Fastly (NYSE:FSLY) Shares Gap Up to $12.53

Fastly, Inc. (NYSE:FSLY)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $12.53, but opened at $13.45. Fastly shares last traded at $13.29, with a volume of 1,469,623 shares trading hands.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Bank of America cut their price target on shares of Fastly from $28.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, March 28th. Piper Sandler raised Fastly from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $19.00 to $16.00 in a research report on Monday. Royal Bank of Canada raised Fastly from an “underperform” rating to a “sector perform” rating and raised their price target for the stock from $12.00 to $18.00 in a report on Monday, January 8th. Citigroup raised shares of Fastly from a “sell” rating to a “neutral” rating and increased their price objective for the company from $11.00 to $20.00 in a research report on Monday, January 22nd. Finally, Craig Hallum cut shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price for the company. in a research note on Thursday, February 15th. Five equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.11.

Fastly Stock Performance

The stock has a 50-day moving average of $15.57 and a 200 day moving average of $16.75. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.14 and a quick ratio of 3.14.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. The company had revenue of $137.78 million during the quarter, compared to the consensus estimate of $139.25 million. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. Sell-side analysts predict that Fastly, Inc. will post -1.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fastly news, CFO Ronald W. Kisling sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $12.92, for a total value of $155,040.00. Following the completion of the transaction, the chief financial officer now directly owns 640,222 shares of the company’s stock, valued at $8,271,668.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Richard Devon Daniels sold 7,766 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.66, for a total transaction of $98,317.56. Following the sale, the director now directly owns 34,328 shares of the company’s stock, valued at approximately $434,592.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 12,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $12.92, for a total value of $155,040.00. Following the completion of the transaction, the chief financial officer now directly owns 640,222 shares of the company’s stock, valued at approximately $8,271,668.24. The disclosure for this sale can be found here. Insiders have sold a total of 311,195 shares of company stock valued at $5,434,420 over the last ninety days. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Fastly

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. lifted its stake in shares of Fastly by 7.5% in the second quarter. Ameritas Investment Partners Inc. now owns 9,797 shares of the company’s stock worth $154,000 after buying an additional 680 shares in the last quarter. Arizona State Retirement System increased its position in Fastly by 2.7% during the third quarter. Arizona State Retirement System now owns 32,544 shares of the company’s stock worth $624,000 after purchasing an additional 844 shares during the last quarter. Laird Norton Trust Company LLC raised its stake in Fastly by 1.9% during the third quarter. Laird Norton Trust Company LLC now owns 45,780 shares of the company’s stock worth $878,000 after purchasing an additional 862 shares during the period. Principal Financial Group Inc. boosted its holdings in Fastly by 6.6% in the 4th quarter. Principal Financial Group Inc. now owns 14,166 shares of the company’s stock valued at $252,000 after purchasing an additional 872 shares during the last quarter. Finally, American International Group Inc. increased its holdings in shares of Fastly by 1.5% during the 4th quarter. American International Group Inc. now owns 60,081 shares of the company’s stock worth $1,069,000 after buying an additional 873 shares during the last quarter. 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.