Fastly (NYSE:FSLY) Given New $18.00 Price Target at Bank of America

Fastly (NYSE:FSLY) had its target price lowered by Bank of America from $28.00 to $18.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. Craig Hallum lowered Fastly from a buy rating to a hold rating and set a $20.00 target price on the stock. in a research note on Thursday, February 15th. Citigroup upgraded Fastly from a sell rating to a neutral rating and upped their price target for the stock from $11.00 to $20.00 in a report on Monday, January 22nd. Finally, Royal Bank of Canada upgraded Fastly from an underperform rating to a sector perform rating and upped their price target for the stock from $12.00 to $18.00 in a report on Monday, January 8th. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $19.50.

Fastly Price Performance

FSLY opened at $12.97 on Thursday. The stock’s 50-day moving average price is $16.86 and its 200 day moving average price is $17.26. Fastly has a 12-month low of $11.61 and a 12-month high of $25.87. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.35. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -12.47 and a beta of 1.23.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.05. Fastly had a negative return on equity of 16.02% and a negative net margin of 26.30%. The firm had revenue of $137.78 million for the quarter, compared to analyst estimates of $139.25 million. As a group, sell-side analysts expect that Fastly will post -1.07 earnings per share for the current year.

Insider Activity

In other news, insider Artur Bergman sold 17,500 shares of the stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $17.82, for a total value of $311,850.00. Following the transaction, the insider now owns 6,193,744 shares in the company, valued at approximately $110,372,518.08. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Richard Devon Daniels sold 7,766 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $12.66, for a total transaction of $98,317.56. Following the transaction, the director now owns 34,328 shares in the company, valued at approximately $434,592.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Artur Bergman sold 17,500 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $17.82, for a total value of $311,850.00. Following the transaction, the insider now owns 6,193,744 shares in the company, valued at approximately $110,372,518.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 334,195 shares of company stock worth $5,898,005. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Cetera Advisor Networks LLC grew its stake in Fastly by 2.7% during the 2nd quarter. Cetera Advisor Networks LLC now owns 24,123 shares of the company’s stock worth $380,000 after buying an additional 625 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in Fastly by 7.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,797 shares of the company’s stock worth $154,000 after buying an additional 680 shares during the last quarter. Principal Financial Group Inc. grew its stake in Fastly by 6.5% during the 2nd quarter. Principal Financial Group Inc. now owns 13,773 shares of the company’s stock worth $217,000 after buying an additional 837 shares during the last quarter. Arizona State Retirement System grew its stake in Fastly by 2.7% during the 3rd quarter. Arizona State Retirement System now owns 32,544 shares of the company’s stock worth $624,000 after buying an additional 844 shares during the last quarter. Finally, Laird Norton Trust Company LLC lifted its position in Fastly by 1.9% during the 3rd quarter. Laird Norton Trust Company LLC now owns 45,780 shares of the company’s stock worth $878,000 after acquiring an additional 862 shares during the period. Hedge funds and other institutional investors own 79.71% of the company’s stock.

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.