Fastly (NYSE:FSLY) Stock Rating Lowered by Bank of America

Fastly (NYSE:FSLY) was downgraded by analysts at Bank of America from a “buy” rating to an “underperform” rating in a research report issued on Thursday, Marketbeat reports. They currently have a $8.00 price objective on the stock, down from their previous price objective of $18.00. Bank of America‘s price target would indicate a potential downside of 5.66% from the company’s previous close.

A number of other equities analysts have also recently issued reports on FSLY. Royal Bank of Canada upgraded shares of Fastly from an “underperform” rating to a “sector perform” rating and boosted their price objective for the company from $12.00 to $18.00 in a research report on Monday, January 8th. Citigroup dropped their target price on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Piper Sandler raised Fastly from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $19.00 to $16.00 in a research report on Monday, April 8th. Finally, Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 price target for the company. in a research report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $15.17.

Fastly Price Performance

FSLY traded down $0.31 during trading on Thursday, reaching $8.48. 9,888,475 shares of the company were exchanged, compared to its average volume of 4,714,319. Fastly has a 12-month low of $7.83 and a 12-month high of $25.87. The company’s 50-day moving average is $12.97 and its two-hundred day moving average is $16.16. The company has a quick ratio of 3.14, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -8.48 and a beta of 1.21.

Fastly (NYSE:FSLY) last released its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.05. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. The firm had revenue of $137.78 million for the quarter, compared to analysts’ expectations of $139.25 million. Research analysts forecast that Fastly will post -1.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Fastly

In other news, Director Richard Devon Daniels sold 7,766 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.66, for a total value of $98,317.56. Following the transaction, the director now directly owns 34,328 shares in the company, valued at $434,592.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Fastly news, insider Artur Bergman sold 21,875 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $25.19, for a total value of $551,031.25. Following the completion of the sale, the insider now directly owns 6,050,259 shares in the company, valued at approximately $152,406,024.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard Devon Daniels sold 7,766 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $12.66, for a total value of $98,317.56. Following the transaction, the director now owns 34,328 shares in the company, valued at approximately $434,592.48. The disclosure for this sale can be found here. Insiders sold 199,201 shares of company stock worth $3,160,402 over the last 90 days. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Fastly

A number of hedge funds have recently bought and sold shares of FSLY. Vanguard Group Inc. lifted its position in shares of Fastly by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 12,924,190 shares of the company’s stock valued at $230,051,000 after buying an additional 192,076 shares during the last quarter. Legal & General Group Plc lifted its position in Fastly by 13.3% during the third quarter. Legal & General Group Plc now owns 6,627,895 shares of the company’s stock valued at $127,057,000 after acquiring an additional 778,677 shares during the last quarter. First Trust Advisors LP boosted its stake in Fastly by 21.8% in the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock valued at $99,443,000 after acquiring an additional 998,749 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Fastly by 9.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock valued at $33,942,000 after acquiring an additional 162,659 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Fastly by 14.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,325,751 shares of the company’s stock worth $23,598,000 after purchasing an additional 166,184 shares in 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.