Fastly (NYSE:FSLY) Trading Up 6.4% - Here's Why

Fastly, Inc. (NYSE:FSLY - Get Free Report) shares rose 6.4% on Friday . The company traded as high as $10.72 and last traded at $10.57. Approximately 1,056,913 shares were traded during trading, a decline of 70% from the average daily volume of 3,554,685 shares. The stock had previously closed at $9.93.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on FSLY shares. Craig Hallum increased their price target on shares of Fastly from $6.00 to $8.00 and gave the stock a "hold" rating in a research note on Thursday, November 7th. Robert W. Baird increased their target price on Fastly from $7.00 to $8.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. DA Davidson lifted their price target on Fastly from $5.50 to $7.50 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Raymond James downgraded Fastly from a "strong-buy" rating to a "market perform" rating in a report on Tuesday, October 1st. Finally, Oppenheimer raised Fastly from a "market perform" rating to an "outperform" rating and set a $12.00 price objective for the company in a research report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Fastly presently has an average rating of "Hold" and a consensus target price of $8.55.

Fastly Stock Up 9.8 %

The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $1.53 billion, a P/E ratio of -10.00 and a beta of 1.27. The company has a fifty day moving average price of $7.64 and a 200-day moving average price of $7.31.

Fastly (NYSE:FSLY - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.08. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The business had revenue of $137.21 million for the quarter, compared to analysts' expectations of $131.86 million. During the same period in the prior year, the firm earned ($0.33) EPS. The company's revenue for the quarter was up 7.3% on a year-over-year basis. As a group, research analysts forecast that Fastly, Inc. will post -0.86 EPS for the current fiscal year.

Insider Activity

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total transaction of $53,930.76. Following the completion of the transaction, the chief financial officer now owns 558,564 shares in the company, valued at $4,044,003.36. The trade was a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Artur Bergman sold 29,858 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $10.07, for a total value of $300,670.06. Following the completion of the sale, the chief technology officer now owns 6,088,236 shares in the company, valued at approximately $61,308,536.52. The trade was a 0.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,600 shares of company stock valued at $1,402,681. 6.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fastly

Hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd bought a new stake in Fastly during the 2nd quarter valued at $38,000. FMR LLC increased its position in Fastly by 124.2% during the 3rd quarter. FMR LLC now owns 6,357 shares of the company's stock valued at $48,000 after purchasing an additional 3,522 shares during the period. EMC Capital Management raised its holdings in shares of Fastly by 400.0% in the 2nd quarter. EMC Capital Management now owns 7,500 shares of the company's stock valued at $54,000 after purchasing an additional 6,000 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Fastly by 95.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company's stock worth $65,000 after purchasing an additional 4,318 shares during the period. Finally, Aigen Investment Management LP bought a new position in shares of Fastly during the third quarter valued at approximately $89,000. Institutional investors own 79.71% of the company's stock.

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.