Fastly (NYSE:FSLY) Downgraded to “Hold” at BidaskClub

BidaskClub downgraded shares of Fastly (NYSE:FSLY) from a buy rating to a hold rating in a research note published on Friday morning, BidAskClub reports.

Several other equities analysts have also recently weighed in on FSLY. DA Davidson dropped their price objective on Fastly from $115.00 to $105.00 and set a buy rating on the stock in a research note on Thursday, October 15th. Stifel Nicolaus lowered Fastly from a buy rating to a hold rating and decreased their target price for the company from $98.00 to $77.00 in a research report on Thursday, October 15th. Bank of America decreased their target price on Fastly from $90.00 to $75.00 and set an underperform rating for the company in a research report on Thursday, October 29th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reaffirmed a sell rating and set a $58.00 target price on shares of Fastly in a research report on Friday, October 16th. Finally, Pritchard Capital decreased their target price on Fastly from $58.00 to $47.00 and set a sell rating for the company in a research report on Thursday, October 29th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. Fastly currently has an average rating of Hold and a consensus target price of $65.67.

Shares of NYSE:FSLY opened at $87.37 on Friday. The company has a current ratio of 7.97, a quick ratio of 7.97 and a debt-to-equity ratio of 0.05. The stock’s fifty day simple moving average is $89.10 and its two-hundred day simple moving average is $85.60. Fastly has a 1-year low of $10.63 and a 1-year high of $136.50. The stock has a market cap of $8.95 billion, a PE ratio of -136.52 and a beta of 1.38.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, October 28th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.08. Fastly had a negative return on equity of 14.37% and a negative net margin of 24.07%. The business had revenue of $70.64 million for the quarter, compared to analysts’ expectations of $70.59 million. On average, sell-side analysts forecast that Fastly will post -0.59 earnings per share for the current fiscal year.

In other news, General Counsel Paul Luongo sold 2,083 shares of the stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $75.63, for a total value of $157,537.29. Following the sale, the general counsel now directly owns 267,923 shares of the company’s stock, valued at $20,263,016.49. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Artur Bergman sold 92,308 shares of the stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $126.53, for a total transaction of $11,679,731.24. Following the completion of the sale, the insider now directly owns 380,855 shares in the company, valued at $48,189,583.15. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 607,681 shares of company stock worth $52,289,751. Insiders own 24.33% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in shares of Fastly in the third quarter worth about $5,948,000. Eudaimonia Partners LLC purchased a new stake in shares of Fastly in the third quarter worth about $40,000. Paces Ferry Wealth Advisors LLC purchased a new stake in shares of Fastly in the third quarter worth about $450,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Fastly by 12.6% in the third quarter. Public Employees Retirement System of Ohio now owns 30,603 shares of the company’s stock worth $2,867,000 after buying an additional 3,416 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new stake in shares of Fastly in the third quarter worth about $2,899,000. 52.92% of the stock is currently owned by hedge funds and other institutional investors.

About Fastly

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications. 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. It is a programmable platform designed for Web and application delivery.

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