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

Fastly (NYSE:FSLY) had its target price raised by stock analysts at Royal Bank of Canada from $7.00 to $10.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 6.50% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Raymond James cut shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Craig Hallum lifted their price target on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Oppenheimer upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a report on Monday, December 2nd. Piper Sandler boosted their price target on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Robert W. Baird raised their price objective on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Fastly has a consensus rating of “Hold” and a consensus price target of $8.85.

Fastly Stock Performance

Shares of Fastly stock traded up $0.18 on Friday, reaching $9.39. 832,201 shares of the company were exchanged, compared to its average volume of 1,706,422. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -8.61 and a beta of 1.27. The company’s 50-day moving average is $8.73 and its two-hundred day moving average is $7.62. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97. Fastly has a 1-year low of $5.52 and a 1-year high of $25.87.

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

Insider Activity at Fastly

In other news, CEO Todd Nightingale sold 49,816 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $311,350.00. Following the sale, the chief executive officer now owns 1,600,973 shares in the company, valued at approximately $10,006,081.25. This trade represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Artur Bergman sold 49,178 shares of the firm’s stock in a transaction 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 in the company, valued at $49,677,483.54. This represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 228,641 shares of company stock valued at $1,841,418. Insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new position in shares of Fastly in the 2nd quarter valued at $38,000. FMR LLC lifted its stake in Fastly by 124.2% during the third quarter. FMR LLC now owns 6,357 shares of the company’s stock worth $48,000 after purchasing an additional 3,522 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Fastly by 95.3% during the second quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock valued at $65,000 after acquiring an additional 4,318 shares during the period. Aigen Investment Management LP acquired a new position in Fastly in the third quarter valued at about $89,000. Finally, Lombard Odier Asset Management USA Corp acquired a new stake in Fastly during the 2nd quarter valued at $114,000. 79.71% of the stock is 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.