DA Davidson Forecasts Fastly’s FY2024 Earnings (NYSE:FSLY)

Fastly, Inc. (NYSE:FSLY) – Analysts at DA Davidson upped their FY2024 earnings estimates for Fastly in a report released on Thursday, November 7th. DA Davidson analyst R. Kessinger now expects that the company will earn ($0.91) per share for the year, up from their prior forecast of ($0.96). DA Davidson currently has a “Neutral” rating and a $7.50 target price on the stock. The consensus estimate for Fastly’s current full-year earnings is ($0.95) per share. DA Davidson also issued estimates for Fastly’s FY2025 earnings at ($0.77) EPS.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.19%. The company had revenue of $137.21 million during the quarter, compared to analyst estimates of $131.86 million. During the same quarter last year, the business posted ($0.33) EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis.

Several other research analysts have also commented on the stock. Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Robert W. Baird increased their target price on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Morgan Stanley reduced their price target on Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. Craig Hallum increased their price objective on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Finally, Piper Sandler boosted their target price on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.94.

Fastly Stock Down 6.4 %

Shares of Fastly stock opened at $7.18 on Monday. The stock has a 50-day simple moving average of $7.09 and a 200-day simple moving average of $7.54. Fastly has a 52-week low of $5.52 and a 52-week high of $25.87. The firm has a market cap of $995.15 million, a price-to-earnings ratio of -6.70 and a beta of 1.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.13 and a quick ratio of 4.13.

Insider Buying and Selling at Fastly

In other Fastly news, CTO Artur Bergman sold 49,178 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $8.07, for a total value of $396,866.46. Following the sale, the chief technology officer now directly owns 6,155,822 shares in the company, valued at $49,677,483.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO Artur Bergman sold 49,178 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $8.07, for a total value of $396,866.46. Following the completion of the transaction, the chief technology officer now directly owns 6,155,822 shares of the company’s stock, valued at $49,677,483.54. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 7,449 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total transaction of $53,930.76. Following the completion of the transaction, the chief financial officer now owns 558,564 shares of the company’s stock, valued at approximately $4,044,003.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 192,628 shares of company stock valued at $1,287,959 in the last 90 days. 6.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastly

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Fastly by 5.1% during the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after acquiring an additional 657,334 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Fastly by 461.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock worth $5,575,000 after purchasing an additional 621,680 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Fastly by 94.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after purchasing an additional 466,560 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Fastly in the second quarter valued at about $1,233,000. Finally, Marshall Wace LLP increased its holdings in shares of Fastly by 1,197.4% during the second quarter. Marshall Wace LLP now owns 151,172 shares of the company’s stock worth $1,114,000 after buying an additional 139,520 shares in the last quarter. 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.