Bank of America Lowers Fastly (NYSE:FSLY) to Underperform

Fastly (NYSE:FSLY) was downgraded by equities researchers at Bank of America from a “buy” rating to an “underperform” rating in a research report issued on Thursday, Briefing.com reports. They presently have a $8.00 price target on the stock, down from their previous price target of $18.00. Bank of America‘s price target would suggest a potential downside of 38.18% from the stock’s previous close.

Several other equities research analysts have also weighed in on the stock. Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a report on Thursday, February 15th. Royal Bank of Canada upgraded 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 research report on Monday, January 8th. Citigroup dropped their target price on Fastly from $20.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Finally, 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 report on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $16.17.

Fastly Trading Up 2.3 %

NYSE FSLY opened at $12.94 on Thursday. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -12.44 and a beta of 1.21. The firm’s 50 day moving average price is $13.21 and its two-hundred day moving average price is $16.26. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.14 and a current ratio of 3.14. Fastly has a twelve month low of $11.61 and a twelve month high of $25.87.

Fastly (NYSE:FSLY) last released its quarterly earnings data on Wednesday, February 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.05. The business had revenue of $137.78 million during the quarter, compared to analyst estimates of $139.25 million. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. Equities analysts anticipate that Fastly will post -1.07 EPS for the current year.

Insider Transactions at Fastly

In other Fastly news, insider Artur Bergman sold 21,875 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $25.19, for a total value of $551,031.25. Following the sale, the insider now directly owns 6,050,259 shares in the company, valued at $152,406,024.21. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Fastly news, insider Artur Bergman sold 21,875 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $25.19, for a total value of $551,031.25. Following the completion of the sale, the insider now directly owns 6,050,259 shares in the company, valued at $152,406,024.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Devon Daniels sold 7,766 shares of Fastly stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.66, for a total value of $98,317.56. Following the transaction, the director now owns 34,328 shares in the company, valued at approximately $434,592.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 199,201 shares of company stock worth $3,160,402. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Fastly by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,924,190 shares of the company’s stock valued at $230,051,000 after buying an additional 192,076 shares during the last quarter. Legal & General Group Plc increased its position 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 valued at $127,057,000 after acquiring an additional 778,677 shares during the last quarter. First Trust Advisors LP raised its holdings in Fastly by 21.8% during the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock worth $99,443,000 after acquiring an additional 998,749 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Fastly by 9.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock valued at $33,942,000 after purchasing an additional 162,659 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Fastly by 14.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,325,751 shares of the company’s stock valued at $23,598,000 after purchasing an additional 166,184 shares during the last quarter. 79.71% of the stock is currently owned by institutional investors.

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.