Fastly (NYSE:FSLY) Stock Price Up 7.1% – Time to Buy?

Fastly, Inc. (NYSE:FSLY)’s stock price rose 7.1% during mid-day trading on Friday . The stock traded as high as $8.50 and last traded at $8.48. Approximately 1,600,868 shares changed hands during trading, a decline of 54% from the average daily volume of 3,514,768 shares. The stock had previously closed at $7.92.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FSLY. DA Davidson boosted their price objective on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Raymond James cut Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Robert W. Baird increased their target price on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Royal Bank of Canada raised their target price on Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 7th. Finally, Craig Hallum increased their price target on Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, Fastly presently has a consensus rating of “Hold” and a consensus target price of $7.94.

Fastly Stock Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97. The firm’s 50 day moving average is $7.36 and its 200-day moving average is $7.28. The company has a market cap of $1.19 billion, a PE ratio of -7.27 and a beta of 1.24.

Fastly (NYSE:FSLY) last issued 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. 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 analyst estimates of $131.86 million. During the same period in the prior year, the business posted ($0.33) earnings per share. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, research analysts anticipate that Fastly, Inc. will post -0.87 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Artur Bergman sold 49,178 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total transaction of $396,866.46. Following the transaction, the chief technology officer now owns 6,155,822 shares of the company’s stock, valued at $49,677,483.54. This trade represents a 0.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total value of $53,930.76. Following the transaction, the chief financial officer now directly owns 558,564 shares in the company, valued at approximately $4,044,003.36. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 174,439 shares of company stock worth $1,209,560. Corporate insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC raised its holdings in Fastly by 10.5% in the 2nd quarter. CWM LLC now owns 22,266 shares of the company’s stock valued at $164,000 after acquiring an additional 2,121 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Fastly by 3.2% during the second 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 last quarter. Blue Trust Inc. raised its stake in Fastly by 15.2% during the third quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock worth $128,000 after acquiring an additional 2,296 shares during the period. Cambridge Trust Co. acquired a new stake in Fastly during the first quarter worth about $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Fastly by 11.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company’s stock worth $222,000 after acquiring an additional 3,124 shares during the period. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.