Fastly (NYSE:FSLY) Price Target Lowered to $7.00 at Morgan Stanley

Fastly (NYSE:FSLY) had its target price trimmed by Morgan Stanley from $8.00 to $7.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

FSLY has been the topic of a number of other research reports. Piper Sandler decreased their price target on shares of Fastly from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Citigroup upped their price objective on Fastly from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Oppenheimer started coverage on Fastly in a report on Thursday, March 20th. They set a “market perform” rating on the stock. Finally, Royal Bank of Canada decreased their price target on shares of Fastly from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. According to MarketBeat.com, Fastly presently has a consensus rating of “Hold” and a consensus target price of $8.25.

Fastly Stock Performance

NYSE FSLY opened at $5.38 on Wednesday. The company’s 50 day simple moving average is $6.62 and its two-hundred day simple moving average is $8.06. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. Fastly has a 1 year low of $4.65 and a 1 year high of $13.36. The stock has a market capitalization of $764.86 million, a PE ratio of -4.71 and a beta of 1.43.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, February 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative net margin of 29.07% and a negative return on equity of 12.75%. Analysts predict that Fastly will post -0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fastly news, CFO Ronald W. Kisling sold 11,269 shares of Fastly stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $8.04, for a total transaction of $90,602.76. Following the sale, the chief financial officer now directly owns 508,543 shares of the company’s stock, valued at approximately $4,088,685.72. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Nightingale sold 35,509 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $8.04, for a total value of $285,492.36. Following the completion of the transaction, the chief executive officer now directly owns 1,553,301 shares of the company’s stock, valued at $12,488,540.04. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 154,454 shares of company stock worth $1,327,218. 6.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fastly

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank boosted its holdings in shares of Fastly by 2.2% during the 4th quarter. Swiss National Bank now owns 259,000 shares of the company’s stock valued at $2,445,000 after buying an additional 5,500 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Fastly during the 4th quarter valued at about $269,000. SG Americas Securities LLC boosted its stake in Fastly by 56.6% during the fourth quarter. SG Americas Securities LLC now owns 346,632 shares of the company’s stock worth $3,272,000 after acquiring an additional 125,275 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Fastly in the fourth quarter worth about $3,717,000. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Fastly during the fourth quarter valued at approximately $149,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

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.