Fastly (NYSE:FSLY) Announces Earnings Results

Fastly (NYSE:FSLY) announced its quarterly earnings results on Wednesday. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01, Briefing.com reports. The business had revenue of $132.37 million for the quarter, compared to analysts’ expectations of $131.62 million. Fastly had a negative return on equity of 15.82% and a negative net margin of 25.26%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.32) EPS.

Fastly Trading Down 3.2 %

Shares of FSLY traded down $0.19 during mid-day trading on Friday, hitting $5.67. 5,000,073 shares of the company’s stock traded hands, compared to its average volume of 3,833,700. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.35. Fastly has a 1 year low of $5.52 and a 1 year high of $25.87. The firm has a market capitalization of $774.74 million, a P/E ratio of -5.67 and a beta of 1.13. The business’s 50-day moving average price is $7.41 and its 200-day moving average price is $11.52.

Insider Activity

In other news, CFO Ronald W. Kisling sold 2,919 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $8.92, for a total transaction of $26,037.48. Following the transaction, the chief financial officer now directly owns 606,712 shares of the company’s stock, valued at $5,411,871.04. The transaction 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 2,919 shares of Fastly stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $8.92, for a total transaction of $26,037.48. Following the sale, the chief financial officer now directly owns 606,712 shares in the company, valued at $5,411,871.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Artur Bergman sold 10,928 shares of Fastly stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $8.84, for a total value of $96,603.52. Following the sale, the chief technology officer now owns 6,244,124 shares in the company, valued at $55,198,056.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 135,217 shares of company stock valued at $1,176,853. Company insiders own 6.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Bank of America cut Fastly from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $18.00 to $8.00 in a research note on Thursday, May 2nd. Craig Hallum decreased their price target on Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research note on Thursday. Citigroup decreased their price target on Fastly from $15.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 9th. Raymond James decreased their price target on Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a research note on Thursday. Finally, Piper Sandler cut Fastly from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $10.00 to $6.00 in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fastly presently has a consensus rating of “Hold” and an average price target of $7.93.

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.