Craig Hallum Boosts Fastly (NYSE:FSLY) Price Target to $8.00

Fastly (NYSE:FSLY) had its price target upped by analysts at Craig Hallum from $6.00 to $8.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Craig Hallum’s price objective indicates a potential upside of 4.37% from the stock’s previous close.

FSLY has been the subject of a number of other research reports. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Morgan Stanley cut their price target 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. Piper Sandler raised their price objective on shares of Fastly from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday. Robert W. Baird upped their target price on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Royal Bank of Canada raised their price target on Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.94.

Fastly Trading Down 6.2 %

FSLY stock opened at $7.67 on Thursday. The stock has a 50-day simple moving average of $7.09 and a two-hundred day simple moving average of $7.61. Fastly has a twelve month low of $5.52 and a twelve month high of $25.87. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.19%. The company had revenue of $132.37 million during the quarter, compared to analysts’ expectations of $131.62 million. During the same quarter in the previous year, the company earned ($0.32) earnings per share. Fastly’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, sell-side analysts predict that Fastly will post -0.96 EPS for the current year.

Insider Activity

In other news, CTO Artur Bergman sold 49,178 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total transaction of $396,866.46. Following the completion of the sale, the chief technology officer now owns 6,155,822 shares of the company’s stock, valued at approximately $49,677,483.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the sale, the chief executive officer now directly owns 1,662,952 shares of the company’s stock, valued at $10,277,043.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Artur Bergman sold 49,178 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total value of $396,866.46. Following the transaction, the chief technology officer now directly owns 6,155,822 shares of the company’s stock, valued at $49,677,483.54. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 192,628 shares of company stock valued at $1,287,959. Insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new position in shares of Fastly in the 3rd quarter worth about $328,000. Aigen Investment Management LP purchased a new position in Fastly in the third quarter worth about $89,000. Entropy Technologies LP grew its holdings in Fastly by 118.7% during the third quarter. Entropy Technologies LP now owns 39,803 shares of the company’s stock valued at $301,000 after purchasing an additional 21,600 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Fastly by 308.0% during the 3rd quarter. International Assets Investment Management LLC now owns 76,101 shares of the company’s stock valued at $5,760,000 after buying an additional 57,448 shares in the last quarter. Finally, Wealth Effects LLC boosted its holdings in Fastly by 86.9% in the 3rd quarter. Wealth Effects LLC now owns 23,651 shares of the company’s stock worth $179,000 after buying an additional 11,000 shares during the period. 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.