Fastly (NYSE:FSLY) Trading Down 3.9%

Fastly, Inc. (NYSE:FSLY) fell 3.9% during trading on Wednesday . The stock traded as low as $7.05 and last traded at $7.06. 476,111 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 3,758,900 shares. The stock had previously closed at $7.35.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Raymond James lowered their price objective on Fastly from $13.00 to $8.00 and set a “strong-buy” rating for the company in a research report on Thursday, August 8th. Morgan Stanley decreased their price objective on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, August 27th. Craig Hallum lowered their price objective on shares of Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Finally, Piper Sandler cut Fastly from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $10.00 to $6.00 in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.81.

Fastly Stock Performance

The stock’s 50-day moving average price is $6.80 and its 200 day moving average price is $9.06. The firm has a market cap of $960.57 million, a P/E ratio of -7.07 and a beta of 1.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.13 and a quick 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, topping analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $132.37 million during the quarter, compared to the consensus estimate of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.32) EPS. As a group, equities analysts predict that Fastly, Inc. will post -0.96 EPS for the current year.

Insider Buying and Selling

In other Fastly news, CTO Artur Bergman sold 19,889 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total transaction of $118,538.44. Following the transaction, the chief technology officer now owns 6,205,000 shares of the company’s stock, valued at $36,981,800. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $8.84, for a total transaction of $65,849.16. Following the completion of the sale, the chief financial officer now owns 586,057 shares in the company, valued at approximately $5,180,743.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction, the chief technology officer now owns 6,205,000 shares in the company, valued at approximately $36,981,800. The disclosure for this sale can be found here. Over the last three months, insiders have sold 155,450 shares of company stock worth $990,251. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Several institutional investors and hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new stake in Fastly in the 2nd quarter valued at $38,000. Cambridge Trust Co. bought a new stake in shares of Fastly in the first quarter valued at about $39,000. Cape Investment Advisory Inc. grew its stake in shares of Fastly by 27,666.7% in 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 in the last quarter. EMC Capital Management increased its position in Fastly by 400.0% during the second quarter. EMC Capital Management now owns 7,500 shares of the company’s stock worth $54,000 after acquiring an additional 6,000 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in 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 in the last quarter. Institutional investors and hedge funds 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.