Fastly (NYSE:FSLY) Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Fastly (NYSE:FSLYGet Rating) from a buy rating to a hold rating in a research note published on Monday, Zacks.com reports.

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. “

A number of other equities analysts have also recently issued reports on the stock. Piper Sandler cut their target price on shares of Fastly from $35.00 to $23.00 and set a neutral rating for the company in a research report on Thursday, February 17th. Citigroup cut their target price on shares of Fastly from $22.00 to $14.00 and set a sell rating for the company in a research report on Friday. Royal Bank of Canada cut their target price on shares of Fastly from $30.00 to $20.00 and set a sector perform rating for the company in a research report on Thursday, February 17th. KeyCorp began coverage on shares of Fastly in a research report on Tuesday, January 18th. They set a sector weight rating for the company. Finally, William Blair restated a market perform rating on shares of Fastly in a research report on Thursday, January 20th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fastly currently has a consensus rating of Hold and a consensus price target of $24.67.

FSLY stock opened at $11.74 on Monday. The company has a market cap of $1.41 billion, a P/E ratio of -5.81 and a beta of 1.48. Fastly has a 52 week low of $11.63 and a 52 week high of $64.07. The company’s 50-day moving average price is $16.82 and its 200 day moving average price is $29.23. The company has a current ratio of 4.74, a quick ratio of 4.74 and a debt-to-equity ratio of 0.94.

Fastly (NYSE:FSLYGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The company had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $98.94 million. Fastly had a negative return on equity of 20.60% and a negative net margin of 63.54%. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.39) EPS. On average, equities research analysts expect that Fastly will post -1.77 earnings per share for the current year.

In related news, CEO Joshua Bixby sold 11,785 shares of the company’s stock in a transaction that occurred on Wednesday, February 16th. The shares were sold at an average price of $28.64, for a total transaction of $337,522.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Artur Bergman sold 9,630 shares of the company’s stock in a transaction that occurred on Wednesday, February 16th. The stock was sold at an average price of $28.64, for a total transaction of $275,803.20. The disclosure for this sale can be found here. In the last three months, insiders sold 39,428 shares of company stock valued at $996,487. Company insiders own 10.32% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Morgan Stanley increased its position in Fastly by 3.9% during the third quarter. Morgan Stanley now owns 13,995,511 shares of the company’s stock worth $565,979,000 after purchasing an additional 528,067 shares during the last quarter. BlackRock Inc. grew its stake in Fastly by 13.2% during the fourth quarter. BlackRock Inc. now owns 5,117,768 shares of the company’s stock worth $181,425,000 after buying an additional 595,811 shares during the period. Coatue Management LLC purchased a new stake in Fastly during the fourth quarter worth approximately $93,363,000. Legal & General Group Plc grew its stake in Fastly by 43.4% during the fourth quarter. Legal & General Group Plc now owns 2,084,803 shares of the company’s stock worth $73,906,000 after buying an additional 630,586 shares during the period. Finally, State Street Corp grew its stake in Fastly by 5.4% during the fourth quarter. State Street Corp now owns 1,581,059 shares of the company’s stock worth $56,049,000 after buying an additional 80,995 shares during the period. 65.08% of the stock is owned by hedge funds and other institutional investors.

Fastly Company Profile (Get Rating)

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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