Piper Sandler Lowers Fastly (NYSE:FSLY) Price Target to $6.00

Fastly (NYSE:FSLY - Get Free Report) had its price target lowered by analysts at Piper Sandler from $9.00 to $6.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Piper Sandler's price objective points to a potential upside of 10.15% from the stock's current price.

FSLY has been the topic of several other reports. Citigroup raised their price target on Fastly from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Royal Bank of Canada lowered their target price on Fastly from $10.00 to $8.00 and set a "sector perform" rating on the stock in a report on Thursday, February 13th. Finally, Oppenheimer began coverage on Fastly in a research report on Thursday, March 20th. They issued a "market perform" rating on the stock. One investment analyst has rated the stock with a sell rating and nine have issued a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $8.25.

Fastly Stock Performance

FSLY traded up $0.07 on Tuesday, hitting $5.45. The company had a trading volume of 1,894,966 shares, compared to its average volume of 3,342,504. The stock has a market cap of $775.11 million, a price-to-earnings ratio of -4.78 and a beta of 1.43. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The company's fifty day moving average price is $7.10 and its 200 day moving average price is $8.14. Fastly has a 1-year low of $4.65 and a 1-year high of $13.75.

Fastly (NYSE:FSLY - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.22). Fastly had a negative return on equity of 12.75% and a negative net margin of 29.07%. Equities analysts predict that Fastly will post -0.78 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Todd Nightingale sold 35,509 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $8.04, for a total value of $285,492.36. Following the sale, the chief executive officer now owns 1,553,301 shares of the company's stock, valued at $12,488,540.04. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 6,038 shares of the firm's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $9.45, for a total transaction of $57,059.10. Following the transaction, the chief financial officer now owns 519,812 shares of the company's stock, valued at approximately $4,912,223.40. This represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 155,150 shares of company stock worth $1,356,178. Company insiders own 6.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Fastly by 18.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company's stock worth $8,006,000 after purchasing an additional 161,070 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Fastly by 5.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 71,876 shares of the company's stock valued at $544,000 after purchasing an additional 3,575 shares during the last quarter. FMR LLC boosted its position in Fastly by 124.2% in the third quarter. FMR LLC now owns 6,357 shares of the company's stock valued at $48,000 after buying an additional 3,522 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Fastly during the third quarter worth approximately $679,000. Finally, Zacks Investment Management bought a new position in shares of Fastly in the third quarter valued at approximately $914,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.