Fastly (NASDAQ:FSLY) Given New $35.00 Price Target at Freedom Broker

Fastly (NASDAQ:FSLY) had its price target cut by research analysts at Freedom Broker from $37.00 to $35.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Freedom Broker‘s price target points to a potential upside of 114.79% from the company’s current price.

A number of other analysts have also commented on the company. KeyCorp reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Fastly in a research report on Friday, September 18th. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research note on Friday, October 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fastly in a research report on Wednesday. DA Davidson upped their price objective on Fastly from $21.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, September 23rd. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $24.00 target price (down from $28.00) on shares of Fastly in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $26.00.

Fastly Trading Up 2.8%

FSLY stock traded up $0.45 during mid-day trading on Monday, reaching $16.30. The company’s stock had a trading volume of 3,901,053 shares, compared to its average volume of 8,905,239. The company has a market cap of $2.63 billion, a price-to-earnings ratio of -40.63 and a beta of 0.22. The business’s 50 day moving average price is $23.97 and its 200 day moving average price is $21.52. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.32. Fastly has a 12 month low of $7.87 and a 12 month high of $34.82.

Fastly (NASDAQ:FSLY) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05. The firm had revenue of $190.19 million for the quarter, compared to analysts’ expectations of $187.82 million. Fastly had a negative return on equity of 4.53% and a negative net margin of 8.74%. On average, equities research analysts predict that Fastly will post -0.27 EPS for the current year.

Insider Buying and Selling

In other Fastly news, CEO Charles Compton, III sold 8,941 shares of the firm’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $24.98, for a total value of $223,346.18. Following the completion of the sale, the chief executive officer directly owned 822,559 shares of the company’s stock, valued at $20,547,523.82. This trade represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Artur Bergman sold 37,039 shares of the firm’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $25.48, for a total value of $943,753.72. Following the completion of the sale, the chief technology officer directly owned 1,024,239 shares of the company’s stock, valued at $26,097,609.72. This represents a 3.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,323,893 shares of company stock worth $35,452,889 in the last ninety days. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FSLY. First Trust Advisors LP lifted its position in shares of Fastly by 100.5% during the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock worth $204,349,000 after acquiring an additional 3,524,763 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Fastly by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,741,549 shares of the company’s stock valued at $79,620,000 after purchasing an additional 11,022 shares in the last quarter. Bank of America Corp DE grew its position in shares of Fastly by 120.0% in the first quarter. Bank of America Corp DE now owns 1,269,369 shares of the company’s stock valued at $36,888,000 after purchasing an additional 692,459 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Fastly during the 2nd quarter valued at $8,696,000. Finally, Swiss National Bank raised its stake in shares of Fastly by 1.8% during the 1st quarter. Swiss National Bank now owns 280,900 shares of the company’s stock valued at $8,163,000 after purchasing an additional 4,900 shares during the period. Institutional investors own 79.71% of the company’s stock.

About Fastly

Fastly, Inc provides an edge cloud platform that helps businesses deliver and secure websites, applications, and digital content. Its services include content delivery, web application and API protection, DDoS mitigation, bot management, and tools for monitoring and analyzing internet traffic.

The company also offers edge computing through Fastly Compute, which lets developers run code closer to users. Fastly’s platform is designed to help organizations improve the speed, reliability, and security of online services, and it serves customers across multiple industries and geographies.

Founded in 2011 by Artur Bergman, Fastly began as a content delivery network provider and has since expanded into a broader range of edge cloud services.