquiring an additional 778,677 shares during the period. Norges Bank bought a new position in shares of Fastly in the 4th quarter worth $8,014,000. Lisanti Capital Growth LLC purchased a new stake in shares of Fastly during the 3rd quarter worth $8,327,000. Finally, Lord Abbett & CO. LLC bought a new stake in Fastly during the third quarter valued at about $7,577,000. 79.71% of the stock is currently owned by hedge funds and other 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.