Fastly (NYSE:FSLY) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Fastly (NYSE:FSLY – Get Rating) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $21.00 price objective on the stock.

According to Zacks, “Fastly Inc. provides infrastructure software. The Company offers cloud computing, image optimization, security, edge computer technology and streaming solutions. Fastly Inc. is based in San Francisco, United States. “

Other analysts have also recently issued reports about the company. Morgan Stanley lowered their target price on Fastly from $43.00 to $25.00 and set an equal weight rating on the stock in a research report on Thursday, February 17th. Piper Sandler lowered their target price on Fastly from $35.00 to $23.00 and set a neutral rating on the stock in a research report on Thursday, February 17th. KeyCorp assumed coverage on Fastly in a research report on Tuesday, January 18th. They issued a sector weight rating on the stock. Bank of America lowered their target price on Fastly from $28.00 to $16.00 in a research report on Tuesday, March 22nd. Finally, Royal Bank of Canada lowered their price target on Fastly from $30.00 to $20.00 and set a sector perform rating on the stock in a research report on Thursday, February 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $33.30.

Shares of NYSE FSLY opened at $19.69 on Tuesday. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -10.26 and a beta of 1.52. Fastly has a 12-month low of $13.01 and a 12-month high of $72.08. The company has a current ratio of 4.74, a quick ratio of 4.74 and a debt-to-equity ratio of 0.94. The stock’s 50 day simple moving average is $18.53 and its 200 day simple moving average is $31.89.

Fastly (NYSE:FSLY – Get Rating) last posted its earnings results on Wednesday, February 16th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.02). Fastly had a negative net margin of 62.85% and a negative return on equity of 19.14%. The business had revenue of $97.72 million during the quarter, compared to analyst estimates of $92.48 million. During the same quarter in the prior year, the business earned ($0.35) earnings per share. The firm’s revenue was up 18.2% compared to the same quarter last year. As a group, equities analysts forecast that Fastly will post -1.77 earnings per share for the current fiscal year.

In other news, CEO Joshua Bixby sold 11,785 shares of the firm’s stock in a transaction on Wednesday, February 16th. The stock was sold at an average price of $28.64, for a total value of $337,522.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brett Shirk sold 2,888 shares of the firm’s stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $13.96, for a total value of $40,316.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,345 shares of company stock valued at $899,605. Corporate insiders own 10.32% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Tortoise Investment Management LLC acquired a new stake in Fastly during the third quarter valued at $36,000. Sonora Investment Management LLC boosted its position in Fastly by 175.0% during the third quarter. Sonora Investment Management LLC now owns 1,100 shares of the company’s stock valued at $44,000 after purchasing an additional 700 shares during the last quarter. Moors & Cabot Inc. acquired a new stake in Fastly during the third quarter valued at $342,000. Allegheny Financial Group LTD acquired a new stake in Fastly during the fourth quarter valued at $46,000. Finally, Penserra Capital Management LLC acquired a new stake in Fastly during the third quarter valued at $60,000. 71.11% of the stock is owned by institutional investors and hedge funds.

Fastly Company Profile (Get Rating)

Fastly, Inc provides real-time content delivery network services. It offers edge cloud platform, edge software development kit (SDK), content delivery and image optimization, video and streaming, cloud security, load balancing, and managed CDN. The company was founded by Artur Bergman, Tyler McMullen, Simon Wistow, and Gil Penchina in March 2011 and is headquartered in San Francisco, CA.

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