Fastly (NYSE:FSLY) Downgraded by DA Davidson

Fastly (NYSE:FSLY) was downgraded by investment analysts at DA Davidson from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, Briefing.com reports. They presently have a $8.50 price target on the stock, down from their previous price target of $24.00. DA Davidson’s target price would indicate a potential downside of 34.31% from the company’s current price.

Several other equities research analysts have also commented on the company. Bank of America lowered Fastly from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $18.00 to $8.00 in a research note on Thursday. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a research report on Thursday, February 15th. Piper Sandler upgraded Fastly from a “neutral” rating to an “overweight” rating and dropped their price target for the company from $19.00 to $16.00 in a research report on Monday, April 8th. Royal Bank of Canada upgraded shares of Fastly from an “underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $12.00 to $18.00 in a research report on Monday, January 8th. Finally, Citigroup dropped their target price on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Fastly has a consensus rating of “Hold” and an average target price of $16.17.

Fastly Trading Up 2.3 %

NYSE:FSLY opened at $12.94 on Thursday. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -12.44 and a beta of 1.21. Fastly has a 1 year low of $11.61 and a 1 year high of $25.87. The stock has a fifty day moving average price of $13.21 and a two-hundred day moving average price of $16.26. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.14.

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

Insider Activity

In other Fastly news, insider Artur Bergman sold 21,875 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $25.19, for a total transaction of $551,031.25. Following the transaction, the insider now owns 6,050,259 shares of the company’s stock, valued at approximately $152,406,024.21. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Fastly news, insider Artur Bergman sold 21,875 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $25.19, for a total value of $551,031.25. Following the sale, the insider now directly owns 6,050,259 shares of the company’s stock, valued at approximately $152,406,024.21. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Todd Nightingale sold 50,708 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.09, for a total transaction of $815,891.72. Following the transaction, the chief executive officer now directly owns 1,371,348 shares of the company’s stock, valued at approximately $22,064,989.32. The disclosure for this sale can be found here. Insiders sold a total of 199,201 shares of company stock valued at $3,160,402 over the last 90 days. Insiders own 7.60% of the company’s stock.

Institutional Trading of Fastly

A number of institutional investors and hedge funds have recently made changes to their positions in FSLY. Vanguard Group Inc. grew its position in Fastly by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 12,924,190 shares of the company’s stock valued at $230,051,000 after acquiring an additional 192,076 shares during the period. Legal & General Group Plc lifted its stake 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 purchasing an additional 778,677 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Fastly by 21.8% during the 4th quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock worth $99,443,000 after purchasing an additional 998,749 shares during the period. Goldman Sachs Group Inc. increased its position in Fastly by 9.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock worth $33,942,000 after purchasing an additional 162,659 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Fastly by 14.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,325,751 shares of the company’s stock worth $23,598,000 after purchasing an additional 166,184 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.