Fastly (NYSE:FSLY) Issues FY 2024 Earnings Guidance

Fastly (NYSE:FSLY) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of -0.120–0.080 for the period, compared to the consensus estimate of -0.150. The company issued revenue guidance of $539.0 million-$543.0 million, compared to the consensus revenue estimate of $535.0 million. Fastly also updated its Q4 guidance to ($0.02) to $0.02 EPS.

Analyst Upgrades and Downgrades

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

Fastly Stock Performance

FSLY stock traded down $0.50 during midday trading on Friday, reaching $7.67. 4,691,265 shares of the company’s stock traded hands, compared to its average volume of 2,557,700. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87. The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $7.09 and a two-hundred day moving average price of $7.61.

Fastly (NYSE:FSLY) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. Fastly had a negative return on equity of 13.19% and a negative net margin of 27.47%. The firm had revenue of $132.37 million for the quarter, compared to analysts’ expectations of $131.62 million. The company’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.32) EPS. Sell-side analysts forecast that Fastly will post -0.96 earnings per share for the current year.

Insider Activity

In other Fastly news, CTO Artur Bergman sold 16,748 shares of Fastly stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the completion of the transaction, the chief technology officer now owns 6,225,980 shares of the company’s stock, valued at approximately $38,476,556.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Todd Nightingale sold 66,066 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $408,287.88. Following the completion of the transaction, the chief executive officer now owns 1,662,952 shares of the company’s stock, valued at $10,277,043.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Artur Bergman sold 16,748 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the completion of the transaction, the chief technology officer now directly owns 6,225,980 shares of the company’s stock, valued at $38,476,556.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 192,628 shares of company stock worth $1,287,959. Corporate insiders own 6.70% of the company’s stock.

Fastly Company Profile

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.