DA Davidson Lowers Fastly (NYSE:FSLY) to Neutral

DA Davidson cut shares of Fastly (NYSE:FSLY) from a buy rating to a neutral rating in a report released on Thursday, Marketbeat.com reports. The firm currently has $8.50 target price on the stock, down from their previous target price of $24.00.

A number of other research firms have also issued reports on FSLY. Royal Bank of Canada raised shares of Fastly from an underperform rating to a sector perform rating and boosted their target price for the company from $12.00 to $18.00 in a research note on Monday, January 8th. Citigroup reduced their price objective on Fastly from $20.00 to $15.00 and set a neutral rating for the company in a research report on Thursday, April 25th. Piper Sandler upgraded Fastly from a neutral rating to an overweight rating and lowered their target price for the company from $19.00 to $16.00 in a research report on Monday, April 8th. Craig Hallum lowered Fastly from a buy rating to a hold rating and set a $20.00 price target for the company. in a research report on Thursday, February 15th. Finally, Bank of America lowered Fastly from a buy rating to an underperform rating and decreased their price target for the company from $18.00 to $8.00 in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $15.17.

Fastly Stock Performance

Shares of Fastly stock traded down $0.31 on Thursday, reaching $8.48. 9,888,475 shares of the company were exchanged, compared to its average volume of 4,714,319. Fastly has a 1-year low of $7.83 and a 1-year high of $25.87. The company has a quick ratio of 3.14, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average is $12.97 and its two-hundred day moving average is $16.16.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.05. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. The firm had revenue of $137.78 million for the quarter, compared to analyst estimates of $139.25 million. On average, equities research analysts forecast that Fastly will post -1.07 earnings per share for the current year.

Insider Activity at Fastly

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hanseatic Management Services Inc. acquired a new stake in Fastly in the third quarter worth $33,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Fastly in the third quarter worth about $36,000. Allworth Financial LP raised its position in shares of Fastly by 1,420.9% during the fourth quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock worth $38,000 after purchasing an additional 1,975 shares during the period. Hollencrest Capital Management bought a new position in shares of Fastly during the 3rd quarter valued at about $58,000. Finally, Strs Ohio acquired a new position in shares of Fastly in the 3rd quarter valued at approximately $65,000. 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.