What Made Oppenheimer Downgrade Fastly’s Stock?

In a report released today, Timothy Horan from Oppenheimer downgraded Fastly (FSLYResearch Report) to Hold. The company’s shares closed last Wednesday at $108.92, close to its 52-week high of $117.79.

According to TipRanks.com, Horan is a top 100 analyst with an average return of 18.6% and a 74.2% success rate. Horan covers the Technology sector, focusing on stocks such as Limelight Networks, GTT Communications, and Boingo Wireless.

The word on The Street in general, suggests a Hold analyst consensus rating for Fastly with a $74.20 average price target, representing a -34.9% downside. In a report released today, Piper Sandler also maintained a Hold rating on the stock with a $88.00 price target.

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Based on Fastly’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $62.92 million and GAAP net loss of $11.99 million. In comparison, last year the company earned revenue of $45.56 million and had a GAAP net loss of $9.73 million.

Based on the recent corporate insider activity of 146 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FSLY in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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, Simon Wistow, and Gil Penchina in March 2011 and is headquartered in San Francisco, CA.