Craig Hallum Issues Positive Forecast for Fastly (NYSE:FSLY) Stock Price

Fastly (NYSE:FSLY) had its target price increased by Craig Hallum from $6.00 to $8.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a hold rating on the stock.

FSLY has been the topic of several other research reports. Piper Sandler raised their price objective on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday. Robert W. Baird raised their target price on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Morgan Stanley reduced their price objective on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 27th. Finally, Royal Bank of Canada raised their price objective on shares of Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, Fastly presently has an average rating of “Hold” and an average target price of $7.94.

Fastly Stock Performance

FSLY stock traded down $0.50 during midday trading on Thursday, reaching $7.67. 4,685,835 shares of the company’s stock traded hands, compared to its average volume of 3,558,382. The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.35. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87. The stock has a market cap of $1.06 billion, a P/E ratio of -6.18 and a beta of 1.24. The stock’s 50-day moving average is $7.09 and its 200 day moving average is $7.61.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $132.37 million during the quarter, compared to analyst estimates of $131.62 million. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. Fastly’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.32) EPS. As a group, analysts anticipate that Fastly will post -0.96 EPS for the current year.

Insider Buying and Selling

In other Fastly news, CTO Artur Bergman sold 19,889 shares of Fastly stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total value of $118,538.44. Following the sale, the chief technology officer now directly owns 6,205,000 shares in the company, valued at approximately $36,981,800. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Todd Nightingale sold 66,066 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $408,287.88. Following the completion of the transaction, the chief executive officer now directly owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Artur Bergman sold 19,889 shares of Fastly stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total value of $118,538.44. Following the completion of the sale, the chief technology officer now directly owns 6,205,000 shares in the company, valued at approximately $36,981,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 192,628 shares of company stock worth $1,287,959. 6.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Fastly by 5.1% in the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after acquiring an additional 657,334 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Fastly by 94.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock worth $12,453,000 after purchasing an additional 466,560 shares during the period. Point72 Asset Management L.P. increased its position in shares of Fastly by 461.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after purchasing an additional 621,680 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Fastly by 11.6% during the 1st quarter. BNP Paribas Financial Markets now owns 305,797 shares of the company’s stock valued at $3,966,000 after buying an additional 31,749 shares during the period. Finally, Swiss National Bank lifted its position in Fastly by 1.4% in the first quarter. Swiss National Bank now owns 232,400 shares of the company’s stock worth $3,014,000 after buying an additional 3,200 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.