Fastly (NYSE:FSLY) Downgraded by Piper Sandler to “Neutral” (2024)

Posted by Defense World Staff on Aug 8th, 2024

Fastly (NYSE:FSLY – Get Free Report) was downgraded by Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Thursday, Marketbeat Ratings reports. They currently have a $6.00 price objective on the stock, down from their previous price objective of $10.00. Piper Sandler’s target price suggests a potential downside of 12.28% from the stock’s current price.

Several other research analysts also recently commented on the company. Royal Bank of Canada lowered their target price on Fastly from $18.00 to $9.00 and set a “sector perform” rating for the company in a research note on Thursday, May 2nd. DA Davidson lowered shares of Fastly from a “buy” rating to a “neutral” rating and cut their target price for the company from $24.00 to $8.50 in a research report on Thursday, May 2nd. Citigroup dropped their price target on Fastly from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Finally, Bank of America lowered shares of Fastly from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $18.00 to $8.00 in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $12.36.

Read Our Latest Stock Analysis on FSLY

Fastly Trading Down 2.3 %

Shares of FSLY opened at $6.84 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.83 and a current ratio of 3.83. Fastly has a 52-week low of $6.65 and a 52-week high of $25.87. The firm has a market cap of $934.60 million, a price-to-earnings ratio of -6.84 and a beta of 1.13. The business’s fifty day moving average is $7.50 and its 200-day moving average is $11.73.

Insider Buying and Selling

In related news, CFO Ronald W. Kisling sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $7.27, for a total transaction of $87,240.00. Following the transaction, the chief financial officer now directly owns 593,506 shares of the company’s stock, valued at approximately $4,314,788.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Todd Nightingale sold 65,447 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $8.84, for a total value of $578,551.48. Following the sale, the chief executive officer now owns 1,741,181 shares in the company, valued at approximately $15,392,040.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 12,000 shares of Fastly stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $7.27, for a total value of $87,240.00. Following the transaction, the chief financial officer now owns 593,506 shares of the company’s stock, valued at approximately $4,314,788.62. The disclosure for this sale can be found here. Insiders have sold a total of 135,217 shares of company stock valued at $1,176,853 over the last ninety days. 6.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fastly

Institutional investors have recently bought and sold shares of the stock. Raymond James & Associates boosted its holdings in Fastly by 168.0% during the 4th quarter. Raymond James & Associates now owns 166,042 shares of the company’s stock worth $2,956,000 after acquiring an additional 104,096 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Fastly in the 4th quarter worth about $61,000. Allworth Financial LP lifted its position in shares of Fastly by 1,420.9% during the 4th quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock worth $38,000 after buying an additional 1,975 shares in the last quarter. Strs Ohio boosted its stake in shares of Fastly by 100.0% in the 4th quarter. Strs Ohio now owns 6,800 shares of the company’s stock worth $121,000 after buying an additional 3,400 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Fastly by 42.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,006 shares of the company’s stock worth $481,000 after buying an additional 7,995 shares during the last quarter. Institutional investors own 79.71% of the company’s stock.

Fastly Company Profile

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