Fastly (NYSE:FSLY) Shares Up 6.9% – Here’s What Happened

Shares of Fastly, Inc. (NYSE:FSLY) shot up 6.9% during trading on Thursday . The stock traded as high as $10.34 and last traded at $10.36. 1,335,350 shares were traded during trading, a decline of 39% from the average session volume of 2,187,004 shares. The stock had previously closed at $9.69.

Analyst Ratings Changes

A number of analysts have recently issued reports on FSLY shares. Craig Hallum boosted their price objective on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Raymond James cut Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. DA Davidson raised their target price on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler upped their price target on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Robert W. Baird increased their price target on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.85.

Fastly Stock Performance

The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -9.41 and a beta of 1.24. The stock has a 50 day moving average price of $9.43 and a two-hundred day moving average price of $7.88.

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.08. The firm had revenue of $137.21 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted ($0.33) earnings per share. Analysts predict that Fastly, Inc. will post -0.86 EPS for the current year.

Insider Buying and Selling

In related news, CEO Todd Nightingale sold 49,816 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $311,350.00. Following the completion of the transaction, the chief executive officer now directly owns 1,600,973 shares of the company’s stock, valued at approximately $10,006,081.25. This represents a 3.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Artur Bergman sold 16,922 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $105,762.50. Following the transaction, the chief technology officer now directly owns 6,138,900 shares of the company’s stock, valued at $38,368,125. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 247,779 shares of company stock valued at $2,050,359 in the last 90 days. 6.70% of the stock is owned by insiders.

Institutional Trading of Fastly

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Effects LLC increased its holdings in shares of Fastly by 21.1% in the fourth quarter. Wealth Effects LLC now owns 28,651 shares of the company’s stock valued at $270,000 after purchasing an additional 5,000 shares during the last quarter. SG Americas Securities LLC grew its position in Fastly by 56.6% during the fourth quarter. SG Americas Securities LLC now owns 346,632 shares of the company’s stock worth $3,272,000 after buying an additional 125,275 shares in the last quarter. 180 Wealth Advisors LLC grew its holdings in shares of Fastly by 2.5% during the 4th quarter. 180 Wealth Advisors LLC now owns 68,643 shares of the company’s stock worth $648,000 after purchasing an additional 1,695 shares in the last quarter. Geode Capital Management LLC grew its stake in Fastly by 1.6% during the third 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 in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Fastly in the third quarter valued at approximately $183,000. 79.71% of the stock is owned by institutional investors.

Fastly Company Profile

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.