Zacks Investment Research cut shares of Fastly (NYSE:FSLY) from a hold rating to a sell rating in a research report released on Thursday, Zacks.com reports.

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 reports. Raymond James initiated coverage on Fastly in a research note on Wednesday, June 12th. They issued a market perform rating and a $22.87 price objective for the company. Citigroup initiated coverage on Fastly in a research note on Wednesday, June 12th. They issued a neutral rating and a $23.00 price objective for the company. Stifel Nicolaus set a $25.00 price objective on Fastly and gave the company a buy rating in a research note on Friday, August 9th. Piper Jaffray Companies started coverage on Fastly in a research note on Wednesday, August 14th. They issued an overweight rating and a $21.00 price objective for the company. Finally, Craig Hallum started coverage on Fastly in a report on Friday, June 21st. They set a buy rating and a $24.00 target price on the stock. One 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. The company currently has a consensus rating of Buy and an average target price of $25.31.

NYSE FSLY traded down $1.08 during mid-day trading on Thursday, hitting $23.00. The stock had a trading volume of 670,738 shares, compared to its average volume of 1,220,589. Fastly has a 52-week low of $14.12 and a 52-week high of $35.25. The stock has a 50 day moving average price of $27.06.

Fastly (NYSE:FSLY) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.03). The company had revenue of $46.17 million during the quarter, compared to analysts’ expectations of $45.31 million. During the same period in the prior year, the firm earned ($0.20) earnings per share. Fastly’s quarterly revenue was up 34.0% compared to the same quarter last year. Equities research analysts anticipate that Fastly will post -0.59 earnings per share for the current year.

In related news, major shareholder Qualified Master Fund L. Abdiel bought 137,702 shares of the stock in a transaction on Thursday, July 18th. The shares were purchased at an average price of $21.29 per share, for a total transaction of $2,931,675.58. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel bought 359,071 shares of the stock in a transaction on Thursday, August 22nd. The shares were bought at an average price of $21.84 per share, for a total transaction of $7,842,110.64. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 1,505,219 shares of company stock worth $28,730,483.

Large investors have recently made changes to their positions in the business. Abdiel Capital Advisors LP acquired a new stake in shares of Fastly during the second quarter worth $45,696,000. Waddell & Reed Financial Inc. acquired a new stake in shares of Fastly during the second quarter worth $22,879,000. Putnam Investments LLC acquired a new stake in shares of Fastly during the second quarter worth $20,771,000. Vanguard Group Inc. acquired a new stake in shares of Fastly during the second quarter worth $20,698,000. Finally, BlackRock Inc. acquired a new stake in shares of Fastly during the second quarter worth $12,288,000. Hedge funds and other institutional investors own 14.14% of the company’s stock.

Further Reading: Treasury Bonds

Get a free copy of the Zacks research report on Fastly (FSLY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Fastly (NYSE:FSLY)

Receive News & Ratings for Fastly Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastly and related companies with MarketBeat.com's FREE daily email newsletter.