Royal Bank of Canada Forecasts Strong Price Appreciation for Fastly (NYSE:FSLY) Stock

Fastly (NYSE:FSLY) had its price objective increased by research analysts at Royal Bank of Canada from $7.00 to $10.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 4.71% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Oppenheimer raised Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price on the stock in a research report on Monday, December 2nd. Robert W. Baird raised their price objective on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. DA Davidson increased their target price on shares of Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler boosted their price target on shares of Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Fastly presently has an average rating of “Hold” and an average target price of $8.85.

Fastly Trading Up 3.7 %

NYSE FSLY opened at $9.55 on Friday. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87. The firm has a 50 day moving average of $8.78 and a two-hundred day moving average of $7.64. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $1.34 billion, a PE ratio of -8.76 and a beta of 1.27.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The firm had revenue of $137.21 million during the quarter, compared to the consensus estimate of $131.86 million. During the same quarter in the previous year, the firm posted ($0.33) earnings per share. The company’s revenue was up 7.3% compared to the same quarter last year. As a group, research analysts expect that Fastly will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at Fastly

In related news, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.12, for a total transaction of $98,763.56. Following the completion of the sale, the chief executive officer now directly owns 1,588,810 shares of the company’s stock, valued at $12,901,137.20. This trade represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Artur Bergman sold 49,178 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total transaction of $396,866.46. Following the completion of the transaction, the chief technology officer now directly owns 6,155,822 shares in the company, valued at $49,677,483.54. This represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 228,641 shares of company stock worth $1,841,418. 6.70% of the stock is owned by company insiders.

Institutional Trading of Fastly

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in Fastly by 1.6% during the third quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after purchasing an additional 46,951 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Fastly during the 3rd quarter worth approximately $183,000. XTX Topco Ltd purchased a new position in shares of Fastly during the 3rd quarter worth approximately $400,000. Zacks Investment Management acquired a new stake in shares of Fastly in the 3rd quarter valued at approximately $914,000. Finally, Quadrature Capital Ltd boosted its stake in shares of Fastly by 84.2% in the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock valued at $848,000 after buying an additional 51,224 shares in the last quarter. Institutional investors and hedge funds 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.