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

Bank of America lowered shares of Fastly (NYSE:FSLY) from a buy rating to an underperform rating in a report published on Thursday, MarketBeat Ratings reports. Bank of America currently has $8.00 price target on the stock, down from their prior price target of $18.00.

FSLY has been the subject of several other research reports. Piper Sandler upgraded Fastly from a neutral rating to an overweight rating and cut their price target for the company from $19.00 to $16.00 in a research note on Monday, April 8th. Royal Bank of Canada upgraded Fastly from an underperform rating to a sector perform rating and boosted their price objective for the company from $12.00 to $18.00 in a research report on Monday, January 8th. Craig Hallum lowered Fastly from a buy rating to a hold rating and set a $20.00 target price on the stock. in a research report on Thursday, February 15th. Finally, Citigroup cut their price target on shares of Fastly from $20.00 to $15.00 and set a neutral rating for the company in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $15.17.

Fastly Stock Down 3.5 %

Fastly stock opened at $8.48 on Thursday. The business’s 50-day moving average price is $12.97 and its 200 day moving average price is $16.17. The company has a quick ratio of 3.14, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -8.48 and a beta of 1.21. Fastly has a 52 week low of $7.83 and a 52 week high of $25.87.

Fastly (NYSE:FSLY) last posted 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 15.82%. The firm had revenue of $137.78 million during the quarter, compared to analyst estimates of $139.25 million. As a group, sell-side analysts anticipate that Fastly will post -1.07 earnings per share for the current year.

Insider Transactions at Fastly

In related news, CFO Ronald W. Kisling sold 7,486 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $13.00, for a total transaction of $97,318.00. Following the completion of the sale, the chief financial officer now owns 632,736 shares of the company’s stock, valued at approximately $8,225,568. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Fastly news, CFO Ronald W. Kisling sold 7,486 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $13.00, for a total value of $97,318.00. Following the completion of the sale, the chief financial officer now directly owns 632,736 shares in the company, valued at approximately $8,225,568. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Artur Bergman sold 3,327 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $13.93, for a total value of $46,345.11. Following the completion of the sale, the insider now directly owns 6,040,043 shares of the company’s stock, valued at $84,137,798.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 199,201 shares of company stock valued at $3,160,402. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Fastly

Several institutional investors and hedge funds have recently bought and sold shares of FSLY. Hanseatic Management Services Inc. acquired a new position in Fastly in the third quarter valued at approximately $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Fastly during the 3rd quarter worth $36,000. Allworth Financial LP increased its position in shares of Fastly by 1,420.9% during the 4th 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 last quarter. Hollencrest Capital Management purchased a new stake in Fastly in the 3rd quarter valued at about $58,000. Finally, International Assets Investment Management LLC acquired a new position in Fastly in the fourth quarter valued at about $61,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.