Fastly (NYSE:FSLY) Stock Price Up 7.1% - Here's What Happened

Fastly, Inc. (NYSE:FSLY - Get Free Report) shares rose 7.1% on Friday . The stock traded as high as $8.50 and last traded at $8.48. Approximately 1,600,868 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 3,514,768 shares. The stock had previously closed at $7.92.

Analysts Set New Price Targets

Several research firms recently weighed in on FSLY. 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 boosted their target price on shares of Fastly from $5.50 to $7.50 and gave the company a "neutral" rating in a 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. Craig Hallum lifted their price objective on Fastly from $6.00 to $8.00 and gave the company a "hold" rating in a research note on Thursday, November 7th. Finally, Morgan Stanley dropped their price objective on shares of Fastly from $12.00 to $7.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $7.94.

Fastly Stock Performance

The company has a 50 day moving average of $7.39 and a 200 day moving average of $7.26. 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 firm has a market cap of $1.19 billion, a price-to-earnings ratio of -7.78 and a beta of 1.24.

Fastly (NYSE:FSLY - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) 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 analyst estimates of $131.86 million. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. Fastly's quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.33) EPS. As a group, equities research analysts expect that Fastly, Inc. will post -0.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Ronald W. Kisling sold 7,449 shares of the company'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 directly owns 558,564 shares of the company's stock, valued at approximately $4,044,003.36. This represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Nightingale sold 49,816 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,600,973 shares of the company's stock, valued at $10,006,081.25. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 174,439 shares of company stock valued at $1,209,560 in the last ninety days. Corporate insiders own 6.70% of the company's stock.

Institutional Trading of Fastly

Several hedge funds have recently bought and sold shares of the company. Cambridge Trust Co. acquired a new position in Fastly during the 1st quarter valued at about $39,000. Cape Investment Advisory Inc. increased its stake in shares of Fastly by 27,666.7% during the first quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company's stock valued at $54,000 after acquiring an additional 4,150 shares during the period. Point72 DIFC Ltd bought a new stake in Fastly during the second quarter worth approximately $38,000. FMR LLC lifted its position in Fastly by 124.2% in the third quarter. FMR LLC now owns 6,357 shares of the company's stock worth $48,000 after purchasing an additional 3,522 shares during the period. Finally, EMC Capital Management increased its position in shares of Fastly by 400.0% during 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 during the period. 79.71% of the stock is currently 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.