Citigroup Cuts Fastly (NYSE:FSLY) Price Target to $10.00

Fastly (NYSE:FSLY - Get Free Report) had its target price cut by Citigroup from $15.00 to $10.00 in a report issued on Thursday, Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's target price indicates a potential upside of 17.10% from the company's current price.

A number of other research analysts also recently weighed in on FSLY. DA Davidson downgraded Fastly from a "buy" rating to a "neutral" rating and decreased their price target for the company from $24.00 to $8.50 in a research note on Thursday, May 2nd. Bank of America downgraded Fastly from a "buy" rating to an "underperform" rating and decreased their price target for the company from $18.00 to $8.00 in a research note on Thursday, May 2nd. Royal Bank of Canada decreased their price target on Fastly from $18.00 to $9.00 and set a "sector perform" rating for the company in a research note on Thursday, May 2nd. Piper Sandler upgraded Fastly from a "neutral" rating to an "overweight" rating and decreased their price target for the company from $19.00 to $16.00 in a research note on Monday, April 8th. Finally, Craig Hallum downgraded Fastly from a "buy" rating to a "hold" rating and set a $20.00 price target for the company. in a research note on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $14.61.

Fastly Stock Up 2.8 %

Shares of NYSE:FSLY traded up $0.23 during mid-day trading on Thursday, reaching $8.54. 3,563,790 shares of the stock were exchanged, compared to its average volume of 4,292,393. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. The company has a market cap of $1.17 billion, a P/E ratio of -8.55 and a beta of 1.21. Fastly has a one year low of $7.83 and a one year high of $25.87. The stock's 50 day simple moving average is $12.64 and its 200-day simple moving average is $16.03.

Fastly (NYSE:FSLY - Get Free Report) last posted its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.05. The business had revenue of $137.78 million during the quarter, compared to the consensus estimate of $139.25 million. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. As a group, equities research analysts predict that Fastly will post -1.07 EPS for the current year.

Insider Activity

In related news, CEO Todd Nightingale sold 50,708 shares of Fastly 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 completion of the sale, the chief executive officer now directly 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 accessible through the SEC website. In related news, CEO Todd Nightingale sold 50,708 shares of Fastly 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 completion of the sale, the chief executive officer now directly 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 accessible through the SEC website. Also, CFO Ronald W. Kisling sold 12,235 shares of Fastly stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.09, for a total value of $196,861.15. Following the sale, the chief financial officer now directly owns 450,449 shares of the company's stock, valued at $7,247,724.41. The disclosure for this sale can be found here. Insiders sold a total of 199,201 shares of company stock valued at $3,160,402 over the last three months. Insiders own 6.70% of the company's stock.

Hedge Funds Weigh In On Fastly

A number of hedge funds have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System increased its stake in Fastly by 7.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 36,464 shares of the company's stock worth $473,000 after acquiring an additional 2,610 shares during the period. ProShare Advisors LLC increased its stake in Fastly by 10.2% during the 1st quarter. ProShare Advisors LLC now owns 25,556 shares of the company's stock worth $331,000 after acquiring an additional 2,367 shares during the period. Swiss National Bank increased its stake in Fastly by 1.4% during the 1st quarter. Swiss National Bank now owns 232,400 shares of the company's stock worth $3,014,000 after acquiring an additional 3,200 shares during the period. Oppenheimer & Co. Inc. increased its stake in Fastly by 52.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 51,212 shares of the company's stock worth $664,000 after acquiring an additional 17,536 shares during the period. Finally, SG Americas Securities LLC increased its stake in Fastly by 198.8% during the 1st quarter. SG Americas Securities LLC now owns 66,304 shares of the company's stock worth $860,000 after acquiring an additional 44,112 shares during the period. 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.