Piper Sandler Trims Fastly (NYSE:FSLY) Target Price to $10.00

Market Beat
2024.07.15 12:45

Piper Sandler lowered the target price for Fastly stock from $11.00 to $10.00 and maintained an "overweight" rating. Other brokerages also downgraded the stock, resulting in a consensus rating of "Hold" with a price target of $13.69. Fastly's stock price opened at $7.44 and has a 12-month low of $6.77. The company reported better-than-expected earnings for the quarter but has a negative net margin. Insiders have sold a significant amount of company stock.

Fastly (NYSE:FSLY - Get Free Report) had its target price dropped by research analysts at Piper Sandler from $11.00 to $10.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price objective suggests a potential upside of 34.41% from the company's previous close.

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Several other brokerages also recently issued reports on FSLY. Bank of America downgraded shares of Fastly from a "buy" rating to an "underperform" rating and reduced their price objective for the company from $18.00 to $8.00 in a research note on Thursday, May 2nd. DA Davidson downgraded shares of Fastly from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $24.00 to $8.50 in a research note on Thursday, May 2nd. Royal Bank of Canada reduced their price objective on shares of Fastly from $18.00 to $9.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 2nd. Finally, Citigroup reduced their price objective on shares of Fastly from $15.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, May 9th. One equities research 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $13.69.

Check Out Our Latest Analysis on Fastly

Fastly Stock Down 0.5 %

  • Fastly shifts into the fast lane toward profits

Shares of NYSE FSLY opened at $7.44 on Monday. Fastly has a 12-month low of $6.77 and a 12-month high of $25.87. The company has a market capitalization of $1.02 billion, a PE ratio of -7.44 and a beta of 1.13. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.83 and a quick ratio of 3.83. The firm's 50-day moving average is $7.81 and its two-hundred day moving average is $12.94.

Fastly (NYSE:FSLY - Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.82%. The company had revenue of $133.52 million for the quarter, compared to the consensus estimate of $133.01 million. Equities analysts anticipate that Fastly will post -1.08 EPS for the current fiscal year.

Insiders Place Their Bets

  • Cloud stocks surge double digits; big gains ahead

In other Fastly news, CFO Ronald W. Kisling sold 12,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the transaction, the chief financial officer now owns 593,506 shares of the company's stock, valued at $4,314,788.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Ronald W. Kisling sold 12,000 shares of the firm's stock in a transaction on Monday, July 1st. The shares were sold at an average price of $7.27, for a total value of $87,240.00. Following the transaction, the chief financial officer now owns 593,506 shares of the company's stock, valued at approximately $4,314,788.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Artur Bergman sold 10,928 shares of the firm's stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $8.84, for a total transaction of $96,603.52. Following the completion of the transaction, the chief technology officer now directly owns 6,244,124 shares in the company, valued at approximately $55,198,056.16. The disclosure for this sale can be found here. Insiders have sold a total of 135,254 shares of company stock valued at $1,208,322 over the last quarter. Company insiders own 6.70% of the company's stock.

Institutional Investors Weigh In On Fastly

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FSLY. Allworth Financial LP increased its stake in Fastly by 1,420.9% during the 4th quarter. Allworth Financial LP now owns 2,114 shares of the company's stock worth $38,000 after buying an additional 1,975 shares during the period. Cambridge Trust Co. purchased a new stake in Fastly during the 1st quarter worth $39,000. Cape Investment Advisory Inc. increased its stake in Fastly by 27,666.7% during the 1st quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company's stock worth $54,000 after buying an additional 4,150 shares during the period. International Assets Investment Management LLC purchased a new stake in Fastly during the 4th quarter worth $61,000. Finally, EntryPoint Capital LLC increased its stake in Fastly by 41.1% during the 1st quarter. EntryPoint Capital LLC now owns 5,644 shares of the company's stock worth $73,000 after buying an additional 1,643 shares during the period. Hedge funds and other institutional investors own 79.71% of the company's stock.

Fastly Company Profile

(Get Free Report)

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.

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