Fastly (NYSE:FSLY) Stock Price Up 6.4% – Here’s What Happened

Fastly, Inc. (NYSE:FSLY) rose 6.4% during mid-day trading on Friday . The stock traded as high as $10.72 and last traded at $10.57. Approximately 1,056,913 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 3,554,685 shares. The stock had previously closed at $9.93.

Analysts Set New Price Targets

FSLY has been the topic of several recent analyst reports. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price on the stock in a research note on Monday. DA Davidson increased their price target on shares of Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Royal Bank of Canada raised their price target on shares of Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a report on Thursday, November 7th. Robert W. Baird raised their price target on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a 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 report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.55.

Fastly Trading Up 5.1 %

The stock’s fifty day moving average price is $7.57 and its 200 day moving average price is $7.30. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The stock has a market capitalization of $1.46 billion, a P/E ratio of -9.81 and a beta of 1.27.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.08. The firm had revenue of $137.21 million during the quarter, compared to analysts’ expectations 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 revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.33) EPS. Research analysts forecast that Fastly, Inc. will post -0.86 earnings per share for the current year.

Insider Buying and Selling at Fastly

In related news, CEO Todd Nightingale sold 12,163 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.12, for a total transaction of $98,763.56. Following the completion of the transaction, the chief executive officer now directly owns 1,588,810 shares in the company, valued at $12,901,137.20. This represents a 0.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Artur Bergman sold 29,858 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $10.07, for a total value of $300,670.06. Following the transaction, the chief technology officer now owns 6,088,236 shares of the company’s stock, valued at approximately $61,308,536.52. The trade was a 0.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,600 shares of company stock valued at $1,402,681 over the last 90 days. 6.70% of the stock is owned by insiders.

Institutional Trading of Fastly

Institutional investors have recently modified their holdings of the company. Bank of Montreal Can raised its position in Fastly by 11,140.2% during the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock valued at $9,867,000 after buying an additional 1,293,490 shares during the period. Penserra Capital Management LLC increased its position in Fastly by 18.8% in the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after purchasing an additional 801,968 shares during the last quarter. Qsemble Capital Management LP acquired a new position in Fastly in the 2nd quarter worth about $586,000. SG Americas Securities LLC increased its position in Fastly by 77.5% in the 3rd quarter. SG Americas Securities LLC now owns 221,357 shares of the company’s stock worth $1,676,000 after purchasing an additional 96,664 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Fastly by 1,197.4% in 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 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.