Fastly (NYSE:FSLY) Sets New 52-Week Low on Analyst Downgrade

Fastly, Inc. (NYSE:FSLY - Get Free Report)'s stock price hit a new 52-week low during trading on Thursday after Royal Bank of Canada lowered their price target on the stock from $18.00 to $9.00. Royal Bank of Canada currently has a sector perform rating on the stock. Fastly traded as low as $7.83 and last traded at $8.30, with a volume of 10177393 shares trading hands. The stock had previously closed at $12.93.

Other analysts have also issued research reports about the company. Bank of America lowered Fastly from a "buy" rating to an "underperform" rating and cut their target price for the stock from $18.00 to $8.00 in a research note on Thursday. Craig Hallum cut shares of Fastly from a "buy" rating to a "hold" rating and set a $20.00 price objective for the company. in a research note on Thursday, February 15th. DA Davidson lowered shares of Fastly from a "buy" rating to a "neutral" rating and reduced their target price for the company from $24.00 to $8.50 in a report on Thursday. Piper Sandler raised shares of Fastly from a "neutral" rating to an "overweight" rating and lowered their price target for the stock from $19.00 to $16.00 in a research note on Monday, April 8th. Finally, Citigroup cut their price target on shares of Fastly from $20.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Fastly presently has an average rating of "Hold" and an average target price of $15.17.

Insider Transactions at Fastly

In related news, CFO Ronald W. Kisling sold 7,486 shares of the business's stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $13.00, for a total transaction of $97,318.00. Following the transaction, the chief financial officer now owns 632,736 shares in the company, valued at approximately $8,225,568. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Todd Nightingale sold 50,708 shares of Fastly stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.09, for a total value of $815,891.72. Following the completion of the transaction, the chief executive officer now owns 1,371,348 shares of the company's stock, valued at approximately $22,064,989.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Ronald W. Kisling sold 7,486 shares of the company's stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $13.00, for a total transaction of $97,318.00. Following the completion of the transaction, the chief financial officer now owns 632,736 shares in the company, valued at approximately $8,225,568. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 199,201 shares of company stock worth $3,160,402. Company insiders own 7.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jennison Associates LLC bought a new stake in shares of Fastly during the first quarter valued at approximately $13,724,000. First Trust Advisors LP increased its holdings in shares of Fastly by 21.8% in the 4th quarter. First Trust Advisors LP now owns 5,586,706 shares of the company's stock worth $99,443,000 after purchasing an additional 998,749 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Fastly by 13.3% in the third quarter. Legal & General Group Plc now owns 6,627,895 shares of the company's stock worth $127,057,000 after purchasing an additional 778,677 shares during the last quarter. Norges Bank bought a new position in shares of Fastly during the fourth quarter valued at $8,014,000. Finally, Lisanti Capital Growth LLC bought a new position in shares of Fastly during the third quarter valued at $8,327,000. Institutional investors own 79.71% of the company's stock.

Fastly Price Performance

The firm has a 50-day moving average of $13.21 and a 200 day moving average of $16.26. The company has a market capitalization of $1.20 billion, a PE ratio of -8.05 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.14 and a quick ratio of 3.14.

Fastly (NYSE:FSLY - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) EPS for the quarter, topping analysts' consensus estimates of ($0.31) by $0.05. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. The firm had revenue of $137.78 million during the quarter, compared to analyst estimates of $139.25 million. As a group, research analysts anticipate that Fastly, Inc. will post -1.07 earnings per share for the current fiscal year.

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.