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

Fastly, Inc. (NYSE:FSLY - Get Free Report)'s share price gapped down before the market opened 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 brokerages have recently weighed in on FSLY. Morgan Stanley raised their target price on Fastly from $7.00 to $8.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. Piper Sandler increased their target price on shares of Fastly from $6.00 to $7.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Oppenheimer initiated coverage on Fastly in a report on Thursday, March 20th. They issued a "market perform" rating on the stock. KeyCorp raised Fastly to a "sector weight" rating in a research report on Thursday, June 5th. Finally, Royal Bank of Canada upped their price target on shares of Fastly from $5.00 to $6.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. Ten analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Fastly currently has a consensus rating of "Hold" and an average target price of $8.28.

Fastly Price Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The firm has a market cap of $1.05 billion, a P/E ratio of -6.35 and a beta of 1.29. The company has a fifty day moving average of $6.72 and a 200-day moving average of $7.98.

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

Insider Activity at Fastly

In related news, CEO Todd Nightingale sold 12,547 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $7.19, for a total transaction of $90,212.93. Following the transaction, the chief executive officer now directly owns 1,904,388 shares of the company's stock, valued at approximately $13,692,549.72. This trade represents a 0.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Ronald W. Kisling sold 5,342 shares of the business's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $5.26, for a total value of $28,098.92. Following the completion of the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,675 shares of company stock valued at $340,781. Corporate insiders own 6.70% of the company's stock.

Institutional Investors Weigh In On Fastly

Large investors have recently made changes to their positions in the business. Rhumbline Advisers lifted its stake in Fastly by 1.6% in the fourth quarter. Rhumbline Advisers now owns 192,131 shares of the company's stock worth $1,814,000 after acquiring an additional 3,081 shares during the period. Oppenheimer & Co. Inc. bought a new stake in shares of Fastly during the 4th quarter valued at about $149,000. Proficio Capital Partners LLC bought a new stake in shares of Fastly during the 4th quarter valued at about $181,000. Versor Investments LP bought a new stake in Fastly during the 4th quarter valued at approximately $151,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Fastly by 128.9% during the 4th quarter. Jones Financial Companies Lllp now owns 5,720 shares of the company's stock worth $54,000 after acquiring an additional 3,221 shares during the period. 79.71% of the stock is currently owned by institutional investors.

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.