Fastly (NYSE:FSLY) Reaches New 1-Year Low Following Analyst Downgrade

Fastly, Inc. (NYSE:FSLY) shares hit a new 52-week low during trading on Thursday 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 $7.83 and last traded at $8.30, with a volume of 10177393 shares changing hands. The stock had previously closed at $12.93.

Several other equities analysts also recently weighed in on the company. Bank of America downgraded Fastly from a “buy” rating to an “underperform” rating and decreased their target price for the company from $18.00 to $8.00 in a research report on Thursday. DA Davidson cut shares of Fastly from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $24.00 to $8.50 in a research note on Thursday. Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price for the company. in a report on Thursday, February 15th. Citigroup decreased their price target on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. Finally, Piper Sandler raised shares of Fastly from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $19.00 to $16.00 in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, five have assigned 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 has an average rating of “Hold” and a consensus target price of $15.17.

Insider Activity at Fastly

In other news, CEO Todd Nightingale sold 50,708 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.09, for a total value of $815,891.72. Following the completion of the transaction, the chief executive officer now owns 1,371,348 shares of the company’s stock, valued at $22,064,989.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Artur Bergman sold 9,646 shares of Fastly stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.09, for a total value of $155,204.14. Following the completion of the transaction, the insider now owns 6,040,613 shares in the company, valued at approximately $97,193,463.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Nightingale sold 50,708 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.09, for a total value 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 199,201 shares of company stock worth $3,160,402. 7.60% of the stock is currently owned by company insiders.

Institutional Trading of Fastly

Institutional investors have recently bought and sold shares of the business. Hanseatic Management Services Inc. acquired a new position in shares of Fastly in the 3rd quarter valued at $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Fastly in the third quarter valued at $36,000. Allworth Financial LP boosted its stake in Fastly by 1,420.9% in the fourth quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock valued at $38,000 after acquiring an additional 1,975 shares in the last quarter. Hollencrest Capital Management purchased a new position in shares of Fastly during the third quarter worth about $58,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Fastly during the fourth quarter worth about $61,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

Fastly Price Performance

The firm has a market capitalization of $1.15 billion, a PE ratio of -8.05 and a beta of 1.21. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average price of $13.21 and a two-hundred day moving average price of $16.26.

Fastly (NYSE:FSLY) last released its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.05. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. The firm had revenue of $137.78 million during the quarter, compared to the consensus estimate of $139.25 million. Sell-side analysts forecast 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.