Fastly (NYSE:FSLY) Shares Gap Down - Here's What Happened

Shares of Fastly, Inc. (NYSE:FSLY - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $7.80, but opened at $7.30. Fastly shares last traded at $7.11, with a volume of 1,094,695 shares traded.

Analyst Ratings Changes

A number of analysts recently commented on FSLY shares. KeyCorp upgraded Fastly to a "sector weight" rating in a research report on Thursday, June 5th. Piper Sandler raised their target price on Fastly from $6.00 to $7.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Morgan Stanley raised their target price on Fastly from $7.00 to $8.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Royal Bank of Canada raised their target price on Fastly from $5.00 to $6.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. Finally, Oppenheimer started coverage on Fastly in a report on Thursday, March 20th. They set a "market perform" rating on the stock. Ten equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $8.28.

Fastly Price Performance

The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The firm has a market cap of $1.02 billion, a P/E ratio of -6.16 and a beta of 1.29. The company has a fifty day moving average price of $6.72 and a two-hundred day moving average price of $7.98.

Fastly (NYSE:FSLY - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Fastly had a negative return on equity of 12.75% and a negative net margin of 29.07%. The business had revenue of $144.47 million for the quarter, compared to analysts' expectations of $138.40 million. During the same quarter in the previous year, the business posted ($0.05) EPS. Fastly's revenue for the quarter was up 8.2% on a year-over-year basis. Equities analysts anticipate that Fastly, Inc. will post -0.78 earnings per share for the current year.

Insider Activity

In related news, CFO Ronald W. Kisling sold 5,342 shares of Fastly stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $5.26, for a total value of $28,098.92. Following the sale, the chief financial officer now owns 665,693 shares of the company's stock, valued at approximately $3,501,545.18. This trade represents a 0.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Nightingale sold 12,547 shares of Fastly stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $7.19, for a total value of $90,212.93. Following the completion of the sale, the chief executive officer now directly owns 1,904,388 shares in the company, valued at approximately $13,692,549.72. This represents a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,675 shares of company stock worth $340,781 in the last 90 days. Corporate insiders own 6.70% of the company's stock.

Institutional Investors Weigh In On Fastly

Hedge funds and other institutional investors have recently bought and sold shares of the company. Swiss National Bank raised its position in Fastly by 2.2% in the 4th quarter. Swiss National Bank now owns 259,000 shares of the company's stock valued at $2,445,000 after buying an additional 5,500 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Fastly during the 4th quarter worth approximately $269,000. Mariner LLC increased its position in shares of Fastly by 18.0% during the 4th quarter. Mariner LLC now owns 22,868 shares of the company's stock worth $216,000 after purchasing an additional 3,487 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Fastly during the 4th quarter worth approximately $3,717,000. Finally, Northern Trust Corp increased its position in shares of Fastly by 28.3% during the 4th quarter. Northern Trust Corp now owns 1,577,729 shares of the company's stock worth $14,894,000 after purchasing an additional 348,451 shares during the last quarter. Institutional investors and hedge funds own 79.71% 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.