Citigroup Trims Fastly (NYSE:FSLY) Target Price to $15.00

Fastly (NYSE:FSLY - Get Free Report) had its target price reduced by Citigroup from $20.00 to $15.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Citigroup's price target suggests a potential upside of 20.97% from the stock's previous close.

FSLY has been the topic of a number of other research reports. Piper Sandler upgraded shares of Fastly from a "neutral" rating to an "overweight" rating and cut their price objective for the stock from $19.00 to $16.00 in a research note on Monday, April 8th. Bank of America lowered their price target on shares of Fastly from $28.00 to $18.00 and set a "buy" rating on the stock in a report on Thursday, March 28th. Craig Hallum downgraded shares of Fastly from a "buy" rating to a "hold" rating and set a $20.00 price target on the stock. in a report on Thursday, February 15th. Finally, Royal Bank of Canada raised shares of Fastly from an "underperform" rating to a "sector perform" rating and increased their price objective for the company from $12.00 to $18.00 in a report on Monday, January 8th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.56.

Fastly Stock Down 3.4 %

NYSE:FSLY traded down $0.43 during midday trading on Thursday, reaching $12.40. 4,047,947 shares of the stock traded hands, compared to its average volume of 3,885,123. Fastly has a 12-month low of $11.61 and a 12-month high of $25.87. The business has a 50-day moving average of $13.47 and a two-hundred day moving average of $16.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.14. The stock has a market capitalization of $1.66 billion, a PE ratio of -11.92 and a beta of 1.22.

Fastly (NYSE:FSLY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating 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 business had revenue of $137.78 million for the quarter, compared to analyst estimates of $139.25 million. On average, equities analysts forecast that Fastly will post -1.07 earnings per share for the current fiscal year.

Insider Activity at Fastly

In related news, CEO Todd Nightingale sold 50,708 shares of Fastly stock in a transaction that occurred on Friday, February 16th. The shares were 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 in the company, valued at $22,064,989.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Artur Bergman sold 21,875 shares of the business's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $25.19, for a total transaction of $551,031.25. Following the completion of the sale, the insider now owns 6,050,259 shares in the company, valued at approximately $152,406,024.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Nightingale sold 50,708 shares of the business's stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.09, for a total transaction of $815,891.72. Following the sale, the chief executive officer now owns 1,371,348 shares of the company's stock, valued at approximately $22,064,989.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 221,076 shares of company stock worth $3,620,434. Corporate insiders own 7.60% of the company's stock.

Hedge Funds Weigh In On Fastly

A number of institutional investors have recently modified their holdings of FSLY. Hanseatic Management Services Inc. acquired a new position in Fastly in the 3rd quarter valued at $33,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Fastly in the 3rd quarter valued at $36,000. Allworth Financial LP increased its stake in Fastly by 1,420.9% in the 4th quarter. Allworth Financial LP now owns 2,114 shares of the company's stock valued at $38,000 after buying an additional 1,975 shares during the period. Hollencrest Capital Management acquired a new position in shares of Fastly during the 3rd quarter worth $58,000. Finally, Strs Ohio acquired a new position in shares of Fastly during the 3rd quarter worth $65,000. 79.71% of the stock is owned by institutional investors and hedge funds.

About Fastly

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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