Fastly (NYSE:FSLY) Sets New 12-Month Low Following Analyst Downgrade

Fastly, Inc. (NYSE:FSLY) shares hit a new 52-week low during mid-day trading on Thursday after Royal Bank of Canada lowered their price target on the stock from $18.00 to $9.00. Royal Bank of Canada currently has a sector perform rating on the stock. Fastly traded as low as $7.83 and last traded at $8.30, with a volume of 10177393 shares. The stock had previously closed at $12.93.

A number of other analysts have also recently commented on the company. Craig Hallum cut Fastly from a “buy” rating to a “hold” rating and set a $20.00 price objective for the company. in a research report on Thursday, February 15th. DA Davidson cut Fastly from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $24.00 to $8.50 in a report on Thursday. Bank of America lowered Fastly from a “buy” rating to an “underperform” rating and dropped their target price for the company from $18.00 to $8.00 in a research note on Thursday. Piper Sandler raised shares of Fastly from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $19.00 to $16.00 in a research note on Monday, April 8th. Finally, Citigroup lowered their target price on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $15.17.

Insider Transactions at Fastly

In other news, insider Artur Bergman sold 21,875 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $25.19, for a total value of $551,031.25. Following the transaction, the insider now owns 6,050,259 shares of the company’s stock, valued at approximately $152,406,024.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Artur Bergman sold 21,875 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $25.19, for a total value of $551,031.25. Following the completion of the sale, the insider now owns 6,050,259 shares of the company’s stock, valued at $152,406,024.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Nightingale sold 50,708 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.09, for a total value of $815,891.72. Following the sale, the chief executive officer now owns 1,371,348 shares in the company, valued at $22,064,989.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 199,201 shares of company stock worth $3,160,402. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FSLY. Arizona State Retirement System boosted its holdings in Fastly by 2.7% in the third quarter. Arizona State Retirement System now owns 32,544 shares of the company’s stock valued at $624,000 after purchasing an additional 844 shares during the last quarter. Laird Norton Trust Company LLC raised its position in shares of Fastly by 1.9% in the 3rd quarter. Laird Norton Trust Company LLC now owns 45,780 shares of the company’s stock valued at $878,000 after purchasing an additional 862 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Fastly by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock valued at $133,000 after buying an additional 863 shares during the last quarter. Hanseatic Management Services Inc. purchased a new position in shares of Fastly during the 3rd quarter valued at approximately $33,000. Finally, Principal Financial Group Inc. grew its position in shares of Fastly by 13.4% during the first quarter. Principal Financial Group Inc. now owns 16,063 shares of the company’s stock worth $208,000 after buying an additional 1,897 shares in the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.

Fastly Trading Down 3.5 %

The firm has a market cap of $1.16 billion, a P/E ratio of -8.48 and a beta of 1.21. The business’s 50 day moving average is $13.09 and its 200-day moving average is $16.21. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.35.

Fastly (NYSE:FSLY) last announced its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.05. The company had revenue of $137.78 million during the quarter, compared to analyst estimates of $139.25 million. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.88%. As a group, analysts forecast that Fastly, Inc. will post -1.07 earnings per share for the current fiscal year.

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.