Fastly (NYSE:FSLY) Stock Price Down 4.2% Following Analyst Downgrade

Shares of Fastly, Inc. (NYSE:FSLY) traded down 4.2% on Friday 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 $8.34 and last traded at $8.42. 3,154,853 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 4,170,707 shares. The stock had previously closed at $8.79.

FSLY has been the topic of several other reports. DA Davidson cut shares of Fastly from a “buy” rating to a “neutral” rating and decreased their target price for the company from $24.00 to $8.50 in a research report on Thursday. Bank of America lowered shares of Fastly from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $18.00 to $8.00 in a research note on Thursday. Citigroup lowered their target price on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Piper Sandler raised shares of Fastly from a “neutral” rating to an “overweight” rating and reduced their price objective for the stock from $19.00 to $16.00 in a research report on Monday, April 8th. Finally, Craig Hallum cut Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a research note on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.17.

Insider Activity at Fastly

In related news, CEO Todd Nightingale sold 50,708 shares of Fastly stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.09, for a total transaction of $815,891.72. Following the transaction, 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 filing with the SEC, which is accessible through this link. In other Fastly news, insider Artur Bergman sold 3,327 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $13.93, for a total transaction of $46,345.11. Following the completion of the sale, the insider now directly owns 6,040,043 shares of the company’s stock, valued at $84,137,798.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Nightingale sold 50,708 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.09, for a total transaction 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. Insiders sold 199,201 shares of company stock worth $3,160,402 over the last three months. 7.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fastly

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Fastly by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 12,924,190 shares of the company’s stock worth $230,051,000 after purchasing an additional 192,076 shares in the last quarter. Legal & General Group Plc raised its stake in Fastly by 13.3% in the third quarter. Legal & General Group Plc now owns 6,627,895 shares of the company’s stock valued at $127,057,000 after buying an additional 778,677 shares during the last quarter. First Trust Advisors LP boosted its holdings in Fastly by 21.8% in the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock worth $99,443,000 after acquiring an additional 998,749 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Fastly by 9.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock worth $33,942,000 after acquiring an additional 162,659 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Fastly by 14.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,325,751 shares of the company’s stock valued at $23,598,000 after acquiring an additional 166,184 shares in the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Fastly Stock Down 3.5 %

The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -8.48 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.14. The business’s 50 day moving average is $13.09 and its 200 day moving average is $16.21.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.05. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.88%. The business had revenue of $137.78 million during the quarter, compared to the consensus estimate of $139.25 million. Sell-side analysts anticipate that Fastly, Inc. will post -1.07 earnings per share for the current year.

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.