Fastly (NYSE:FSLY) Stock Price Down 7% – Here’s What Happened

Fastly, Inc. (NYSE:FSLY)’s share price traded down 7% during mid-day trading on Friday . The stock traded as low as $6.60 and last traded at $6.60. 937,739 shares were traded during mid-day trading, a decline of 73% from the average session volume of 3,530,651 shares. The stock had previously closed at $7.10.

Analyst Ratings Changes

FSLY has been the subject of a number of research analyst reports. Royal Bank of Canada raised their price target on Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 7th. Craig Hallum upped their price objective on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. DA Davidson boosted their target price on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Robert W. Baird upped their price target on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley cut their price target on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.94.

Fastly Trading Down 10.0 %

The stock has a market capitalization of $896.52 million, a price-to-earnings ratio of -6.02 and a beta of 1.24. The company’s 50-day moving average is $7.18 and its 200-day moving average is $7.45. The company has a quick ratio of 4.13, a current ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The business had revenue of $137.21 million during the quarter, compared to analyst estimates of $131.86 million. During the same quarter last year, the firm posted ($0.33) earnings per share. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. Research analysts anticipate that Fastly, Inc. will post -0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Todd Nightingale sold 12,163 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.25, for a total transaction of $76,018.75. Following the completion of the transaction, the chief executive officer now owns 1,650,789 shares of the company’s stock, valued at $10,317,431.25. This represents a 0.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Artur Bergman sold 19,889 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total transaction 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 approximately $36,981,800. This represents a 0.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 93,881 shares of company stock valued at $677,703. 6.70% of the stock is currently owned by company insiders.

Institutional Trading of Fastly

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co boosted its stake in shares of Fastly by 94.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after buying an additional 466,560 shares during the last quarter. Vanguard Group Inc. grew its holdings in Fastly by 5.1% during the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $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 worth about $586,000. SG Americas Securities LLC boosted its position in shares of Fastly by 77.5% in the 3rd 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 period. Finally, Marshall Wace LLP boosted 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 acquiring an additional 139,520 shares during the period. 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.