Fastly (NYSE:FSLY) Updates Q4 Earnings Guidance

Fastly (NYSE:FSLY) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share guidance of ($0.02) to $0.02 for the period, compared to the consensus earnings per share estimate of $0.03. The company issued revenue guidance of $136.0 million to $140.0 million, compared to the consensus revenue estimate of $137.34 million. Fastly also updated its FY 2024 guidance to -0.120–0.080 EPS.

Fastly Price Performance

NYSE FSLY traded down $0.50 on Friday, hitting $7.67. 4,691,265 shares of the stock traded hands, compared to its average volume of 2,557,700. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.13 and a quick ratio of 4.13. The business’s fifty day moving average is $7.09 and its two-hundred day moving average is $7.61. Fastly has a 12 month low of $5.52 and a 12 month high of $25.87.

Fastly (NYSE:FSLY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping 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 company had revenue of $132.37 million during the quarter, compared to the consensus estimate of $131.62 million. During the same quarter in the prior year, the company earned ($0.32) EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, research analysts forecast that Fastly will post -0.96 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FSLY. Morgan Stanley reduced their price target on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. DA Davidson lifted their price objective on shares of Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Thursday. Royal Bank of Canada increased their target price on Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a research note on Thursday. Robert W. Baird upped their price objective on Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Craig Hallum increased their price objective on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, Fastly currently has an average rating of “Hold” and an average target price of $7.94.

Insider Buying and Selling at Fastly

In other Fastly news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was 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 approximately $10,277,043.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Fastly news, CEO Todd Nightingale sold 66,066 shares of Fastly stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the completion of the sale, the chief executive officer now owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ronald W. Kisling sold 15,933 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $98,465.94. Following the completion of the transaction, the chief financial officer now directly owns 570,124 shares of the company’s stock, valued at approximately $3,523,366.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 192,628 shares of company stock valued at $1,287,959. 6.70% of the stock is currently owned by corporate 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.