Fastly (NYSE:FSLY) Shares Gap Up – Still a Buy?

Fastly, Inc. (NYSE:FSLY) gapped up prior to trading on Wednesday . The stock had previously closed at $11.33, but opened at $11.79. Fastly shares last traded at $11.60, with a volume of 940,543 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Piper Sandler increased their price target on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Royal Bank of Canada raised their target price on Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a research report on Thursday, November 7th. Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research note on Monday, December 2nd. Finally, Craig Hallum lifted their target price on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.55.

Fastly Trading Up 0.9 %

The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97. The firm has a market cap of $1.60 billion, a P/E ratio of -10.39 and a beta of 1.27. The stock has a fifty day simple moving average of $8.12 and a 200 day simple moving average of $7.42.

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

Insider Transactions at Fastly

In other Fastly news, CTO Artur Bergman sold 49,178 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total value of $396,866.46. Following the completion of the sale, the chief technology officer now owns 6,155,822 shares in the company, valued at approximately $49,677,483.54. This trade represents a 0.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Todd Nightingale sold 49,816 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $6.25, for a total value of $311,350.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,973 shares of the company’s stock, valued at approximately $10,006,081.25. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 215,241 shares of company stock valued at $1,699,684 over the last 90 days. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Penserra Capital Management LLC grew its position in shares of Fastly by 18.8% in the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock valued at $38,418,000 after buying an additional 801,968 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Fastly by 1.6% in the third quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after purchasing an additional 46,951 shares during the period. Bank of Montreal Can raised its holdings in Fastly by 11,140.2% during the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after purchasing an additional 1,293,490 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Fastly by 18.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company’s stock valued at $8,006,000 after acquiring an additional 161,070 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Fastly by 461.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after buying an additional 621,680 shares during the last quarter. 79.71% of the stock is currently owned by institutional investors.

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.