Fastly (NYSE:FSLY) Price Target Raised to $8.00

Fastly (NYSE:FSLY) had its target price boosted by research analysts at Morgan Stanley from $7.00 to $8.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 4.30% from the company’s current price.

Several other equities research analysts also recently issued reports on FSLY. Citigroup upped 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. Royal Bank of Canada lowered their target price on shares of Fastly from $10.00 to $8.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. Oppenheimer started coverage on shares of Fastly in a report on Thursday, March 20th. They set a “market perform” rating on the stock. Finally, Piper Sandler reduced their price objective on shares of Fastly from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Nine analysts have rated the stock with a hold rating, According to data from MarketBeat, Fastly currently has a consensus rating of “Hold” and a consensus target price of $8.28.

Fastly Stock Performance

NYSE FSLY opened at $7.67 on Thursday. The company has a market cap of $1.11 billion, a P/E ratio of -6.73 and a beta of 1.47. The company has a fifty day simple moving average of $6.16 and a 200 day simple moving average of $7.92. 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 $4.65 and a 12-month high of $12.08.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. Fastly had a negative net margin of 29.07% and a negative return on equity of 12.75%. The company had revenue of $144.47 million during the quarter, compared to the consensus estimate of $138.40 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. Sell-side analysts predict that Fastly will post -0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Ronald W. Kisling sold 5,342 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $5.26, for a total transaction of $28,098.92. Following the completion of the transaction, the chief financial officer now owns 665,693 shares in the company, valued at approximately $3,501,545.18. This represents a 0.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Artur Bergman sold 5,304 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $6.88, for a total value of $36,491.52. Following the completion of the sale, the chief technology officer now owns 3,669,058 shares in the company, valued at $25,243,119.04. This represents a 0.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 102,903 shares of company stock valued at $798,627. Company insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Several large investors have recently modified their holdings of the business. Swiss National Bank grew its stake in Fastly by 2.2% in the 4th quarter. Swiss National Bank now owns 259,000 shares of the company’s stock valued at $2,445,000 after buying an additional 5,500 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Fastly in the fourth quarter worth $269,000. Mariner LLC grew its position in shares of Fastly by 18.0% in the fourth quarter. Mariner LLC now owns 22,868 shares of the company’s stock valued at $216,000 after purchasing an additional 3,487 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Fastly by 56.6% during the 4th quarter. SG Americas Securities LLC now owns 346,632 shares of the company’s stock valued at $3,272,000 after purchasing an additional 125,275 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Fastly during the 4th quarter worth about $3,717,000. Hedge funds and other institutional investors own 79.71% of the company’s stock.

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.