Fastly (NYSE:FSLY) Stock Price Expected to Rise, Citigroup Analyst Says

Fastly (NYSE:FSLY) had its price target increased by analysts at Citigroup from $9.00 to $10.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 7.46% from the stock’s previous close.

FSLY has been the subject of a number of other reports. Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Royal Bank of Canada upped their price target on shares of Fastly from $7.00 to $10.00 and gave the company a “sector perform” rating in a research report on Friday, January 3rd. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective on the stock in a research report on Monday, December 2nd. Robert W. Baird boosted their target price on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Piper Sandler raised their target price on Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.85.

Fastly Price Performance

Shares of NYSE:FSLY opened at $9.31 on Friday. The firm’s 50 day moving average is $9.14 and its two-hundred day moving average is $7.79. The firm has a market capitalization of $1.31 billion, a P/E ratio of -8.54 and a beta of 1.24. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. The business had revenue of $137.21 million during the quarter, compared to analyst estimates of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.33) EPS. Analysts anticipate that Fastly will post -0.86 earnings per share for the current year.

Insider Activity at Fastly

In other news, CTO Artur Bergman sold 8,049 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $10.04, for a total transaction of $80,811.96. Following the transaction, the chief technology officer now owns 3,426,087 shares in the company, valued at approximately $34,397,913.48. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Nightingale sold 49,816 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $311,350.00. Following the completion of the sale, the chief executive officer now owns 1,600,973 shares of the company’s stock, valued at $10,006,081.25. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 241,741 shares of company stock valued at $1,993,300. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can increased its holdings in shares of Fastly by 11,140.2% during the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock valued at $9,867,000 after acquiring an additional 1,293,490 shares during the last quarter. Penserra Capital Management LLC boosted its position in Fastly by 18.8% during the third quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after purchasing an additional 801,968 shares during the period. Point72 Asset Management L.P. grew its holdings in Fastly by 461.5% during the second 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. Susquehanna Fundamental Investments LLC acquired a new position in Fastly during the second quarter valued at approximately $1,233,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Fastly by 18.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company’s stock valued at $8,006,000 after purchasing an additional 161,070 shares during the period. 79.71% of the stock is currently owned by 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.