Citigroup Forecasts Strong Price Appreciation for Fastly (NYSE:FSLY) Stock

Fastly (NYSE:FSLY) had its price target lifted by equities researchers at Citigroup from $9.00 to $10.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 4.77% from the company’s previous close.

FSLY has been the topic of a number of other reports. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price target on the stock in a research report on Monday, December 2nd. DA Davidson upped their price target on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Craig Hallum boosted their price objective on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada raised their price objective on Fastly from $7.00 to $10.00 and gave the stock a “sector perform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Fastly has an average rating of “Hold” and an average price target of $8.85.

Fastly Stock Performance

FSLY stock traded up $0.14 during midday trading on Friday, hitting $9.55. 1,054,615 shares of the stock traded hands, compared to its average volume of 2,104,449. The firm has a market cap of $1.34 billion, a P/E ratio of -8.76 and a beta of 1.24. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The stock’s fifty day simple moving average is $9.11 and its 200-day simple moving average is $7.77. Fastly has a 1-year low of $5.52 and a 1-year high of $25.87.

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

Insider Transactions at Fastly

In other Fastly news, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.12, for a total value of $98,763.56. Following the completion of the transaction, the chief executive officer now owns 1,588,810 shares in the company, valued at approximately $12,901,137.20. This represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Artur Bergman sold 49,178 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total transaction of $396,866.46. Following the completion of the transaction, the chief technology officer now owns 6,155,822 shares of the company’s stock, valued at $49,677,483.54. This represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 241,741 shares of company stock worth $1,993,300. Company insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Institutional investors and hedge funds have recently modified their holdings of the company. Point72 DIFC Ltd acquired a new position in shares of Fastly during the 2nd quarter worth $38,000. FMR LLC increased its stake in shares of Fastly by 124.2% during the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock worth $48,000 after purchasing an additional 3,522 shares in the last quarter. Aigen Investment Management LP acquired a new position in shares of Fastly during the 3rd quarter worth approximately $89,000. Lombard Odier Asset Management USA Corp purchased a new stake in Fastly in the 2nd quarter valued at approximately $114,000. Finally, Blue Trust Inc. grew its holdings in Fastly by 15.2% during the 3rd quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock valued at $128,000 after buying an additional 2,296 shares during the last quarter. Institutional investors and hedge funds 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.