Piper Jaffray Companies lowered shares of Fastly (NYSE:FSLY) from an overweight rating to a neutral rating in a research report sent to investors on Friday morning, Briefing.com Automated Import reports. They currently have $24.00 price target on the stock, up from their prior price target of $21.00.
Several other brokerages have also issued reports on FSLY. Zacks Investment Research lowered shares of Fastly from a hold rating to a sell rating in a report on Thursday. Stifel Nicolaus set a $25.00 price target on shares of Fastly and gave the company a buy rating in a report on Friday, August 9th. Finally, Craig Hallum assumed coverage on shares of Fastly in a report on Friday, June 21st. They set a buy rating and a $24.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. Fastly presently has a consensus rating of Buy and a consensus target price of $25.31.
Shares of NYSE:FSLY traded down $1.08 during midday trading on Friday, hitting $23.00. The stock had a trading volume of 676,634 shares, compared to its average volume of 1,220,589. The stock has a 50-day moving average price of $27.14. Fastly has a fifty-two week low of $14.12 and a fifty-two week high of $35.25.
Fastly (NYSE:FSLY) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.03). The company had revenue of $46.17 million for the quarter, compared to the consensus estimate of $45.31 million. The company’s revenue was up 34.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.20) earnings per share. On average, sell-side analysts forecast that Fastly will post -0.59 EPS for the current fiscal year.
In other news, major shareholder Qualified Master Fund L. Abdiel purchased 359,071 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were purchased at an average price of $21.84 per share, for a total transaction of $7,842,110.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Qualified Master Fund L. Abdiel purchased 38,170 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $21.39 per share, for a total transaction of $816,456.30. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,505,219 shares of company stock worth $28,730,483 over the last three months.
Several hedge funds and other institutional investors have recently modified their holdings of FSLY. Abdiel Capital Advisors LP acquired a new position in shares of Fastly during the 2nd quarter valued at $45,696,000. Laurion Capital Management LP acquired a new position in shares of Fastly during the 2nd quarter valued at $1,470,000. Waddell & Reed Financial Inc. acquired a new position in shares of Fastly during the 2nd quarter valued at $22,879,000. Grantham Mayo Van Otterloo & Co. LLC acquired a new position in shares of Fastly during the 2nd quarter valued at $424,000. Finally, Monashee Investment Management LLC acquired a new position in shares of Fastly during the 2nd quarter valued at $231,000. Hedge funds and other institutional investors own 14.14% of the company’s stock.
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