Fastly (NYSE:FSLY) Now Covered by Analysts at Royal Bank of Canada

Royal Bank of Canada started coverage on shares of Fastly (NYSE:FSLY) in a report published on Thursday, The Fly reports. The brokerage issued a sector perform rating on the stock.

A number of other brokerages also recently commented on FSLY. DA Davidson lowered their price target on shares of Fastly from $105.00 to $60.00 and set a buy rating for the company in a report on Tuesday, May 11th. Raymond James reissued a market perform rating on shares of Fastly in a research note on Monday, May 3rd. Oppenheimer downgraded shares of Fastly from an outperform rating to a market perform rating in a research note on Thursday. Piper Sandler raised their price objective on shares of Fastly from $45.00 to $65.00 and gave the stock a neutral rating in a research note on Thursday, May 6th. Finally, Zacks Investment Research downgraded shares of Fastly from a hold rating to a sell rating in a research note on Friday, May 14th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $73.50.

Shares of NYSE:FSLY opened at $53.91 on Thursday. The company has a current ratio of 11.88, a quick ratio of 11.88 and a debt-to-equity ratio of 0.90. Fastly has a 12 month low of $39.47 and a 12 month high of $136.50. The firm has a 50-day simple moving average of $56.42. The company has a market cap of $5.70 billion, a P/E ratio of -44.92 and a beta of 1.11.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, May 5th. The company reported ($0.39) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.10). Fastly had a negative net margin of 43.04% and a negative return on equity of 14.53%. The business had revenue of $84.85 million during the quarter, compared to the consensus estimate of $85.15 million. As a group, equities research analysts predict that Fastly will post -1.32 earnings per share for the current fiscal year.

In related news, General Counsel Paul Luongo sold 6,284 shares of Fastly stock in a transaction that occurred on Wednesday, April 14th. The shares were sold at an average price of $75.00, for a total transaction of $471,300.00. Following the transaction, the general counsel now directly owns 261,399 shares of the company’s stock, valued at $19,604,925. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Christopher B. Paisley sold 1,000 shares of Fastly stock in a transaction that occurred on Monday, May 17th. The shares were sold at an average price of $42.38, for a total transaction of $42,380.00. Following the transaction, the director now directly owns 4,844 shares in the company, valued at $205,288.72. The disclosure for this sale can be found here. Insiders have sold 224,546 shares of company stock valued at $12,956,143 in the last ninety days. Insiders own 24.33% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its holdings in Fastly by 17.6% during the fourth quarter. Bank of New York Mellon Corp now owns 490,719 shares of the company’s stock valued at $42,873,000 after buying an additional 73,534 shares during the period. Elite Wealth Management Inc. increased its holdings in Fastly by 15.0% during the first quarter. Elite Wealth Management Inc. now owns 27,641 shares of the company’s stock valued at $1,860,000 after buying an additional 3,603 shares during the period. Koshinski Asset Management Inc. purchased a new position in Fastly during the fourth quarter valued at approximately $1,055,000. Parallel Advisors LLC increased its holdings in Fastly by 101.8% during the fourth quarter. Parallel Advisors LLC now owns 1,374 shares of the company’s stock valued at $120,000 after buying an additional 693 shares during the period. Finally, Prospera Financial Services Inc increased its holdings in Fastly by 34,442.9% during the fourth quarter. Prospera Financial Services Inc now owns 12,090 shares of the company’s stock valued at $1,056,000 after buying an additional 12,055 shares during the period. 68.75% of the stock is currently owned by 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.

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