Royal Bank of Canada Trims Fastly (NYSE:FSLY) Target Price to $9.00

Fastly (NYSE:FSLY) had its target price decreased by Royal Bank of Canada from $18.00 to $9.00 in a research report report published on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

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

Fastly Stock Down 3.5 %

Shares of FSLY opened at $8.48 on Thursday. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.35. Fastly has a one year low of $7.83 and a one year high of $25.87. The stock has a 50 day moving average price of $12.97 and a 200 day moving average price of $16.17.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.05. The firm had revenue of $137.78 million for the quarter, compared to analysts’ expectations of $139.25 million. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.82%. As a group, analysts forecast that Fastly will post -1.07 EPS for the current fiscal year.

Insider Transactions at Fastly

In related news, insider Artur Bergman sold 21,875 shares of the company’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 sale, the insider now directly owns 6,050,259 shares of the company’s stock, valued at $152,406,024.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Artur Bergman sold 21,875 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $25.19, for a total transaction of $551,031.25. Following the transaction, the insider now owns 6,050,259 shares in the company, valued at $152,406,024.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 7,486 shares of Fastly stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $13.00, for a total value of $97,318.00. Following the transaction, the chief financial officer now owns 632,736 shares in the company, valued at $8,225,568. The disclosure for this sale can be found here. Over the last three months, insiders have sold 199,201 shares of company stock valued at $3,160,402. Corporate insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Fastly by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 12,924,190 shares of the company’s stock valued at $230,051,000 after purchasing an additional 192,076 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Fastly by 13.3% in the third quarter. Legal & General Group Plc now owns 6,627,895 shares of the company’s stock worth $127,057,000 after buying an additional 778,677 shares during the period. First Trust Advisors LP grew its holdings in shares of Fastly by 21.8% during the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock valued at $99,443,000 after buying an additional 998,749 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Fastly by 9.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock valued at $33,942,000 after buying an additional 162,659 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Fastly by 14.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,325,751 shares of the company’s stock worth $23,598,000 after acquiring an additional 166,184 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors.

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.