Fastly, Inc. (NYSE:FSLY) Short Interest Down 7.3% in August

Fastly, Inc. (NYSE:FSLY) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 14,290,000 shares, a drop of 7.3% from the August 15th total of 15,410,000 shares. Based on an average trading volume of 3,360,000 shares, the days-to-cover ratio is presently 4.3 days.

Insider Activity at Fastly

In related news, CFO Ronald W. Kisling sold 12,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the completion of the transaction, the chief financial officer now owns 593,506 shares in the company, valued at $4,314,788.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Todd Nightingale sold 66,066 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $408,287.88. Following the completion of the sale, the chief executive officer now owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ronald W. Kisling sold 12,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the completion of the transaction, the chief financial officer now directly owns 593,506 shares in the company, valued at $4,314,788.62. The disclosure for this sale can be found here. Insiders have sold a total of 155,450 shares of company stock valued at $990,251 over the last 90 days. 6.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co grew its holdings in Fastly by 94.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock worth $12,453,000 after acquiring an additional 466,560 shares during the period. Vanguard Group Inc. grew its stake in shares of Fastly by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after purchasing an additional 657,334 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Fastly by 9.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock worth $33,942,000 after purchasing an additional 162,659 shares during the period. Oppenheimer & Co. Inc. increased its holdings in shares of Fastly by 52.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 51,212 shares of the company’s stock valued at $664,000 after purchasing an additional 17,536 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Fastly in the fourth quarter valued at about $2,933,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on FSLY. Piper Sandler cut Fastly from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $10.00 to $6.00 in a research report on Thursday, August 8th. Raymond James cut their price target on Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a research report on Thursday, August 8th. Craig Hallum decreased their price objective on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Finally, Morgan Stanley cut their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.81.

Fastly Stock Performance

Shares of FSLY stock traded down $0.13 during midday trading on Wednesday, hitting $7.22. The company had a trading volume of 1,521,263 shares, compared to its average volume of 3,766,473. 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 current ratio of 4.13 and a quick ratio of 4.13. The company’s 50 day simple moving average is $6.80 and its 200 day simple moving average is $9.06. The stock has a market cap of $986.53 million, a price-to-earnings ratio of -7.03 and a beta of 1.20.

Fastly (NYSE:FSLY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $132.37 million for the quarter, compared to analyst estimates of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. Fastly’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm posted ($0.32) EPS. Research analysts anticipate that Fastly will post -0.96 earnings per share for the current fiscal year.

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.