DA Davidson Has Optimistic Outlook of Fastly FY2024 Earnings

Fastly, Inc. (NYSE:FSLY - Free Report) - Research analysts at DA Davidson raised their FY2024 earnings per share estimates for Fastly in a note issued to investors on Thursday, November 7th. DA Davidson analyst R. Kessinger now forecasts that the company will post earnings per share of ($0.91) for the year, up from their prior estimate of ($0.96). DA Davidson currently has a "Neutral" rating and a $7.50 price target on the stock. The consensus estimate for Fastly's current full-year earnings is ($0.95) per share. DA Davidson also issued estimates for Fastly's FY2025 earnings at ($0.77) EPS.

Fastly (NYSE:FSLY - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.08. The business had revenue of $137.21 million during the quarter, compared to the consensus estimate of $131.86 million. Fastly had a negative return on equity of 13.19% 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 last year, the company earned ($0.33) earnings per share.

A number of other research firms also recently weighed in on FSLY. Robert W. Baird raised their price target on Fastly from $7.00 to $8.00 and gave the company a "neutral" rating in a research note on Thursday. Raymond James downgraded Fastly from a "strong-buy" rating to a "market perform" rating in a research note on Tuesday, October 1st. Piper Sandler raised their price objective on Fastly from $6.00 to $8.00 and gave the company a "neutral" rating in a research report on Thursday. Morgan Stanley cut their price objective on Fastly from $12.00 to $7.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada lifted their price target on Fastly from $6.00 to $7.00 and gave the stock a "sector perform" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $7.94.

Fastly Stock Down 6.4 %

FSLY stock traded down $0.49 during mid-day trading on Monday, reaching $7.18. The company had a trading volume of 2,554,821 shares, compared to its average volume of 3,553,876. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.13 and a quick ratio of 4.13. The stock has a 50 day simple moving average of $7.09 and a two-hundred day simple moving average of $7.54. The company has a market capitalization of $995.15 million, a price-to-earnings ratio of -6.70 and a beta of 1.24. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87.

Hedge Funds Weigh In On Fastly

A number of institutional investors have recently added to or reduced their stakes in FSLY. Cambridge Trust Co. bought a new position in Fastly in the first quarter valued at about $39,000. Cape Investment Advisory Inc. increased its position 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 worth $54,000 after buying an additional 4,150 shares during the period. Point72 DIFC Ltd acquired a new stake in Fastly during the 2nd quarter worth about $38,000. EntryPoint Capital LLC raised its position in shares of Fastly by 41.1% in the 1st quarter. EntryPoint Capital LLC now owns 5,644 shares of the company's stock worth $73,000 after acquiring an additional 1,643 shares in the last quarter. Finally, EMC Capital Management lifted its stake 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 during the period. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastly

In other news, CTO Artur Bergman sold 49,178 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total transaction of $396,866.46. Following the completion of the sale, the chief technology officer now owns 6,155,822 shares of the company's stock, valued at approximately $49,677,483.54. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Fastly news, CEO Todd Nightingale sold 66,066 shares of Fastly stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at $10,277,043.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Artur Bergman sold 49,178 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total value of $396,866.46. Following the transaction, the chief technology officer now directly owns 6,155,822 shares of the company's stock, valued at approximately $49,677,483.54. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 192,628 shares of company stock valued at $1,287,959 in the last ninety days. 6.70% of the stock is currently owned by company insiders.

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.