Fastly (NYSE:FSLY) Given New $10.00 Price Target at Citigroup

Fastly (NYSE:FSLY) had its target price upped by Citigroup from $9.00 to $10.00 in a report published on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also recently commented on the stock. Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a report on Monday, December 2nd. DA Davidson lifted their target price on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Craig Hallum upped their price target on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler raised their target price on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Fastly has a consensus rating of “Hold” and a consensus price target of $8.85.

Fastly Stock Performance

Shares of NYSE FSLY opened at $9.31 on Friday. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average price is $9.11 and its 200-day moving average price is $7.77. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87. The company has a market cap of $1.31 billion, a PE ratio of -8.54 and a beta of 1.24.

Fastly (NYSE:FSLY) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.08. The firm had revenue of $137.21 million for the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The company’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.33) EPS. As a group, analysts anticipate that Fastly will post -0.86 EPS for the current year.

Insider Buying and Selling

In other news, CEO Todd Nightingale sold 49,816 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $311,350.00. Following the sale, the chief executive officer now directly owns 1,600,973 shares of the company’s stock, valued at $10,006,081.25. This represents a 3.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Artur Bergman sold 16,922 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $105,762.50. Following the transaction, the chief technology officer now owns 6,138,900 shares of the company’s stock, valued at $38,368,125. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 241,741 shares of company stock worth $1,993,300. 6.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Fastly

Several institutional investors have recently bought and sold shares of FSLY. SG Americas Securities LLC raised its position in shares of Fastly by 56.6% during the 4th quarter. SG Americas Securities LLC now owns 346,632 shares of the company’s stock valued at $3,272,000 after buying an additional 125,275 shares in the last quarter. 180 Wealth Advisors LLC raised its position in Fastly by 2.5% during the fourth quarter. 180 Wealth Advisors LLC now owns 68,643 shares of the company’s stock valued at $648,000 after purchasing an additional 1,695 shares during the period. Geode Capital Management LLC lifted its stake in shares of Fastly by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock valued at $22,831,000 after purchasing an additional 46,951 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Fastly in the 3rd quarter worth approximately $183,000. Finally, XTX Topco Ltd bought a new position in shares of Fastly during the 3rd quarter valued at approximately $400,000. Institutional investors own 79.71% of the company’s stock.

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.