Fastly (NYSE:FSLY) Sets New 12-Month Low - Here's Why

Fastly, Inc. (NYSE:FSLY - Get Free Report) shares reached a new 52-week low on Friday . The company traded as low as $5.28 and last traded at $5.18, with a volume of 742765 shares traded. The stock had previously closed at $5.94.

Analyst Ratings Changes

FSLY has been the topic of several research reports. Oppenheimer assumed coverage on shares of Fastly in a research note on Thursday, March 20th. They issued a "market perform" rating on the stock. Citigroup increased their target price on shares of Fastly from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Royal Bank of Canada dropped their price target on shares of Fastly from $10.00 to $8.00 and set a "sector perform" rating for the company in a research report on Thursday, February 13th. Finally, Piper Sandler reduced their price target on Fastly from $9.00 to $6.00 and set a "neutral" rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating and nine have given a hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $8.25.

Fastly Trading Up 15.7 %

The firm's 50-day simple moving average is $7.49 and its 200 day simple moving average is $8.19. 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 firm has a market capitalization of $823.06 million, a price-to-earnings ratio of -5.07 and a beta of 1.43.

Fastly (NYSE:FSLY - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative net margin of 29.07% and a negative return on equity of 12.75%. Equities analysts expect that Fastly, Inc. will post -0.78 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Todd Nightingale sold 8,595 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $6.87, for a total transaction of $59,047.65. Following the sale, the chief executive officer now owns 1,544,706 shares in the company, valued at $10,612,130.22. The trade was a 0.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 12,000 shares of the company's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $6.32, for a total value of $75,840.00. Following the completion of the transaction, the chief financial officer now directly owns 671,035 shares of the company's stock, valued at approximately $4,240,941.20. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 155,150 shares of company stock valued at $1,356,178. 6.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Fastly

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings in Fastly by 18.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company's stock valued at $8,006,000 after buying an additional 161,070 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Fastly by 5.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 71,876 shares of the company's stock valued at $544,000 after acquiring an additional 3,575 shares during the period. FMR LLC raised its stake 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 acquiring an additional 3,522 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Fastly during the third quarter worth $679,000. Finally, Zacks Investment Management bought a new stake in shares of Fastly in the third quarter worth $914,000. 79.71% of the stock is owned by institutional investors and hedge funds.

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.