Fastly (NYSE:FSLY) Trading Up 6.9% – Here’s What Happened

Fastly, Inc. (NYSE:FSLY)’s share price was up 6.9% on Thursday . The company traded as high as $10.34 and last traded at $10.36. Approximately 1,335,350 shares changed hands during trading, a decline of 39% from the average daily volume of 2,187,004 shares. The stock had previously closed at $9.69.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FSLY. Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective on the stock in a research note on Monday, December 2nd. Piper Sandler lifted their price target on Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. DA Davidson raised their price objective on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Citigroup lifted their target price on Fastly from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $8.85.

Fastly Trading Up 7.8 %

The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average is $9.28 and its 200 day moving average is $7.84. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -9.58 and a beta of 1.24.

Fastly (NYSE:FSLY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.08. The company had revenue of $137.21 million for the quarter, compared to analyst estimates of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. Fastly’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.33) earnings per share. On average, equities analysts predict that Fastly, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Artur Bergman sold 16,922 shares of Fastly stock in a transaction on Monday, November 18th. The shares were sold at an average price of $6.25, for a total transaction of $105,762.50. Following the completion of the transaction, the chief technology officer now owns 6,138,900 shares of the company’s stock, valued at $38,368,125. This trade represents a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ronald W. Kisling sold 6,038 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $9.45, for a total transaction of $57,059.10. Following the sale, the chief financial officer now directly owns 519,812 shares in the company, valued at $4,912,223.40. This trade represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 247,779 shares of company stock valued at $2,050,359. Company insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd bought a new position in shares of Fastly during the 2nd quarter worth approximately $38,000. FMR LLC lifted its position in shares of Fastly by 124.2% during the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after acquiring an additional 3,522 shares during the period. Aigen Investment Management LP bought a new position in Fastly during the third quarter worth $89,000. Blue Trust Inc. grew its holdings in Fastly by 15.2% in the third quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after purchasing an additional 2,296 shares during the period. Finally, Cim Investment Management Inc. bought a new stake in Fastly in the second quarter valued at $144,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

About Fastly

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.