Fastly (NYSE:FSLY) Reaches New 12-Month Low on Analyst Downgrade

Fastly, Inc. (NYSE:FSLY) reached 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.

Several other equities research analysts also recently issued reports on FSLY. Piper Sandler upgraded shares of Fastly from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $19.00 to $16.00 in a research report on Monday, April 8th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $20.00 price target for the company. in a research note on Thursday, February 15th. Bank of America cut 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 report on Thursday. Citigroup reduced their target price on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Finally, DA Davidson lowered 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 research report on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fastly currently has a consensus rating of “Hold” and a consensus target price of $15.17.

Insiders Place Their Bets

In other Fastly news, CFO Ronald W. Kisling sold 7,486 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $13.00, for a total transaction of $97,318.00. Following the completion of the transaction, the chief financial officer now owns 632,736 shares of the company’s stock, valued at $8,225,568. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Todd Nightingale sold 50,708 shares of Fastly stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.09, for a total transaction of $815,891.72. Following the sale, the chief executive officer now directly owns 1,371,348 shares of the company’s stock, valued at $22,064,989.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ronald W. Kisling sold 7,486 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $13.00, for a total transaction of $97,318.00. Following the completion of the transaction, the chief financial officer now owns 632,736 shares of the company’s stock, valued at approximately $8,225,568. The disclosure for this sale can be found here. Insiders sold 199,201 shares of company stock worth $3,160,402 over the last three months. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Fastly

A number of hedge funds have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. raised its holdings in Fastly by 18.3% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 19,239 shares of the company’s stock worth $369,000 after purchasing an additional 2,975 shares during the last quarter. Trellus Management Company LLC bought a new stake in shares of Fastly in the 3rd quarter valued at $280,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Fastly by 42.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,011 shares of the company’s stock worth $364,000 after buying an additional 5,633 shares during the period. Strs Ohio bought a new position in Fastly during the third quarter worth $65,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Fastly in the third quarter valued at $36,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

Fastly Trading Down 34.8 %

The company has a debt-to-equity ratio of 0.35, a current ratio of 3.14 and a quick ratio of 3.14. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -8.05 and a beta of 1.21. The firm’s fifty day moving average is $13.21 and its 200-day moving average is $16.26.

Fastly (NYSE:FSLY) last announced its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $137.78 million for the quarter, compared to the consensus estimate of $139.25 million. Equities analysts anticipate that Fastly, Inc. will post -1.07 earnings per share for the current year.

About Fastly

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.