DA Davidson Downgrades Fastly (NYSE:FSLY) to Neutral

DA Davidson cut shares of Fastly (NYSE:FSLY) from a buy rating to a neutral rating in a research report released on Thursday morning, Marketbeat reports. DA Davidson currently has $8.50 price target on the stock, down from their previous price target of $24.00.

A number of other equities analysts have also recently issued reports on FSLY. Royal Bank of Canada raised Fastly from an underperform rating to a sector perform rating and increased their target price for the stock from $12.00 to $18.00 in a report on Monday, January 8th. Craig Hallum cut Fastly from a buy rating to a hold rating and set a $20.00 target price for the company. in a report on Thursday, February 15th. Piper Sandler raised Fastly from a neutral rating to an overweight rating and dropped their target price for the stock from $19.00 to $16.00 in a report on Monday, April 8th. Citigroup dropped their target price on Fastly from $20.00 to $15.00 and set a neutral rating for the company in a report on Thursday, April 25th. Finally, Bank of America cut Fastly from a buy rating to an underperform rating and dropped their price target for the company from $18.00 to $8.00 in a report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fastly presently has a consensus rating of Hold and an average target price of $15.17.

Fastly Stock Performance

Shares of FSLY stock traded down $0.31 during mid-day trading on Thursday, reaching $8.48. The stock had a trading volume of 9,888,475 shares, compared to its average volume of 4,714,319. The firm’s 50 day simple moving average is $12.97 and its 200 day simple moving average is $16.16. The company has a quick ratio of 3.14, a current 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 firm has a market cap of $1.16 billion, a PE ratio of -8.48 and a beta of 1.21.

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

Insiders Place Their Bets

In other Fastly news, insider Artur Bergman sold 21,875 shares of the business’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 transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. In other Fastly news, insider Artur Bergman sold 21,875 shares of the business’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 transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Nightingale sold 50,708 shares of the business’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 completion of 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. Over the last ninety days, insiders have sold 199,201 shares of company stock worth $3,160,402. Corporate insiders own 7.60% of the company’s stock.

Institutional Trading of Fastly

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new stake in Fastly during the first quarter worth about $92,000. Jennison Associates LLC bought a new stake in Fastly during the first quarter worth about $13,724,000. BNP Paribas Financial Markets raised its stake in Fastly by 11.6% in the first quarter. BNP Paribas Financial Markets now owns 305,797 shares of the company’s stock valued at $3,966,000 after buying an additional 31,749 shares during the period. Private Advisor Group LLC raised its stake in Fastly by 155.4% in the first quarter. Private Advisor Group LLC now owns 41,133 shares of the company’s stock valued at $533,000 after buying an additional 25,030 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in Fastly by 9.2% in the first 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 period. Institutional investors own 79.71% of the company’s stock.

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.