Fastly (NYSE:FSLY) Trading Down 4.2% After Analyst Downgrade

Shares of Fastly, Inc. (NYSE:FSLY - Get Free Report) were down 4.2% during trading on Friday 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 $8.34 and last traded at $8.42. Approximately 3,154,853 shares were traded during trading, a decline of 24% from the average daily volume of 4,170,707 shares. The stock had previously closed at $8.79.

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

Insider Transactions at Fastly

In other Fastly news, CEO Todd Nightingale sold 50,708 shares of the 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 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 filing with the SEC, which is available at the SEC website. In other Fastly news, CEO Todd Nightingale sold 50,708 shares of the business's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.09, for a total transaction 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Artur Bergman sold 9,646 shares of the firm's stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.09, for a total value of $155,204.14. Following the completion of the sale, the insider now directly owns 6,040,613 shares in the company, valued at $97,193,463.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 199,201 shares of company stock worth $3,160,402. 7.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

Fastly Stock Performance

The stock has a market capitalization of $1.16 billion, a P/E ratio of -8.48 and a beta of 1.21. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average of $13.09 and a 200 day moving average of $16.21.

Fastly (NYSE:FSLY - Get Free Report) last issued its earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.05. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.88%. The business had revenue of $137.78 million for the quarter, compared to analyst estimates of $139.25 million. Research analysts anticipate that Fastly, Inc. will post -1.07 EPS for the current fiscal year.

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.