Fastly (NYSE:FSLY) Stock Price Up 5.2% – What’s Next?

Fastly, Inc. (NYSE:FSLY) was up 5.2% during mid-day trading on Thursday . The company traded as high as $6.83 and last traded at $6.82. Approximately 377,660 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 3,513,754 shares. The stock had previously closed at $6.48.

Analysts Set New Price Targets

Several brokerages recently issued reports on FSLY. Royal Bank of Canada increased their price objective on Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 7th. Raymond James lowered Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Piper Sandler upped their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Robert W. Baird raised their target price on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley lowered their price target on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.94.

Fastly Stock Performance

The business’s 50-day moving average price is $7.29 and its 200-day moving average price is $7.29. 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 stock has a market cap of $1.11 billion, a PE ratio of -7.24 and a beta of 1.24.

Fastly (NYSE:FSLY) last issued 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. The business had revenue of $137.21 million for the quarter, compared to the consensus estimate of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.33) earnings per share. As a group, equities research analysts expect that Fastly, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Artur Bergman sold 19,889 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total value of $118,538.44. Following the transaction, the chief technology officer now directly owns 6,205,000 shares of the company’s stock, valued at $36,981,800. This represents a 0.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 16,102 shares of Fastly stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $6.25, for a total value of $100,637.50. Following the sale, the chief financial officer now directly owns 542,462 shares of the company’s stock, valued at approximately $3,390,387.50. This represents a 2.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 160,548 shares of company stock worth $1,094,142 over the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastly

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Fastly by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock valued at $176,152,000 after acquiring an additional 657,334 shares during the period. Qsemble Capital Management LP acquired a new position in Fastly during the second quarter valued at $586,000. SG Americas Securities LLC boosted its holdings in Fastly by 77.5% in the third quarter. SG Americas Securities LLC now owns 221,357 shares of the company’s stock valued at $1,676,000 after purchasing an additional 96,664 shares during the last quarter. Marshall Wace LLP grew its position in Fastly by 1,197.4% during the 2nd quarter. Marshall Wace LLP now owns 151,172 shares of the company’s stock worth $1,114,000 after purchasing an additional 139,520 shares during the period. Finally, Point72 Asset Management L.P. raised its stake 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. Hedge funds and other institutional investors 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.