Fastly (NYSE:FSLY) Issues FY24 Earnings Guidance

Fastly (NYSE:FSLY) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of ($0.16)-($0.11) for the period, compared to the consensus earnings per share estimate of ($0.11). The company issued revenue guidance of $530-$540 million, compared to the consensus revenue estimate of $557.85 million. Fastly also updated its Q3 guidance to ($0.08)-($0.03) EPS.

Fastly Stock Down 2.3 %

Fastly stock traded down $0.16 during mid-day trading on Wednesday, hitting $6.84. The company’s stock had a trading volume of 8,637,755 shares, compared to its average volume of 3,764,825. Fastly has a 52-week low of $6.65 and a 52-week high of $25.87. The company has a market cap of $934.60 million, a PE ratio of -6.84 and a beta of 1.13. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.83 and a quick ratio of 3.83. The firm’s 50 day moving average is $7.52 and its 200 day moving average is $11.76.

Analyst Ratings Changes

FSLY has been the topic of a number of research analyst reports. Piper Sandler lowered their price objective on shares of Fastly from $11.00 to $10.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Bank of America lowered Fastly from a buy rating to an underperform rating and cut their price objective for the stock from $18.00 to $8.00 in a report on Thursday, May 2nd. Citigroup lowered their target price on Fastly from $15.00 to $10.00 and set a neutral rating on the stock in a research note on Thursday, May 9th. DA Davidson lowered Fastly from a buy rating to a neutral rating and reduced their price target for the company from $24.00 to $8.50 in a report on Thursday, May 2nd. Finally, Royal Bank of Canada cut their price objective on shares of Fastly from $18.00 to $9.00 and set a sector perform rating on the stock in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $12.93.

Insider Transactions at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 2,919 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $8.92, for a total transaction of $26,037.48. Following the completion of the sale, the chief financial officer now directly owns 606,712 shares in the company, valued at $5,411,871.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fastly news, CFO Ronald W. Kisling sold 2,919 shares of Fastly stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $8.92, for a total value of $26,037.48. Following the transaction, the chief financial officer now directly owns 606,712 shares of the company’s stock, valued at approximately $5,411,871.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Todd Nightingale sold 65,447 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $8.84, for a total value of $578,551.48. Following the completion of the sale, the chief executive officer now directly owns 1,741,181 shares of the company’s stock, valued at $15,392,040.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 135,217 shares of company stock worth $1,176,853. 6.70% of the stock is owned by insiders.

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.