Fastly (NYSE:FSLY) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Fastly (NYSE:FSLYGet Rating) issued its quarterly earnings results on Wednesday. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01), MarketWatch Earnings reports. Fastly had a negative net margin of 63.54% and a negative return on equity of 20.60%. The company had revenue of $102.40 million for the quarter, compared to analyst estimates of $98.94 million. During the same period last year, the company posted ($0.39) earnings per share. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. Fastly updated its Q2 guidance to -($0.18-0.15) EPS and its FY22 guidance to -($0.60-0.50) EPS.

Shares of Fastly stock traded down $0.69 on Friday, hitting $13.12. The stock had a trading volume of 6,148,484 shares, compared to its average volume of 5,127,515. The company has a quick ratio of 4.74, a current ratio of 4.74 and a debt-to-equity ratio of 0.94. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -6.50 and a beta of 1.48. The business’s 50 day moving average is $16.94 and its two-hundred day moving average is $29.76. Fastly has a twelve month low of $12.64 and a twelve month high of $64.07.

FSLY has been the subject of several recent research reports. Royal Bank of Canada reduced their price target on Fastly from $30.00 to $20.00 and set a “sector perform” rating for the company in a research report on Thursday, February 17th. KeyCorp began coverage on Fastly in a research report on Tuesday, January 18th. They set a “sector weight” rating for the company. Piper Sandler dropped their price objective on Fastly from $35.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, February 17th. Citigroup dropped their price objective on Fastly from $22.00 to $14.00 and set a “sell” rating on the stock in a research note on Friday. Finally, Morgan Stanley dropped their price objective on Fastly from $25.00 to $18.00 in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fastly has an average rating of “Hold” and an average price target of $24.67.

In related news, EVP Brett Shirk sold 2,888 shares of the business’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $13.96, for a total value of $40,316.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Artur Bergman sold 9,630 shares of the business’s stock in a transaction that occurred on Wednesday, February 16th. The shares were sold at an average price of $28.64, for a total transaction of $275,803.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,428 shares of company stock valued at $996,487. 10.32% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Penserra Capital Management LLC boosted its stake in shares of Fastly by 38.0% in the 4th quarter. Penserra Capital Management LLC now owns 2,048 shares of the company’s stock valued at $72,000 after purchasing an additional 564 shares in the last quarter. Metropolitan Life Insurance Co NY acquired a new stake in shares of Fastly in the 4th quarter valued at approximately $75,000. Lombard Odier Asset Management USA Corp acquired a new stake in shares of Fastly in the 4th quarter valued at approximately $241,000. Cetera Investment Advisers acquired a new stake in shares of Fastly in the 4th quarter valued at approximately $241,000. Finally, Toroso Investments LLC boosted its stake in shares of Fastly by 42.9% in the 4th quarter. Toroso Investments LLC now owns 7,309 shares of the company’s stock valued at $259,000 after purchasing an additional 2,195 shares in the last quarter. Institutional investors own 65.08% of the company’s stock.

About Fastly (Get Rating)

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.

See Also

Earnings History for Fastly (NYSE:FSLY)

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