Fastly (NYSE:FSLY) Stock Rating Lowered by Zacks Investment Research

Fastly (NYSE:FSLY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Fastly Inc. provides infrastructure software. The Company offers cloud computing, image optimization, security, edge computer technology and streaming solutions. Fastly Inc. is based in San Francisco, United States. “

FSLY has been the subject of a number of other research reports. Raymond James assumed coverage on shares of Fastly in a research note on Wednesday, June 12th. They set a “market perform” rating and a $22.87 price target for the company. Piper Jaffray Companies assumed coverage on shares of Fastly in a research note on Wednesday, August 14th. They set an “overweight” rating and a $21.00 price target for the company. Stifel Nicolaus set a $25.00 price target on shares of Fastly and gave the stock a “buy” rating in a research note on Friday, August 9th. Craig Hallum assumed coverage on shares of Fastly in a research note on Friday, June 21st. They set a “buy” rating and a $24.00 price target for the company. Finally, Citigroup assumed coverage on shares of Fastly in a research note on Wednesday, June 12th. They set a “neutral” rating and a $23.00 price target for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $25.31.

Shares of Fastly stock opened at $24.08 on Thursday. The firm has a fifty day moving average of $27.14. Fastly has a 12-month low of $14.12 and a 12-month high of $35.25.

Fastly (NYSE:FSLY) last issued its earnings results on Thursday, August 8th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.03). The firm had revenue of $46.17 million for the quarter, compared to analyst estimates of $45.31 million. During the same period last year, the firm posted ($0.20) EPS. The company’s quarterly revenue was up 34.0% on a year-over-year basis. Sell-side analysts expect that Fastly will post -0.58 earnings per share for the current year.

In other news, major shareholder Qualified Master Fund L. Abdiel bought 137,702 shares of Fastly stock in a transaction dated Thursday, July 18th. The stock was bought at an average price of $21.29 per share, for a total transaction of $2,931,675.58. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Qualified Master Fund L. Abdiel bought 38,170 shares of Fastly stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $21.39 per share, with a total value of $816,456.30. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 1,642,734 shares of company stock valued at $31,524,788.

Several hedge funds have recently added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. acquired a new stake in shares of Fastly in the 2nd quarter worth $41,000. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Fastly in the 2nd quarter worth $203,000. Waddell & Reed Financial Inc. acquired a new stake in shares of Fastly in the 2nd quarter worth $22,879,000. Whale Rock Capital Management LLC acquired a new stake in shares of Fastly in the 2nd quarter worth $6,083,000. Finally, Zimmer Partners LP acquired a new stake in shares of Fastly in the 2nd quarter worth $1,318,000. Institutional investors own 14.14% of the company’s stock.

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