Fastly (NYSE:FSLY) Reaches New 52-Week Low – Here’s What Happened

Fastly, Inc. (NYSE:FSLY) reached a new 52-week low during trading on Friday . The company traded as low as $5.28 and last traded at $5.18, with a volume of 742765 shares changing hands. The stock had previously closed at $5.94.

Analysts Set New Price Targets

FSLY has been the subject of several recent research reports. Oppenheimer assumed coverage on shares of Fastly in a report on Thursday, March 20th. They issued a “market perform” rating for the company. Royal Bank of Canada reduced their price objective on shares of Fastly from $10.00 to $8.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. Citigroup increased their target price on Fastly from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $9.00 price target (down from $10.00) on shares of Fastly in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat.com, Fastly presently has an average rating of “Hold” and a consensus target price of $8.55.

Fastly Price Performance

The stock has a 50-day moving average price of $7.82 and a two-hundred day moving average price of $8.24. 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 stock has a market cap of $733.56 million, a price-to-earnings ratio of -4.52 and a beta of 1.43.

Fastly (NYSE:FSLY) last issued its quarterly earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative return on equity of 12.75% and a negative net margin of 29.07%. As a group, equities research analysts forecast that Fastly, Inc. will post -0.78 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Todd Nightingale sold 35,509 shares of Fastly stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $8.04, for a total transaction of $285,492.36. Following the completion of the sale, the chief executive officer now owns 1,553,301 shares of the company’s stock, valued at $12,488,540.04. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $6.32, for a total value of $75,840.00. Following the completion of the sale, the chief financial officer now owns 671,035 shares in the company, valued at approximately $4,240,941.20. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,699 shares of company stock valued at $1,561,990. Insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Several institutional investors and hedge funds have recently bought and sold shares of FSLY. Quadrature Capital Ltd increased its stake in shares of Fastly by 84.2% in the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock worth $848,000 after acquiring an additional 51,224 shares during the period. XTX Topco Ltd purchased a new stake in Fastly in the third quarter valued at $400,000. Zacks Investment Management acquired a new stake in Fastly during the 3rd quarter worth about $914,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Fastly during the 3rd quarter valued at about $679,000. Finally, Swiss National Bank raised its stake in shares of Fastly by 2.2% during 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. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.