Fastly (NYSE:FSLY) Issues Q3 Earnings Guidance

Fastly (NYSE:FSLY) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of ($0.08)-($0.03) for the period, compared to the consensus earnings per share estimate of ($0.02). The company issued revenue guidance of $130-$134 million, compared to the consensus revenue estimate of $140.06 million. Fastly also updated its FY24 guidance to ($0.16)-($0.11) EPS.

Fastly Trading Down 2.3 %

Shares of Fastly stock traded down $0.16 on Wednesday, reaching $6.84. 8,637,755 shares of the company were exchanged, compared to its average volume of 3,764,825. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.35. Fastly has a fifty-two week low of $6.65 and a fifty-two week high of $25.87. The firm has a market capitalization of $934.60 million, a price-to-earnings ratio of -7.00 and a beta of 1.13. The stock has a fifty day moving average price of $7.52 and a 200-day moving average price of $11.76.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FSLY shares. Piper Sandler cut their target price on shares of Fastly from $11.00 to $10.00 and set an overweight rating on the stock in a research note on Monday, July 15th. Royal Bank of Canada reduced their price objective on Fastly from $18.00 to $9.00 and set a sector perform rating for the company in a research note on Thursday, May 2nd. Bank of America cut Fastly from a buy rating to an underperform rating and lowered their target price for the company from $18.00 to $8.00 in a research note on Thursday, May 2nd. Citigroup reduced their price target on shares of Fastly from $15.00 to $10.00 and set a neutral rating for the company in a research report on Thursday, May 9th. Finally, DA Davidson lowered shares of Fastly from a buy rating to a neutral rating and dropped their price objective for the company from $24.00 to $8.50 in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fastly currently has a consensus rating of Hold and a consensus target price of $12.93.

Insider Buying and Selling at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $8.84, for a total value of $65,849.16. Following the completion of the sale, the chief financial officer now owns 586,057 shares of the company’s stock, valued at $5,180,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Ronald W. Kisling sold 12,000 shares of Fastly stock in a transaction on Monday, July 1st. The shares were sold at an average price of $7.27, for a total value of $87,240.00. Following the transaction, the chief financial officer now owns 593,506 shares in the company, valued at approximately $4,314,788.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ronald W. Kisling sold 7,449 shares of the company’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 sale, the chief financial officer now owns 586,057 shares of the company’s stock, valued at $5,180,743.88. The disclosure for this sale can be found here. Insiders sold 135,217 shares of company stock worth $1,176,853 over the last ninety days. 6.70% of the stock is currently owned by insiders.

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.