Fastly (NYSE:FSLY) Releases Q3 2024 Earnings Guidance

Fastly (NYSE:FSLY) updated its third quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of -0.080–0.030 for the period, compared to the consensus estimate of -0.020. The company issued revenue guidance of $130.0 million-$134.0 million, compared to the consensus revenue estimate of $140.1 million. Fastly also updated its FY 2024 guidance to -0.160–0.110 EPS.

Analyst Ratings Changes

A number of brokerages recently weighed in on FSLY. Piper Sandler lowered their target price on shares of Fastly from $11.00 to $10.00 and set an overweight rating on the stock in a report on Monday, July 15th. DA Davidson cut shares of Fastly from a buy rating to a neutral rating and reduced their price objective for the stock from $24.00 to $8.50 in a research report on Thursday, May 2nd. Citigroup reduced their price objective on shares of Fastly from $15.00 to $10.00 and set a neutral rating for the company in a research report on Thursday, May 9th. Bank of America cut shares of Fastly from a buy rating to an underperform rating and reduced their price objective for the stock from $18.00 to $8.00 in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada reduced their price objective on shares of Fastly from $18.00 to $9.00 and set a sector perform rating for the company in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $12.93.

Fastly Price Performance

FSLY traded down $0.16 during trading on Wednesday, hitting $6.84. 9,136,779 shares of the stock traded hands, compared to its average volume of 3,767,241. Fastly has a twelve month low of $6.65 and a twelve month high of $25.87. The company has a market cap of $934.60 million, a price-to-earnings ratio of -6.84 and a beta of 1.13. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.83 and a quick ratio of 3.83. The business has a 50 day moving average price of $7.52 and a 200 day moving average price of $11.76.

Insider Buying and Selling at Fastly

In other Fastly news, CEO Todd Nightingale sold 65,447 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $8.84, for a total transaction of $578,551.48. Following the completion of the transaction, the chief executive officer now directly owns 1,741,181 shares in the company, valued at $15,392,040.04. The sale 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 business’s stock in a transaction 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 sale, the chief financial officer now owns 593,506 shares of the company’s stock, valued at $4,314,788.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Nightingale sold 65,447 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $8.84, for a total transaction of $578,551.48. Following the sale, the chief executive officer now directly owns 1,741,181 shares in the company, valued at approximately $15,392,040.04. The disclosure for this sale can be found here. Insiders sold a total of 135,217 shares of company stock worth $1,176,853 over the last three months. 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.