Fastly (NYSE:FSLY) Stock Price Up 7.1% – Here’s Why

Fastly, Inc. (NYSE:FSLY)’s share price was up 7.1% on Friday . The stock traded as high as $8.50 and last traded at $8.48. Approximately 1,600,868 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 3,514,768 shares. The stock had previously closed at $7.92.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Piper Sandler increased their target price on Fastly from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. DA Davidson raised their target price on Fastly from $5.50 to $7.50 and gave the stock a “neutral” 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 report on Tuesday, October 1st. Royal Bank of Canada lifted their target price on Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a report on Thursday, November 7th. Finally, Robert W. Baird lifted their target price on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.94.

Fastly Stock Up 7.1 %

The company has a market cap of $1.19 billion, a price-to-earnings ratio of -7.27 and a beta of 1.24. The business’s 50 day simple moving average is $7.36 and its 200-day simple moving average is $7.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97.

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 the consensus estimate of ($0.06) by $0.08. The company had revenue of $137.21 million for the quarter, compared to analyst estimates of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the business posted ($0.33) EPS. Sell-side analysts expect that Fastly, Inc. will post -0.87 earnings per share for the current year.

Insider Buying and Selling at Fastly

In other news, CFO Ronald W. Kisling sold 16,102 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $100,637.50. Following the completion of the transaction, the chief financial officer now directly owns 542,462 shares in the company, valued at approximately $3,390,387.50. The trade was a 2.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Artur Bergman sold 19,889 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total transaction of $118,538.44. Following the completion of the transaction, the chief technology officer now owns 6,205,000 shares of the company’s stock, valued at $36,981,800. The trade was a 0.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,439 shares of company stock valued at $1,209,560. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its position in Fastly by 1.6% during 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. Public Employees Retirement System of Ohio purchased a new position in shares of Fastly during the third quarter worth approximately $183,000. XTX Topco Ltd purchased a new position in shares of Fastly in the third quarter worth $400,000. Zacks Investment Management bought a new stake in Fastly in the third quarter valued at $914,000. Finally, Quadrature Capital Ltd boosted its holdings in shares of Fastly by 84.2% during the 3rd quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock valued at $848,000 after buying an additional 51,224 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.