Fastly, Inc. (NYSE:FSLY - Get Free Report)'s share price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $10.07, but opened at $7.90. Fastly shares last traded at $7.68, with a volume of 3,779,502 shares trading hands.
The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.22). Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%.
Analyst Upgrades and Downgrades
FSLY has been the subject of a number of recent analyst reports. Craig Hallum upped their price target on shares of Fastly from $6.00 to $8.00 and gave the company a "hold" rating in a report on Thursday, November 7th. Citigroup boosted their price objective on shares of Fastly from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. DA Davidson increased their target price on shares of Fastly from $5.50 to $7.50 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Piper Sandler restated a "neutral" rating and set a $9.00 price target (down previously from $10.00) on shares of Fastly in a report on Thursday. Finally, Oppenheimer upgraded Fastly from a "market perform" rating to an "outperform" rating and set a $12.00 price objective for the company in a report on Monday, December 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, Fastly presently has a consensus rating of "Hold" and a consensus target price of $8.55.
Read Our Latest Report on Fastly
Insiders Place Their Bets
In related news, CEO Todd Nightingale sold 12,163 shares of Fastly stock in a transaction dated 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 of the company's stock, valued at $12,901,137.20. This trade represents a 0.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Artur Bergman sold 3,400 shares of Fastly stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $12.01, for a total transaction of $40,834.00. Following the transaction, the chief technology officer now directly owns 3,444,136 shares of the company's stock, valued at approximately $41,364,073.36. This trade represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 177,312 shares of company stock worth $1,770,133 over the last three months. Company insiders own 6.70% of the company's stock.
Hedge Funds Weigh In On Fastly
Several large investors have recently made changes to their positions in the business. Man Group plc lifted its holdings in shares of Fastly by 104.7% during the fourth quarter. Man Group plc now owns 27,948 shares of the company's stock valued at $264,000 after purchasing an additional 14,292 shares during the last quarter. Ensign Peak Advisors Inc raised its stake in Fastly by 11.7% during the fourth quarter. Ensign Peak Advisors Inc now owns 66,208 shares of the company's stock valued at $625,000 after buying an additional 6,950 shares during the last quarter. Deutsche Bank AG raised its stake in Fastly by 16.6% during the fourth quarter. Deutsche Bank AG now owns 255,409 shares of the company's stock valued at $2,411,000 after buying an additional 36,333 shares during the last quarter. Bridgefront Capital LLC purchased a new position in Fastly during the fourth quarter valued at $143,000. Finally, Bayesian Capital Management LP purchased a new position in shares of Fastly in the 4th quarter worth about $312,000. 79.71% of the stock is currently owned by hedge funds and other institutional investors.
Fastly Trading Up 1.4 %
The firm has a 50-day moving average price of $9.93 and a 200-day moving average price of $8.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97. The stock has a market cap of $1.13 billion, a PE ratio of -7.42 and a beta of 1.26.
About Fastly
(
Get Free Report)
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.
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