Fastly (NYSE:FSLY) Stock Price Down 7% – Should You Sell?

Fastly, Inc. (NYSE:FSLY) was down 7% during trading on Friday . The company traded as low as $6.60 and last traded at $6.60. Approximately 937,739 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 3,530,651 shares. The stock had previously closed at $7.10.

Wall Street Analysts Forecast Growth

FSLY has been the subject of a number of research reports. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. DA Davidson boosted their price objective on shares of Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley lowered their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 27th. Piper Sandler lifted their price target on shares of Fastly from $6.00 to $8.00 and gave the company a “neutral” rating in a research report 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 assigned a hold rating to the stock. Based on data from MarketBeat, Fastly currently has a consensus rating of “Hold” and an average price target of $7.94.

Fastly Trading Down 9.7 %

The firm’s 50-day simple moving average is $7.20 and its 200 day simple moving average is $7.41. The firm has a market capitalization of $899.32 million, a price-to-earnings ratio of -5.88 and a beta of 1.24. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 4.13.

Fastly (NYSE:FSLY) last announced 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 business had revenue of $137.21 million during the quarter, compared to the consensus estimate of $131.86 million. During the same period in the prior year, the company earned ($0.33) EPS. Fastly’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities analysts expect that Fastly, Inc. will post -0.86 earnings per share for the current year.

Insider Activity

In other news, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.25, for a total value of $76,018.75. Following the completion of the transaction, the chief executive officer now directly owns 1,650,789 shares in the company, valued at approximately $10,317,431.25. This represents a 0.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Artur Bergman sold 49,178 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total value of $396,866.46. Following the sale, the chief technology officer now owns 6,155,822 shares in the company, valued at $49,677,483.54. This represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 93,881 shares of company stock worth $677,703. 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 business. Allspring Global Investments Holdings LLC raised its stake in shares of Fastly by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock valued at $133,000 after acquiring an additional 863 shares during the last quarter. Swiss National Bank raised its position in Fastly by 1.4% during the 1st quarter. Swiss National Bank now owns 232,400 shares of the company’s stock worth $3,014,000 after purchasing an additional 3,200 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Fastly by 10.2% during the 1st quarter. ProShare Advisors LLC now owns 25,556 shares of the company’s stock worth $331,000 after buying an additional 2,367 shares during the period. State Board of Administration of Florida Retirement System grew its position in shares of Fastly by 7.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 36,464 shares of the company’s stock valued at $473,000 after buying an additional 2,610 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Fastly by 5.1% in the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock valued at $176,152,000 after buying an additional 657,334 shares during the period. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.