Fastly (NYSE:FSLY) Stock Price Up 5.2% – Time to Buy?

Fastly, Inc. (NYSE:FSLY)’s stock price shot up 5.2% during mid-day trading on Thursday . The company traded as high as $6.83 and last traded at $6.82. 377,660 shares were traded during mid-day trading, a decline of 89% from the average session volume of 3,513,754 shares. The stock had previously closed at $6.48.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FSLY. Craig Hallum increased their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. Robert W. Baird raised their target price on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Morgan Stanley lowered their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 27th. DA Davidson increased their price target on shares of Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Piper Sandler boosted their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $7.94.

Fastly Stock Performance

The stock has a fifty day simple moving average of $7.24 and a two-hundred day simple moving average of $7.30. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -6.29 and a beta of 1.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. During the same period in the prior year, the company earned ($0.33) EPS. Fastly’s revenue was up 7.3% compared to the same quarter last year. Analysts expect that Fastly, Inc. will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total transaction of $53,930.76. Following the sale, the chief financial officer now 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Nightingale sold 12,163 shares of Fastly stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $6.25, for a total value of $76,018.75. Following the completion of the transaction, the chief executive officer now directly owns 1,650,789 shares of the company’s stock, valued at approximately $10,317,431.25. This trade represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 175,630 shares of company stock valued at $1,188,405 over the last 90 days. 6.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Fastly

A number of hedge funds have recently added to or reduced their stakes in FSLY. Geode Capital Management LLC lifted its holdings in Fastly by 1.6% during the third quarter. Geode Capital Management LLC now owns 3,015,455 shares of the company’s stock worth $22,831,000 after acquiring an additional 46,951 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Fastly in the 3rd quarter worth about $183,000. XTX Topco Ltd bought a new position in Fastly during the third quarter valued at about $400,000. Zacks Investment Management purchased a new stake in Fastly during the third quarter worth about $914,000. Finally, Quadrature Capital Ltd boosted its stake in Fastly by 84.2% in the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock valued at $848,000 after acquiring an additional 51,224 shares during the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

Fastly Company Profile

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.