Fastly (NYSE:FSLY) Trading Down 6.4% – What’s Next?

Shares of Fastly, Inc. (NYSE:FSLY) were down 6.4% on Friday . The stock traded as low as $8.79 and last traded at $8.82. Approximately 461,136 shares traded hands during trading, a decline of 77% from the average daily volume of 2,043,911 shares. The stock had previously closed at $9.42.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FSLY shares. Craig Hallum increased their price target on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective on the stock in a research report on Monday, December 2nd. DA Davidson lifted their price target on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada lifted their target price on Fastly from $7.00 to $10.00 and gave the company a “sector perform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.85.

Fastly Price Performance

The company’s 50-day moving average price is $8.96 and its two-hundred day moving average price is $7.71. 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 company has a market capitalization of $1.24 billion, a P/E ratio of -8.14 and a beta of 1.24.

Fastly (NYSE:FSLY) last announced 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 the consensus estimate of $131.86 million. During the same period in the previous year, the business earned ($0.33) earnings per share. The company’s revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts expect that Fastly, Inc. will post -0.86 EPS for the current year.

Insider Activity

In other news, CEO Todd Nightingale sold 49,816 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $6.25, for a total transaction of $311,350.00. Following the completion of the transaction, the chief executive officer now owns 1,600,973 shares of the company’s stock, valued at approximately $10,006,081.25. This trade represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Artur Bergman sold 49,178 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total transaction of $396,866.46. Following the completion of the sale, the chief technology officer now directly owns 6,155,822 shares in the company, valued at approximately $49,677,483.54. This represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 249,190 shares of company stock worth $2,047,230. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

A number of institutional investors and hedge funds have recently modified their holdings of FSLY. The Manufacturers Life Insurance Company boosted its position in shares of Fastly by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock valued at $503,000 after buying an additional 2,128 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Fastly by 15.2% in the 3rd quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after acquiring an additional 2,296 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Fastly by 10.3% in the second quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock valued at $263,000 after purchasing an additional 3,338 shares during the last quarter. FMR LLC lifted its position in shares of Fastly by 124.2% during the third quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after purchasing an additional 3,522 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in shares of Fastly by 95.3% during the second quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock valued at $65,000 after purchasing an additional 4,318 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors.

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.