Fastly (NYSE:FSLY) Price Target Lowered to $15.00 at Citigroup

Fastly (NYSE:FSLY) had its target price trimmed by Citigroup from $20.00 to $15.00 in a report released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

FSLY has been the topic of a number of other research reports. Royal Bank of Canada upgraded Fastly from an underperform rating to a sector perform rating and increased their target price for the company from $12.00 to $18.00 in a research report on Monday, January 8th. Bank of America cut their target price on Fastly from $28.00 to $18.00 and set a buy rating for the company in a research note on Thursday, March 28th. Craig Hallum cut Fastly from a buy rating to a hold rating and set a $20.00 price target for the company. in a report on Thursday, February 15th. Finally, 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 report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $18.56.

Fastly Stock Up 4.0 %

Shares of FSLY traded up $0.49 during mid-day trading on Thursday, hitting $12.89. 2,386,729 shares of the company traded hands, compared to its average volume of 3,865,509. Fastly has a 1-year low of $11.61 and a 1-year high of $25.87. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $1.73 billion, a PE ratio of -11.92 and a beta of 1.22. The business has a 50 day moving average of $13.39 and a 200 day moving average of $16.35.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. The firm had revenue of $137.78 million for the quarter, compared to analyst estimates of $139.25 million. Fastly had a negative return on equity of 16.02% and a negative net margin of 26.30%. Equities research analysts anticipate that Fastly will post -1.07 EPS for the current year.

Insider Buying and Selling

In other Fastly news, CEO Todd Nightingale sold 50,708 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.09, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fastly news, CEO Todd Nightingale sold 50,708 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.09, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Artur Bergman sold 21,875 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $25.19, for a total value of $551,031.25. Following the completion of the sale, the insider now directly owns 6,050,259 shares in the company, valued at approximately $152,406,024.21. The disclosure for this sale can be found here. Insiders have sold 221,076 shares of company stock valued at $3,620,434 over the last quarter. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Fastly

Several institutional investors have recently made changes to their positions in FSLY. Vanguard Group Inc. grew its holdings in shares of Fastly by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,924,190 shares of the company’s stock worth $230,051,000 after purchasing an additional 192,076 shares during the period. Legal & General Group Plc grew its holdings in shares of Fastly by 13.3% during the 3rd quarter. Legal & General Group Plc now owns 6,627,895 shares of the company’s stock worth $127,057,000 after purchasing an additional 778,677 shares during the period. 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. grew its holdings in shares of 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 during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of 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 during the period. 79.71% of the stock is 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.