Fastly (NYSE:FSLY) Stock Price Up 8.1%

Shares of Fastly, Inc. (NYSE:FSLY) were up 8.1% on Thursday . The company traded as high as $6.43 and last traded at $6.40. Approximately 2,027,297 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 3,776,693 shares. The stock had previously closed at $5.92.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FSLY. Morgan Stanley lowered their price target on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, August 27th. Craig Hallum lowered their target price on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Raymond James reduced their price target on shares of Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a research note on Thursday, August 8th. Finally, Piper Sandler cut shares of Fastly from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $10.00 to $6.00 in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.81.

Fastly Stock Up 7.2 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13. The stock’s fifty day simple moving average is $6.81 and its two-hundred day simple moving average is $9.23. The stock has a market capitalization of $915.47 million, a P/E ratio of -6.71 and a beta of 1.20.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $132.37 million during the quarter, compared to the consensus estimate of $131.62 million. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. Fastly’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.32) earnings per share. As a group, research analysts expect that Fastly, Inc. will post -0.96 EPS for the current fiscal year.

Insider Activity at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the completion of the transaction, the chief financial officer now owns 593,506 shares in the company, valued at approximately $4,314,788.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Fastly news, CFO Ronald W. Kisling sold 12,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $7.27, for a total transaction of $87,240.00. Following the completion of the sale, the chief financial officer now directly owns 593,506 shares in the company, valued at approximately $4,314,788.62. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Artur Bergman sold 19,889 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total value of $118,538.44. Following the completion of the transaction, the chief technology officer now directly owns 6,205,000 shares in the company, valued at $36,981,800. The disclosure for this sale can be found here. Insiders have sold 155,450 shares of company stock worth $990,251 over the last ninety days. Insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Several large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its stake in Fastly by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock worth $133,000 after acquiring an additional 863 shares in the last quarter. EntryPoint Capital LLC raised its holdings in shares of Fastly by 41.1% during the first quarter. EntryPoint Capital LLC now owns 5,644 shares of the company’s stock valued at $73,000 after purchasing an additional 1,643 shares during the period. Principal Financial Group Inc. boosted its position in shares of Fastly by 13.4% during the 1st quarter. Principal Financial Group Inc. now owns 16,063 shares of the company’s stock worth $208,000 after purchasing an additional 1,897 shares in the last quarter. CWM LLC grew its stake in shares of Fastly by 10.5% in the 2nd quarter. CWM LLC now owns 22,266 shares of the company’s stock valued at $164,000 after buying an additional 2,121 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Fastly by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock valued at $503,000 after buying an additional 2,128 shares in the last quarter. 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.