Fastly (NYSE:FSLY) Shares Gap Up – Here’s Why

Fastly, Inc. (NYSE:FSLY) gapped up prior to trading on Monday . The stock had previously closed at $8.48, but opened at $9.22. Fastly shares last traded at $9.98, with a volume of 3,283,487 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently issued reports on FSLY shares. Raymond James cut Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Piper Sandler raised their price target on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday. Morgan Stanley lowered their price objective on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. DA Davidson lifted their target price on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Oppenheimer upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.55.

Fastly Stock Down 4.9 %

The stock has a market cap of $1.32 billion, a P/E ratio of -8.61 and a beta of 1.27. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The stock’s 50-day moving average is $7.48 and its 200-day moving average is $7.27.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The business had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. During the same period last year, the firm posted ($0.33) earnings per share. The business’s revenue was up 7.3% on a year-over-year basis. As a group, research analysts anticipate that Fastly, Inc. will post -0.87 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Ronald W. Kisling sold 7,449 shares of the firm’s 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 completion of the sale, the chief financial officer now directly owns 558,564 shares in the company, valued at approximately $4,044,003.36. This trade represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Artur Bergman sold 16,922 shares of Fastly stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $105,762.50. Following the completion of the transaction, the chief technology officer now owns 6,138,900 shares in the company, valued at approximately $38,368,125. This trade represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,550 shares of company stock worth $1,091,021. 6.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fastly

Hedge funds have recently modified their holdings of the stock. CWM LLC lifted its stake in Fastly by 10.5% during the second quarter. CWM LLC now owns 22,266 shares of the company’s stock valued at $164,000 after buying an additional 2,121 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Fastly by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock worth $503,000 after purchasing an additional 2,128 shares during the period. Blue Trust Inc. grew its position in Fastly by 15.2% during the 3rd quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after purchasing an additional 2,296 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Fastly by 11.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company’s stock worth $222,000 after purchasing an additional 3,124 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Fastly by 10.3% during the 2nd quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock valued at $263,000 after purchasing an additional 3,338 shares during the period. 79.71% of the stock is owned by hedge funds and other institutional investors.

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.