Fastly (NYSE:FSLY) Shares Gap Down to $7.57

Fastly, Inc. (NYSE:FSLY) shares gapped down prior to trading on Tuesday . The stock had previously closed at $7.57, but opened at $7.30. Fastly shares last traded at $7.26, with a volume of 177,212 shares changing hands.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Piper Sandler downgraded shares of Fastly from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $10.00 to $6.00 in a research report on Thursday, August 8th. Raymond James cut Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday. Morgan Stanley lowered their price target on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Finally, Craig Hallum cut their price objective on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, Fastly presently has an average rating of “Hold” and an average target price of $7.81.

Fastly Trading Down 6.3 %

The company has a market capitalization of $968.76 million, a PE ratio of -7.14 and a beta of 1.20. The company has a 50 day simple moving average of $6.75 and a 200 day simple moving average of $8.67. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $132.37 million during the quarter, compared to the consensus estimate of $131.62 million. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.32) EPS. Analysts anticipate that Fastly, Inc. will post -0.96 earnings per share for the current year.

Insider Transactions at Fastly

In related news, CTO Artur Bergman sold 19,889 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total transaction of $118,538.44. Following the completion of the sale, the chief technology officer now owns 6,205,000 shares of the company’s stock, valued at approximately $36,981,800. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CTO Artur Bergman sold 19,889 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total value of $118,538.44. Following the completion of the sale, the chief technology officer now owns 6,205,000 shares of the company’s stock, valued at $36,981,800. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $8.84, for a total value of $65,849.16. Following the transaction, the chief financial officer now directly owns 586,057 shares in the company, valued at approximately $5,180,743.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 143,450 shares of company stock valued at $903,011. Corporate insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new position in Fastly in the 2nd quarter valued at about $38,000. Point72 Asset Management L.P. lifted its holdings in Fastly by 461.5% in the second quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after acquiring an additional 621,680 shares during the last quarter. Algert Global LLC lifted its holdings in Fastly by 265.0% in the second quarter. Algert Global LLC now owns 39,419 shares of the company’s stock valued at $291,000 after acquiring an additional 28,619 shares during the last quarter. Cim Investment Management Inc. purchased a new position in Fastly in the second quarter worth approximately $144,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Fastly during the second quarter worth $1,233,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.