Fastly (NYSE:FSLY) Issues FY 2024 Earnings Guidance

Fastly (NYSE:FSLY) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of -0.120–0.080 for the period, compared to the consensus earnings per share estimate of -0.150. The company issued revenue guidance of $539.0 million-$543.0 million, compared to the consensus revenue estimate of $535.0 million. Fastly also updated its Q4 guidance to ($0.02) to $0.02 EPS.

Analyst Ratings Changes

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

Fastly Trading Up 6.4 %

Fastly stock traded up $0.49 during trading hours on Wednesday, reaching $8.16. The stock had a trading volume of 6,387,806 shares, compared to its average volume of 3,543,742. The stock has a market cap of $1.13 billion, a PE ratio of -6.49 and a beta of 1.24. The company has a fifty day simple moving average of $6.97 and a 200-day simple moving average of $7.64. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.13 and a quick ratio of 4.13. Fastly has a 52 week low of $5.52 and a 52 week high of $25.87.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping 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 return on equity of 15.22% and a negative net margin of 31.02%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company earned ($0.32) EPS. Analysts forecast that Fastly will post -0.96 EPS for the current fiscal year.

Insider Activity at Fastly

In other news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $408,287.88. Following the completion of the sale, the chief executive officer now directly owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Todd Nightingale sold 66,066 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $408,287.88. Following the completion of the transaction, the chief executive officer now owns 1,662,952 shares in the company, valued at $10,277,043.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 15,933 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total value of $98,465.94. Following the completion of the sale, the chief financial officer now directly owns 570,124 shares in the company, valued at approximately $3,523,366.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 143,450 shares of company stock worth $891,093 over the last quarter. Corporate insiders own 6.70% of the company’s stock.

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.