Fastly (NYSE:FSLY) Shares Gap Up – What’s Next?

Fastly, Inc. (NYSE:FSLY) shares gapped up before the market opened on Wednesday . The stock had previously closed at $11.33, but opened at $11.79. Fastly shares last traded at $11.60, with a volume of 940,543 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have commented on FSLY shares. Royal Bank of Canada increased their target price on shares of Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 7th. Piper Sandler raised their price objective on Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Morgan Stanley decreased their target price 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. Robert W. Baird lifted their price target on shares of Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Craig Hallum upped their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Fastly currently has an average rating of “Hold” and an average price target of $8.55.

Fastly Trading Down 5.1 %

The company has a market cap of $1.40 billion, a P/E ratio of -9.16 and a beta of 1.27. The firm’s 50 day moving average is $8.23 and its two-hundred day moving average is $7.46. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.08. The company had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. Fastly’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.33) earnings per share. As a group, equities research analysts anticipate that Fastly, Inc. will post -0.86 EPS for the current year.

Insider Activity

In other Fastly news, CEO Todd Nightingale sold 49,816 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total value of $311,350.00. Following the completion of the transaction, the chief executive officer now owns 1,600,973 shares in the company, valued at $10,006,081.25. This represents a 3.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 558,564 shares of the company’s stock, valued at $4,044,003.36. This represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 215,241 shares of company stock worth $1,699,684 over the last three months. 6.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastly

Large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd bought a new stake in Fastly during the second quarter valued at approximately $38,000. FMR LLC raised its position in shares of Fastly by 124.2% during the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after buying an additional 3,522 shares in the last quarter. EMC Capital Management raised 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 buying an additional 6,000 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Fastly by 95.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock worth $65,000 after acquiring an additional 4,318 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new position in Fastly in the third quarter worth $89,000. Institutional investors 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.