Royal Bank of Canada Issues Pessimistic Forecast for Fastly (NYSE:FSLY) Stock Price

Fastly (NYSE:FSLY) had its target price decreased by investment analysts at Royal Bank of Canada from $10.00 to $8.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential downside of 1.05% from the stock’s previous close.

Several other equities research analysts also recently issued reports on FSLY. Citigroup increased their price target on Fastly from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Craig Hallum increased their price target on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Robert W. Baird increased their price objective on Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Piper Sandler reiterated a “neutral” rating and set a $9.00 price objective (down from $10.00) on shares of Fastly in a report on Thursday. Finally, Oppenheimer upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a report on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Fastly has a consensus rating of “Hold” and a consensus price target of $8.55.

Fastly Trading Up 1.4 %

NYSE FSLY opened at $8.09 on Thursday. The stock has a 50-day simple moving average of $9.99 and a 200 day simple moving average of $8.11. The company has a market capitalization of $1.13 billion, a PE ratio of -7.42 and a beta of 1.26. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. Fastly has a 12 month low of $5.52 and a 12 month high of $18.42.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. Research analysts forecast that Fastly will post -0.86 EPS for the current year.

Insider Activity at Fastly

In related news, CFO Ronald W. Kisling sold 16,102 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $100,637.50. Following the completion of the transaction, the chief financial officer now directly owns 542,462 shares of the company’s stock, valued at approximately $3,390,387.50. This represents a 2.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd Nightingale sold 49,816 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $311,350.00. Following the transaction, the chief executive officer now directly owns 1,600,973 shares of the company’s stock, valued at $10,006,081.25. This trade represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 260,152 shares of company stock valued at $2,287,883. Insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Hedge funds have recently made changes to their positions in the business. AlphaQuest LLC lifted its position in shares of Fastly by 169.1% in the fourth quarter. AlphaQuest LLC now owns 4,710 shares of the company’s stock valued at $44,000 after buying an additional 2,960 shares during the last quarter. FMR LLC lifted its position in shares of Fastly by 124.2% in the third quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after buying an additional 3,522 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Fastly by 128.9% during the fourth quarter. Jones Financial Companies Lllp now owns 5,720 shares of the company’s stock worth $54,000 after purchasing an additional 3,221 shares during the period. Wealthfront Advisers LLC bought a new position in shares of Fastly during the fourth quarter worth approximately $72,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Fastly during the fourth quarter worth approximately $82,000. 79.71% of the stock is owned by institutional investors and hedge funds.

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.