Fastly (NYSE:FSLY) Price Target Raised to $8.00 at Craig Hallum

Fastly (NYSE:FSLY) had its target price hoisted by equities research analysts at Craig Hallum from $6.00 to $8.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Craig Hallum’s price objective would suggest a potential upside of 1.65% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Robert W. Baird increased their price target on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Royal Bank of Canada boosted their price objective on shares of Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a research note on Thursday. Piper Sandler boosted their price target on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Morgan Stanley dropped their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Fastly has an average rating of “Hold” and a consensus target price of $7.94.

Fastly Stock Down 3.6 %

Shares of Fastly stock traded down $0.29 during trading hours on Thursday, reaching $7.87. 3,600,033 shares of the company were exchanged, compared to its average volume of 3,544,247. The stock’s fifty day moving average is $7.01 and its 200 day moving average is $7.64. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13. Fastly has a 1 year low of $5.52 and a 1 year high of $25.87. The firm has a market cap of $1.09 billion, a PE ratio of -6.35 and a beta of 1.24.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. The business had revenue of $132.37 million during the quarter, compared to analysts’ expectations of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.32) EPS. As a group, equities research analysts forecast that Fastly will post -0.96 earnings per share for the current year.

Insider Activity at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total transaction of $53,930.76. Following the transaction, the chief financial officer now owns 558,564 shares in the company, valued at $4,044,003.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Todd Nightingale sold 66,066 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $408,287.88. Following the sale, the chief executive officer now directly owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total value of $53,930.76. Following the completion of the sale, the chief financial officer now owns 558,564 shares of the company’s stock, valued at approximately $4,044,003.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 143,450 shares of company stock valued at $891,093. 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. Aigen Investment Management LP bought a new position in Fastly in the 3rd quarter worth about $89,000. Entropy Technologies LP raised its position in Fastly by 118.7% during the 3rd quarter. Entropy Technologies LP now owns 39,803 shares of the company’s stock valued at $301,000 after purchasing an additional 21,600 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Fastly by 308.0% in the 3rd quarter. International Assets Investment Management LLC now owns 76,101 shares of the company’s stock worth $5,760,000 after purchasing an additional 57,448 shares during the period. Wealth Effects LLC lifted its position in Fastly by 86.9% during the third quarter. Wealth Effects LLC now owns 23,651 shares of the company’s stock valued at $179,000 after buying an additional 11,000 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of Fastly by 15.2% in the third quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after acquiring an additional 2,296 shares during the last quarter. Hedge funds and other 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.