Zacks Investment Research upgraded shares of Fastly (NYSE:FSLY) from a hold rating to a buy rating in a research note published on Wednesday, Zacks.com reports. The brokerage currently has $41.00 target price on the stock.
According to Zacks, “Fastly Inc. provides infrastructure software. The Company offers cloud computing, image optimization, security, edge computer technology and streaming solutions. Fastly Inc. is based in San Francisco, United States. “
FSLY has been the subject of several other research reports. Royal Bank of Canada increased their target price on shares of Fastly from $36.00 to $50.00 and gave the stock a sector perform rating in a research note on Thursday, November 4th. Raymond James raised shares of Fastly from a market perform rating to an outperform rating and set a $42.00 price target on the stock in a research report on Friday, December 3rd. Finally, Morgan Stanley began coverage on shares of Fastly in a research report on Monday, January 3rd. They set an equal weight rating and a $43.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $44.89.
Shares of FSLY stock opened at $33.01 on Wednesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 6.71 and a quick ratio of 6.71. The firm has a market cap of $3.88 billion, a PE ratio of -18.04 and a beta of 1.24. The company has a 50-day moving average of $41.75 and a two-hundred day moving average of $45.19. Fastly has a 1-year low of $30.70 and a 1-year high of $122.75.
Fastly (NYSE:FSLY) last announced its earnings results on Wednesday, November 3rd. The company reported ($0.11) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.34. The company had revenue of $86.74 million during the quarter, compared to analyst estimates of $84.23 million. Fastly had a negative net margin of 62.16% and a negative return on equity of 17.85%. During the same quarter last year, the firm posted ($0.15) earnings per share. Sell-side analysts anticipate that Fastly will post -1.65 EPS for the current fiscal year.
In related news, EVP Brett Shirk sold 9,440 shares of the firm’s stock in a transaction that occurred on Tuesday, November 16th. The shares were sold at an average price of $49.12, for a total value of $463,692.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Artur Bergman sold 11,163 shares of the firm’s stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $51.68, for a total transaction of $576,903.84. The disclosure for this sale can be found here. Insiders have sold 72,127 shares of company stock worth $3,488,899 in the last three months. Corporate insiders own 10.32% of the company’s stock.
Large investors have recently modified their holdings of the stock. Sandy Spring Bank increased its stake in Fastly by 273.0% in the second quarter. Sandy Spring Bank now owns 455 shares of the company’s stock valued at $27,000 after purchasing an additional 333 shares during the last quarter. Activest Wealth Management purchased a new position in Fastly in the second quarter valued at approximately $36,000. Tortoise Investment Management LLC purchased a new position in Fastly in the third quarter valued at approximately $36,000. First Horizon Advisors Inc. purchased a new position in Fastly in the second quarter valued at approximately $38,000. Finally, Sonora Investment Management LLC increased its stake in Fastly by 175.0% in the third quarter. Sonora Investment Management LLC now owns 1,100 shares of the company’s stock valued at $44,000 after purchasing an additional 700 shares during the last quarter. 63.58% of the stock is currently owned by hedge funds and other institutional investors.
Fastly Company Profile
Fastly, Inc provides real-time content delivery network services. It offers edge cloud platform, edge software development kit (SDK), content delivery and image optimization, video and streaming, cloud security, load balancing, and managed CDN. The company was founded by Artur Bergman, Tyler McMullen, Simon Wistow, and Gil Penchina in March 2011 and is headquartered in San Francisco, CA.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Want More Great Investing Ideas?