Fastly (NYSE:FSLY) Lowered to Underperform at Bank of America

Bank of America cut shares of Fastly (NYSE:FSLY) from a buy rating to an underperform rating in a research report sent to investors on Thursday morning, Marketbeat reports. The firm currently has $8.00 target price on the stock, down from their previous target price of $18.00.

A number of other equities research analysts also recently issued reports on the company. Craig Hallum downgraded Fastly from a buy rating to a hold rating and set a $20.00 price objective on the stock. in a research report on Thursday, February 15th. Citigroup lowered their price objective on Fastly from $20.00 to $15.00 and set a neutral rating on the stock in a research report on Thursday, April 25th. Royal Bank of Canada upgraded Fastly from an underperform rating to a sector perform rating and increased their price objective for the stock from $12.00 to $18.00 in a research report on Monday, January 8th. Finally, Piper Sandler upgraded Fastly from a neutral rating to an overweight rating and lowered their price objective for the stock from $19.00 to $16.00 in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $15.17.

Fastly Stock Performance

Shares of NYSE:FSLY traded down $0.31 during trading on Thursday, hitting $8.48. 9,888,475 shares of the company were exchanged, compared to its average volume of 4,714,319. The company has a market cap of $1.16 billion, a PE ratio of -8.48 and a beta of 1.21. The stock has a 50 day moving average of $12.97 and a 200 day moving average of $16.16. Fastly has a 52-week low of $7.83 and a 52-week high of $25.87. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.83 and a quick ratio of 3.14.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.05. The firm had revenue of $137.78 million for 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 at Fastly

In other news, insider Artur Bergman sold 21,875 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $25.19, for a total transaction of $551,031.25. Following the transaction, the insider now directly owns 6,050,259 shares of the company’s stock, valued at $152,406,024.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Artur Bergman sold 21,875 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $25.19, for a total transaction of $551,031.25. Following the transaction, the insider now directly owns 6,050,259 shares of the company’s stock, valued at $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, CFO Ronald W. Kisling sold 12,235 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 $196,861.15. Following the transaction, the chief financial officer now directly owns 450,449 shares in the company, valued at $7,247,724.41. The disclosure for this sale can be found here. Insiders have sold a total of 199,201 shares of company stock valued at $3,160,402 over the last 90 days. 7.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hanseatic Management Services Inc. purchased a new stake in shares of Fastly during the third quarter worth about $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Fastly during the third quarter worth about $36,000. Allworth Financial LP boosted its holdings 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 worth $38,000 after purchasing an additional 1,975 shares during the period. Hollencrest Capital Management purchased a new stake in shares of Fastly during the third quarter worth about $58,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Fastly during the fourth quarter worth about $61,000. 79.71% of the stock is 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.