Fastly (NYSE:FSLY) Shares Gap Up – What’s Next?

Fastly, Inc. (NYSE:FSLY) gapped up prior to trading on Monday . The stock had previously closed at $8.48, but opened at $9.22. Fastly shares last traded at $9.98, with a volume of 3,283,487 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FSLY shares. DA Davidson lifted their price objective on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a research note on Monday. Raymond James downgraded shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Robert W. Baird upped their price objective 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, Royal Bank of Canada boosted their price target on Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.35.

Fastly Price Performance

The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -9.06 and a beta of 1.24. 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’s 50 day simple moving average is $7.39 and its two-hundred day simple moving average is $7.25.

Fastly (NYSE:FSLY) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.08. The company had revenue of $137.21 million for the quarter, compared to the consensus estimate of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.33) earnings per share. On average, analysts forecast that Fastly, Inc. will post -0.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Artur Bergman sold 19,889 shares of Fastly stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total transaction of $118,538.44. Following the completion of the sale, the chief technology officer now owns 6,205,000 shares in the company, valued at $36,981,800. The trade was a 0.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Nightingale sold 12,163 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 approximately $12,901,137.20. The trade was a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 174,439 shares of company stock valued at $1,209,560. 6.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fastly

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in Fastly by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after buying an additional 46,951 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Fastly during the 3rd quarter valued at about $183,000. XTX Topco Ltd acquired a new position in shares of Fastly in the 3rd quarter valued at approximately $400,000. Zacks Investment Management acquired a new stake in shares of Fastly during the third quarter worth $914,000. Finally, Quadrature Capital Ltd boosted its stake in Fastly by 84.2% in the 3rd quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock worth $848,000 after purchasing an additional 51,224 shares during the period. 79.71% of the stock is 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.