Fastly (NYSE:FSLY) Updates FY 2024 Earnings Guidance

Fastly (NYSE:FSLY) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of -0.120–0.080 for the period, compared to the consensus earnings per share 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.

Fastly Stock Down 6.1 %

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

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $131.62 million. During the same quarter in the previous year, the company posted ($0.32) earnings per share. The company’s revenue was up 7.8% compared to the same quarter last year. On average, research analysts forecast that Fastly will post -0.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. 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. Piper Sandler upped their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday. Robert W. Baird raised their target price on Fastly from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday. Morgan Stanley reduced their price target on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, August 27th. Finally, Raymond James lowered Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.94.

Insider Activity at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were 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 $4,044,003.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Fastly news, CEO Todd Nightingale sold 66,066 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $408,287.88. Following the sale, the chief executive officer now directly owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total transaction of $53,930.76. Following the completion of the sale, the chief financial officer now owns 558,564 shares in the company, valued at $4,044,003.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 192,628 shares of company stock valued at $1,287,959. 6.70% of the stock is owned by company insiders.

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.