Fastly (NYSE:FSLY) Downgraded by Raymond James

Raymond James lowered shares of Fastly (NYSE:FSLY) from a strong-buy rating to a market perform rating in a research note published on Tuesday morning, MarketBeat.com reports.

FSLY has been the topic of a number of other reports. Craig Hallum reduced their target price on shares of Fastly from $10.00 to $6.00 and set a hold rating on the stock in a research report on Thursday, August 8th. Piper Sandler downgraded shares of Fastly from an overweight rating to a neutral rating and reduced their target price for the stock from $10.00 to $6.00 in a research report on Thursday, August 8th. Finally, Morgan Stanley reduced their target price on shares of Fastly from $12.00 to $7.00 and set an equal weight rating on the stock in a research report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $7.81.

Fastly Stock Down 1.3 %

Shares of NYSE FSLY opened at $7.37 on Tuesday. 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 12 month low of $5.52 and a 12 month high of $25.87. The firm has a market capitalization of $1.01 billion, a PE ratio of -7.37 and a beta of 1.20. The firm has a fifty day simple moving average of $6.71 and a two-hundred day simple moving average of $8.61.

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $132.37 million for the quarter, compared to the consensus estimate of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.32) EPS. Equities analysts expect that Fastly will post -0.96 earnings per share for the current year.

Insider Activity at Fastly

In related news, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $8.84, for a total transaction of $65,849.16. Following the sale, the chief financial officer now directly owns 586,057 shares of the company’s stock, valued at approximately $5,180,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $8.84, for a total transaction of $65,849.16. Following the sale, the chief financial officer now owns 586,057 shares of the company’s stock, valued at approximately $5,180,743.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Artur Bergman sold 19,889 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total transaction 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 143,450 shares of company stock valued at $903,011. 6.70% of the stock is owned by insiders.

Institutional Trading of Fastly

A number of institutional investors have recently made changes to their positions in FSLY. Jennison Associates LLC purchased a new stake in shares of Fastly during the 1st quarter valued at about $13,724,000. First Trust Advisors LP lifted its stake in shares of Fastly by 21.8% in the 4th quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock worth $99,443,000 after purchasing an additional 998,749 shares during the period. Vanguard Group Inc. lifted its stake in shares of Fastly by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after purchasing an additional 657,334 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Fastly by 461.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock worth $5,575,000 after purchasing an additional 621,680 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its stake 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. Hedge funds and other institutional investors own 79.71% of the company’s stock.

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.