Fastly (NYSE:FSLY) Price Target Cut to $15.00 by Analysts at Citigroup

Fastly (NYSE:FSLY) had its price objective lowered by stock analysts at Citigroup from $20.00 to $15.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 15.87% from the stock’s previous close.

Several other brokerages also recently commented on FSLY. Piper Sandler raised Fastly from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $19.00 to $16.00 in a research note on Monday, April 8th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $20.00 price objective for the company. in a research note on Thursday, February 15th. Bank of America lowered their price objective on Fastly from $28.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, March 28th. Finally, Royal Bank of Canada raised Fastly from an “underperform” rating to a “sector perform” rating and upped their price objective for the company from $12.00 to $18.00 in a research note on Monday, January 8th. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.56.

Fastly Stock Up 4.4 %

Shares of NYSE FSLY opened at $12.95 on Thursday. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.35. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -12.45 and a beta of 1.22. Fastly has a 12 month low of $11.61 and a 12 month high of $25.87. The stock has a 50-day moving average price of $13.34 and a two-hundred day moving average price of $16.32.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.05. The firm had revenue of $137.78 million during the quarter, compared to the consensus estimate of $139.25 million. Fastly had a negative return on equity of 16.02% and a negative net margin of 26.30%. As a group, analysts forecast that Fastly will post -1.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 7,486 shares of the 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 sale, the chief financial officer now owns 632,736 shares of the company’s stock, valued at approximately $8,225,568. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fastly news, CFO Ronald W. Kisling sold 7,486 shares of the 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 sale, the chief financial officer now owns 632,736 shares of the company’s stock, valued at approximately $8,225,568. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Artur Bergman sold 21,875 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $25.19, for a total transaction of $551,031.25. Following the sale, the insider now directly owns 6,050,259 shares of the company’s stock, valued at approximately $152,406,024.21. The disclosure for this sale can be found here. In the last 90 days, insiders sold 221,076 shares of company stock valued at $3,620,434. 7.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fastly

A number of institutional investors and hedge funds have recently modified their holdings of the business. Arizona State Retirement System boosted its holdings in shares of Fastly by 2.7% during the 3rd quarter. Arizona State Retirement System now owns 32,544 shares of the company’s stock worth $624,000 after buying an additional 844 shares in the last quarter. Laird Norton Trust Company LLC boosted its holdings in shares of Fastly by 1.9% during the 3rd quarter. Laird Norton Trust Company LLC now owns 45,780 shares of the company’s stock worth $878,000 after buying an additional 862 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Fastly by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock worth $133,000 after buying an additional 863 shares in the last quarter. CWM LLC boosted its holdings in shares of Fastly by 5.4% during the 3rd quarter. CWM LLC now owns 22,776 shares of the company’s stock worth $437,000 after buying an additional 1,177 shares in the last quarter. Finally, Hanseatic Management Services Inc. bought a new position in shares of Fastly during the 3rd quarter worth approximately $33,000. 79.71% of the stock is currently owned by institutional investors.

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.