Short Interest in Fastly, Inc. (NYSE:FSLY) Declines By 13.9%

Fastly, Inc. (NYSE:FSLY) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 10,200,000 shares, a decline of 13.9% from the October 31st total of 11,840,000 shares. Based on an average daily trading volume, of 2,620,000 shares, the days-to-cover ratio is presently 3.9 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FSLY shares. Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. DA Davidson boosted their price objective on shares of Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Royal Bank of Canada raised their target price on Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 7th. Robert W. Baird increased their price objective on Fastly from $7.00 to $8.00 and gave the stock a “neutral” 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 company a “neutral” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $8.35.

Insider Buying and Selling at Fastly

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the 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 completion of the sale, the chief financial officer now owns 558,564 shares in the company, valued at approximately $4,044,003.36. This trade represents a 1.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Artur Bergman sold 49,178 shares of the business’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 in the company, valued at approximately $49,677,483.54. This represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 154,550 shares of company stock valued at $1,091,021. 6.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fastly

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FSLY. CWM LLC grew its holdings in Fastly by 10.5% during the 2nd quarter. CWM LLC now owns 22,266 shares of the company’s stock valued at $164,000 after buying an additional 2,121 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Fastly by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock valued at $503,000 after acquiring an additional 2,128 shares in the last quarter. Blue Trust Inc. grew its stake in Fastly by 15.2% during the third quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock valued at $128,000 after acquiring an additional 2,296 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Fastly by 11.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company’s stock valued at $222,000 after acquiring an additional 3,124 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in Fastly by 10.3% in the 2nd quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock worth $263,000 after purchasing an additional 3,338 shares in the last quarter. 79.71% of the stock is owned by hedge funds and other institutional investors.

Fastly Stock Performance

Fastly stock opened at $9.87 on Tuesday. Fastly has a twelve month low of $5.52 and a twelve month high of $25.87. The company has a market capitalization of $1.38 billion, a P/E ratio of -9.06 and a beta of 1.24. The stock’s 50 day moving average is $7.39 and its 200 day moving average is $7.25. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.08. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The firm had revenue of $137.21 million for the quarter, compared to analysts’ expectations of $131.86 million. During the same period in the prior year, the firm earned ($0.33) EPS. The company’s revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts predict that Fastly will post -0.87 earnings per share 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.