Fastly (NYSE:FSLY) Releases Earnings Results, Beats Estimates By $0.01 EPS

Fastly (NYSE:FSLY) issued its earnings results on Wednesday. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01, Briefing.com reports. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. The company had revenue of $132.37 million for the quarter, compared to analysts’ expectations of $131.62 million. During the same period last year, the business earned ($0.32) EPS. Fastly’s quarterly revenue was up 7.8% compared to the same quarter last year.

Fastly Stock Performance

FSLY traded down $0.19 during trading on Friday, hitting $5.67. 5,000,073 shares of the company traded hands, compared to its average volume of 3,833,700. Fastly has a one year low of $5.52 and a one year high of $25.87. The stock’s fifty day moving average is $7.41 and its 200 day moving average is $11.52. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. The firm has a market cap of $774.74 million, a P/E ratio of -5.67 and a beta of 1.13.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Bank of America downgraded shares of Fastly from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $18.00 to $8.00 in a research report on Thursday, May 2nd. Piper Sandler lowered Fastly from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $10.00 to $6.00 in a report on Thursday. Craig Hallum lowered their price target on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday. Citigroup reduced their target price on shares of Fastly from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Finally, Raymond James dropped 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 report on Thursday. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, Fastly presently has an average rating of “Hold” and an average target price of $7.93.

Insiders Place Their Bets

In related news, CFO Ronald W. Kisling sold 2,919 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $8.92, for a total value of $26,037.48. Following the transaction, the chief financial officer now owns 606,712 shares in the company, valued at $5,411,871.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Ronald W. Kisling sold 2,919 shares of Fastly stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $8.92, for a total value of $26,037.48. Following the completion of the sale, the chief financial officer now owns 606,712 shares of the company’s stock, valued at approximately $5,411,871.04. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 12,000 shares of the company’s stock in a transaction dated 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 directly owns 593,506 shares in the company, valued at $4,314,788.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 135,217 shares of company stock valued at $1,176,853. Company insiders own 6.70% 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.