Fastly (NYSE:FSLY) PT Lowered to $7.00
Morgan Stanley has lowered its target price for Fastly (NYSE:FSLY) from $XX.XX to $XX.XX, maintaining an "equal weight" rating. This shift follows a trend where other analysts also cut price targets and adjusted ratings downward. The current consensus suggests an average hold rating among analysts and a price target of $XX.XX. Additionally, Fastly's recent earnings report indicated a slight revenue increase, but negative returns remain notable. Insider trading activity has been observed with the CEO selling a significant number of shares.
Fastly (NYSE:FSLY - Get Free Report) had its target price cut by investment analysts at Morgan Stanley from $12.00 to $7.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's price target suggests a potential upside of 12.63% from the stock's current price.
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Several other equities analysts have also commented on FSLY. Piper Sandler lowered Fastly from an "overweight" rating to a "neutral" rating and cut their price target for the company from $10.00 to $6.00 in a research note on Thursday, August 8th. Royal Bank of Canada cut their price target on Fastly from $18.00 to $9.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 2nd. Craig Hallum cut their target price on Fastly from $10.00 to $6.00 and set a "hold" rating on the stock in a research note on Thursday, August 8th. Raymond James cut their target price on Fastly from $13.00 to $8.00 and set a "strong-buy" rating on the stock in a research note on Thursday, August 8th. Finally, Bank of America lowered Fastly from a "buy" rating to an "underperform" rating and cut their target price for the company from $18.00 to $8.00 in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $7.81.
View Our Latest Report on FSLY
Fastly Stock Down 2.6 %
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Shares of FSLY opened at $6.22 on Tuesday. The company has a market cap of $849.21 million, a PE ratio of -6.22 and a beta of 1.13. The business has a fifty day moving average of $7.16 and a 200 day moving average of $10.29. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.35.
Fastly (NYSE:FSLY - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.01. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. The business had revenue of $132.37 million for the quarter, compared to analyst estimates of $131.62 million. During the same quarter last year, the firm posted ($0.32) earnings per share. The business's revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts expect that Fastly will post -1.08 EPS for the current year.
Insider Buying and Selling
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In related news, CEO Todd Nightingale sold 66,066 shares of Fastly stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $408,287.88. Following the completion of the sale, the chief executive officer now owns 1,662,952 shares of the company's stock, valued at $10,277,043.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fastly news, CEO Todd Nightingale sold 66,066 shares of the company's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the sale, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Artur Bergman sold 16,748 shares of the company's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $103,502.64. Following the completion of the sale, the chief technology officer now owns 6,225,980 shares in the company, valued at approximately $38,476,556.40. The disclosure for this sale can be found here. Insiders sold 120,493 shares of company stock valued at $780,222 over the last quarter. 6.70% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Fastly
Hedge funds have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co raised its stake in shares of Fastly by 94.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company's stock worth $12,453,000 after buying an additional 466,560 shares during the period. Vanguard Group Inc. raised its stake in shares of Fastly by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company's stock worth $176,152,000 after buying an additional 657,334 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Fastly by 9.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company's stock worth $33,942,000 after buying an additional 162,659 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Fastly by 52.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 51,212 shares of the company's stock worth $664,000 after buying an additional 17,536 shares during the period. Finally, Wellington Management Group LLP acquired a new position in shares of Fastly during the 4th quarter worth approximately $2,933,000. 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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