Royal Bank of Canada Forecasts Strong Price Appreciation for Fastly (NYSE:FSLY) Stock

Fastly (NYSE:FSLY) had its price target increased by Royal Bank of Canada from $6.00 to $7.00 in a report published on Thursday,Benzinga reports. The firm currently has a sector perform rating on the stock.

FSLY has been the subject of several other reports. Raymond James lowered Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Craig Hallum lowered their target price on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Morgan Stanley lowered their target price on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. Finally, Piper Sandler raised their target price on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, Fastly currently has a consensus rating of “Hold” and a consensus price target of $7.94.

Fastly Price Performance

Shares of FSLY traded down $0.50 during trading hours on Thursday, reaching $7.67. The stock had a trading volume of 4,685,835 shares, compared to its average volume of 3,558,382. Fastly has a 12 month low of $5.52 and a 12 month high of $25.87. The stock has a market capitalization of $1.06 billion, a PE ratio of -6.07 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13. The company’s 50-day moving average is $7.01 and its two-hundred day moving average is $7.64.

Fastly (NYSE:FSLY) last announced its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business 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 for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the company earned ($0.32) EPS. Research analysts expect that Fastly will post -0.96 EPS for the current year.

Insider Activity

In other news, CFO Ronald W. Kisling sold 15,933 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 $98,465.94. Following the completion of the sale, the chief financial officer now directly owns 570,124 shares in the company, valued at $3,523,366.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CTO Artur Bergman sold 16,748 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the transaction, the chief technology officer now owns 6,225,980 shares of the company’s stock, valued at approximately $38,476,556.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ronald W. Kisling sold 15,933 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $98,465.94. Following the completion of the transaction, the chief financial officer now directly owns 570,124 shares in the company, valued at approximately $3,523,366.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 192,628 shares of company stock worth $1,287,959 in the last three months. Company insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Large investors have recently added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co lifted its position in Fastly by 94.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after acquiring an additional 466,560 shares in the last quarter. Vanguard Group Inc. lifted its position in Fastly by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock valued at $176,152,000 after acquiring an additional 657,334 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Fastly by 52.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 51,212 shares of the company’s stock valued at $664,000 after acquiring an additional 17,536 shares in the last quarter. Qsemble Capital Management LP bought a new position in Fastly in the 2nd quarter valued at about $586,000. Finally, SG Americas Securities LLC lifted its position in Fastly by 77.5% in the 3rd quarter. SG Americas Securities LLC now owns 221,357 shares of the company’s stock valued at $1,676,000 after acquiring an additional 96,664 shares in the last quarter. Institutional investors own 79.71% of the company’s stock.

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.