Fastly, Inc. (NYSE:FSLY) Short Interest Down 7.3% in August

Fastly, Inc. (NYSE:FSLY) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 14,290,000 shares, a decrease of 7.3% from the August 15th total of 15,410,000 shares. Based on an average daily volume of 3,360,000 shares, the days-to-cover ratio is currently 4.3 days.

Analyst Ratings Changes

FSLY has been the topic of several recent analyst reports. Raymond James reduced their target price on shares of Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a research note on Thursday, August 8th. Morgan Stanley reduced their price target on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 27th. Craig Hallum reduced their price target on shares of Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Finally, Piper Sandler cut shares of Fastly from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $6.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a strong buy rating to the company. According to MarketBeat, Fastly has a consensus rating of “Hold” and a consensus price target of $7.81.

Fastly Stock Up 2.6 %

Shares of NYSE:FSLY traded up $0.18 during trading on Thursday, reaching $7.22. The stock had a trading volume of 688,828 shares, compared to its average volume of 3,754,776. Fastly has a one year low of $5.52 and a one year high of $25.87. The company has a market capitalization of $986.53 million, a P/E ratio of -7.04 and a beta of 1.20. The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.35. The firm’s 50-day simple moving average is $6.80 and its 200 day simple moving average is $9.05.

Fastly (NYSE:FSLY) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $132.37 million during the quarter, compared to analysts’ expectations of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. Fastly’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the business earned ($0.32) EPS. As a group, research analysts expect that Fastly will post -0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fastly news, CTO Artur Bergman sold 19,889 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total value of $118,538.44. Following the completion of the transaction, the chief technology officer now directly owns 6,205,000 shares in the company, valued at $36,981,800. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Fastly news, CTO Artur Bergman sold 19,889 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $5.96, for a total transaction of $118,538.44. Following the completion of the transaction, the chief technology officer now owns 6,205,000 shares in the company, valued at $36,981,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Nightingale sold 66,066 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $408,287.88. Following the completion of the sale, the chief executive officer now directly owns 1,662,952 shares in the company, valued at approximately $10,277,043.36. The disclosure for this sale can be found here. Insiders sold a total of 155,450 shares of company stock worth $990,251 over the last three months. 6.70% of the stock is currently owned by company insiders.

Institutional Trading of Fastly

A number of institutional investors have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co raised its position in Fastly by 94.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock worth $12,453,000 after buying an additional 466,560 shares during the last quarter. Vanguard Group Inc. raised its position in Fastly by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after buying an additional 657,334 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Fastly by 9.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,906,860 shares of the company’s stock worth $33,942,000 after buying an additional 162,659 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in Fastly by 52.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 51,212 shares of the company’s stock worth $664,000 after buying an additional 17,536 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in Fastly during the 4th quarter worth approximately $2,933,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.