Fastly (NYSE:FSLY) Price Target Cut to $7.00

Fastly (NYSE:FSLY) had its price objective cut by analysts at Morgan Stanley from $12.00 to $7.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 21.00% from the company’s current price.

A number of other analysts have also weighed in on the stock. Bank of America lowered shares of Fastly from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $18.00 to $8.00 in a research note on Thursday, May 2nd. DA Davidson downgraded shares of Fastly from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $24.00 to $8.50 in a research note on Thursday, May 2nd. Raymond James reduced their price objective on shares of Fastly from $13.00 to $8.00 and set a “strong-buy” rating for the company in a research note on Thursday, August 8th. Piper Sandler cut Fastly from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $10.00 to $6.00 in a research report on Thursday, August 8th. Finally, Craig Hallum reduced their price target on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.81.

Fastly Trading Down 3.1 %

Shares of FSLY opened at $5.79 on Tuesday. The firm has a market capitalization of $790.45 million, a price-to-earnings ratio of -5.79 and a beta of 1.13. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.83 and a quick ratio of 3.83. Fastly has a 1-year low of $5.52 and a 1-year high of $25.87. The company has a 50-day moving average of $7.13 and a 200 day moving average of $10.16.

Fastly (NYSE:FSLY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.82%. The firm had revenue of $132.37 million during the quarter, compared to the consensus estimate of $131.62 million. During the same quarter in the previous year, the firm posted ($0.32) earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. On average, research analysts expect that Fastly will post -1.08 EPS for the current year.

Insider Buying and Selling at Fastly

In other Fastly news, CEO Todd Nightingale sold 66,066 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $408,287.88. Following the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fastly news, CEO Todd Nightingale sold 66,066 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $408,287.88. Following the sale, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $8.84, for a total value of $65,849.16. Following the completion of the transaction, the chief financial officer now directly owns 586,057 shares in the company, valued at $5,180,743.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 134,369 shares of company stock worth $864,656. 6.70% of the stock is owned by insiders.

Institutional Trading of Fastly

Several institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. raised its holdings in shares of Fastly by 461.5% during the second quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock worth $5,575,000 after purchasing an additional 621,680 shares during the last quarter. Algert Global LLC raised its stake in shares of Fastly by 265.0% during the 2nd quarter. Algert Global LLC now owns 39,419 shares of the company’s stock valued at $291,000 after buying an additional 28,619 shares during the last quarter. Cim Investment Management Inc. acquired a new position in shares of Fastly in the 2nd quarter valued at about $144,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Fastly in the second quarter worth about $1,233,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Fastly by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock worth $503,000 after acquiring an additional 2,128 shares during the period. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.