Fastly (NYSE:FSLY) Downgraded by DA Davidson to “Neutral”

Fastly (NYSE:FSLY) was downgraded by stock 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 target price on the stock, down from their prior target price of $24.00. DA Davidson’s target price would suggest a potential downside of 34.31% from the stock’s current price.

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

Fastly Price Performance

NYSE:FSLY opened at $12.94 on Thursday. The firm has a market capitalization of $1.77 billion, a price-to-earnings 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 52-week low of $11.61 and a 52-week high of $25.87.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.05. The company had revenue of $137.78 million during 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%. On average, research analysts expect that Fastly will post -1.07 EPS for the current fiscal year.

Insider Buying and Selling at Fastly

In related news, insider Artur Bergman sold 3,327 shares of Fastly stock in a transaction on Monday, February 26th. The shares were sold at an average price of $13.93, for a total value of $46,345.11. Following the transaction, the insider now directly owns 6,040,043 shares of the company’s stock, valued at $84,137,798.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Artur Bergman sold 3,327 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $13.93, for a total transaction of $46,345.11. Following the completion of the sale, the insider now directly owns 6,040,043 shares in the company, valued at $84,137,798.99. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Todd Nightingale sold 50,708 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.09, for a total value of $815,891.72. Following the transaction, the chief executive officer now owns 1,371,348 shares in the company, valued at approximately $22,064,989.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 199,201 shares of company stock worth $3,160,402. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Qube Research & Technologies Ltd increased its holdings in Fastly by 77.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 777,384 shares of the company’s stock worth $14,902,000 after buying an additional 339,820 shares in the last quarter. Essex Investment Management Co. LLC bought a new stake in Fastly in the 3rd quarter worth approximately $1,942,000. Vanguard Group Inc. raised its stake in Fastly by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 12,732,114 shares of the company’s stock valued at $244,075,000 after buying an additional 381,845 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Fastly during the 3rd quarter valued at $477,000. Finally, Moody Aldrich Partners LLC purchased a new position in shares of Fastly in the 4th quarter worth $2,155,000. 79.71% of the stock is currently owned by institutional investors.

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.