Fastly (NYSE:FSLY) Issues FY 2024 Earnings Guidance

Fastly (NYSE:FSLY) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of -0.120–0.080 for the period, compared to the consensus earnings per share estimate of -0.150. The company issued revenue guidance of $539.0 million-$543.0 million, compared to the consensus revenue estimate of $535.0 million. Fastly also updated its Q4 guidance to ($0.02) to $0.02 EPS.

Analyst Ratings Changes

FSLY has been the topic of several research analyst reports. Craig Hallum boosted their price target on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research note on Thursday. Morgan Stanley decreased their target price on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Piper Sandler raised their price target on Fastly from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday. Royal Bank of Canada raised their target price on shares of Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a report on Thursday. Finally, Robert W. Baird increased their price objective on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.94.

Fastly Stock Performance

Shares of FSLY traded down $0.50 during midday trading on Friday, hitting $7.67. The stock had a trading volume of 4,691,265 shares, compared to its average volume of 2,557,700. Fastly has a 1 year low of $5.52 and a 1 year high of $25.87. The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.35. The stock’s 50 day moving average is $7.09 and its 200 day moving average is $7.61.

Fastly (NYSE:FSLY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The company had revenue of $132.37 million for the quarter, compared to the consensus estimate of $131.62 million. Fastly had a negative return on equity of 13.19% and a negative net margin of 27.47%. Fastly’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.32) EPS. Research analysts anticipate that Fastly will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $408,287.88. Following the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total transaction of $53,930.76. Following the sale, the chief financial officer now owns 558,564 shares of the company’s stock, valued at approximately $4,044,003.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Nightingale sold 66,066 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the completion of the transaction, the chief executive officer now directly owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 192,628 shares of company stock valued at $1,287,959. Corporate insiders own 6.70% of the company’s stock.

Fastly Company Profile

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.