Fastly, Inc. (NYSE:FSLY) Receives Consensus Rating of “Reduce” from Brokerages

Fastly, Inc. (NYSE:FSLY) has been assigned a consensus recommendation of “Reduce” from the eight ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and seven have given a hold rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $7.81.

Several analysts have issued reports on FSLY shares. Morgan Stanley cut their target price on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 27th. Raymond James cut shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Craig Hallum decreased their target price on shares of Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Piper Sandler downgraded shares of Fastly from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $10.00 to $6.00 in a research note on Thursday, August 8th.

Fastly Stock Up 8.1 %

Shares of NYSE:FSLY opened at $7.67 on Wednesday. The firm has a market capitalization of $1.06 billion, a PE ratio of -6.18 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87. The firm has a fifty day moving average of $6.97 and a 200 day moving average of $7.64.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $132.37 million during the quarter, compared to analysts’ expectations of $131.62 million. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.32) EPS. As a group, research analysts anticipate that Fastly will post -0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Artur Bergman sold 16,748 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $103,502.64. Following the completion of the sale, the chief technology officer now directly owns 6,225,980 shares in the company, valued at approximately $38,476,556.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CTO Artur Bergman sold 16,748 shares of Fastly stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the sale, the chief technology officer now owns 6,225,980 shares in the company, valued at $38,476,556.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total transaction of $53,930.76. Following the transaction, the chief financial officer now directly owns 558,564 shares in the company, valued at approximately $4,044,003.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 143,450 shares of company stock valued at $891,093 in the last quarter. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Several institutional investors and hedge funds have recently added to or reduced their stakes in FSLY. Jennison Associates LLC purchased a new stake in shares of Fastly in the 1st quarter worth about $13,724,000. Vanguard Group Inc. boosted its position in shares of Fastly by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after purchasing an additional 657,334 shares in the last quarter. Point72 Asset Management L.P. increased its position in Fastly by 461.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after buying an additional 621,680 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Fastly by 94.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock worth $12,453,000 after acquiring an additional 466,560 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Fastly in the second quarter worth $1,233,000. Hedge funds and other institutional investors own 79.71% of the company’s stock.

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.