Short Interest in Fastly, Inc. (NYSE:FSLY) Decreases By 14.1%

Fastly, Inc. (NYSE:FSLY) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 12,360,000 shares, a drop of 14.1% from the September 30th total of 14,390,000 shares. Based on an average daily volume of 3,080,000 shares, the short-interest ratio is presently 4.0 days.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Raymond James cut shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Morgan Stanley dropped their price objective on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 27th. Craig Hallum decreased their target price on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, Piper Sandler cut shares of Fastly from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $10.00 to $6.00 in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $7.81.

Insider Buying and Selling at Fastly

In other news, CFO Ronald W. Kisling sold 7,449 shares of Fastly stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total value of $53,930.76. Following the sale, the chief financial officer now owns 558,564 shares in the company, valued at $4,044,003.36. 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 link. In other Fastly news, CTO Artur Bergman sold 19,889 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $5.96, for a total value of $118,538.44. Following the completion of the sale, the chief technology officer now directly owns 6,205,000 shares of the company’s stock, valued at $36,981,800. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total value of $53,930.76. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 143,450 shares of company stock valued at $891,093. Company insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Several large investors have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co boosted its stake in Fastly by 94.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after buying an additional 466,560 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Fastly by 5.1% in the 1st 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 during the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Fastly by 52.1% during the first quarter. Oppenheimer & Co. Inc. now owns 51,212 shares of the company’s stock worth $664,000 after purchasing an additional 17,536 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Fastly during the fourth quarter valued at $2,933,000. Finally, Qsemble Capital Management LP acquired a new stake in Fastly during the 2nd quarter worth about $586,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

Fastly Stock Up 1.1 %

Shares of FSLY stock traded up $0.08 during trading hours on Tuesday, hitting $7.41. 124,478 shares of the company were exchanged, compared to its average volume of 3,535,677. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -7.33 and a beta of 1.22. The business’s 50-day simple moving average is $6.84 and its two-hundred day simple moving average is $7.87. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.13 and a current ratio of 4.13. Fastly has a one year low of $5.52 and a one year high of $25.87.

Fastly (NYSE:FSLY) last announced its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. The firm had revenue of $132.37 million for the quarter, compared to the consensus estimate of $131.62 million. During the same quarter in the previous year, the business earned ($0.32) EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. Sell-side analysts predict that Fastly will post -0.96 EPS for the current fiscal year.

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.