Fastly, Inc. (NYSE:FSLY – Get Rating)’s stock price reached a new 52-week low on Friday after Citigroup lowered their price target on the stock from $22.00 to $14.00. The company traded as low as $12.64 and last traded at $12.79, with a volume of 54595 shares changing hands. The stock had previously closed at $13.81.
A number of other research firms also recently commented on FSLY. Morgan Stanley reduced their target price on Fastly from $25.00 to $18.00 in a report on Thursday. Bank of America reduced their target price on Fastly from $28.00 to $16.00 in a report on Tuesday, March 22nd. William Blair reaffirmed a “market perform” rating on shares of Fastly in a research note on Thursday, January 20th. KeyCorp began coverage on Fastly in a research note on Tuesday, January 18th. They set a “sector weight” rating for the company. Finally, Piper Sandler cut their price target on Fastly from $35.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, February 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fastly currently has an average rating of “Hold” and an average price target of $30.70
In other Fastly news, CEO Joshua Bixby sold 11,785 shares of Fastly stock in a transaction dated Wednesday, February 16th. The stock was sold at an average price of $28.64, for a total value of $337,522.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brett Shirk sold 2,888 shares of Fastly stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $13.96, for a total value of $40,316.48. The disclosure for this sale can be found here. Insiders sold a total of 39,428 shares of company stock valued at $996,487 in the last three months. 10.32% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. grew its holdings in Fastly by 4.0% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 7,175 shares of the company’s stock valued at $290,000 after buying an additional 275 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of Fastly by 10.2% during the 3rd quarter. Geneos Wealth Management Inc. now owns 4,325 shares of the company’s stock worth $175,000 after purchasing an additional 400 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Fastly by 14.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 4,135 shares of the company’s stock worth $167,000 after purchasing an additional 519 shares during the period. Penserra Capital Management LLC grew its holdings in shares of Fastly by 38.0% during the 4th quarter. Penserra Capital Management LLC now owns 2,048 shares of the company’s stock worth $72,000 after purchasing an additional 564 shares during the period. Finally, Sonora Investment Management LLC grew its holdings in shares of Fastly by 175.0% during the 3rd quarter. Sonora Investment Management LLC now owns 1,100 shares of the company’s stock worth $44,000 after purchasing an additional 700 shares during the period. Institutional investors own 65.08% of the company’s stock.
The company has a debt-to-equity ratio of 0.94, a quick ratio of 4.74 and a current ratio of 4.74. The firm has a market cap of $1.55 billion, a PE ratio of -6.84 and a beta of 1.48. The stock has a fifty day moving average price of $17.05 and a 200-day moving average price of $29.98.
Fastly (NYSE:FSLY – Get Rating) last issued its earnings results on Wednesday, May 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Fastly had a negative return on equity of 19.14% and a negative net margin of 62.85%. The firm had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $98.94 million. During the same quarter in the previous year, the firm posted ($0.39) EPS. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, equities analysts predict that Fastly, Inc. will post -1.77 earnings per share for the current fiscal year.
Fastly Company Profile (NYSE:FSLY)
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.