Zacks: Analysts Expect Fastly, Inc. (NYSE:FSLY) Will Announce Quarterly Sales of $84.23 Million

Wall Street analysts predict that Fastly, Inc. (NYSE:FSLY) will report sales of $84.23 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Fastly’s earnings, with the highest sales estimate coming in at $84.90 million and the lowest estimate coming in at $83.20 million. Fastly reported sales of $70.64 million in the same quarter last year, which indicates a positive year-over-year growth rate of 19.2%. The business is scheduled to announce its next quarterly earnings results on Wednesday, October 27th.

According to Zacks, analysts expect that Fastly will report full year sales of $344.70 million for the current year, with estimates ranging from $341.80 million to $345.80 million. For the next fiscal year, analysts expect that the firm will post sales of $405.73 million, with estimates ranging from $396.50 million to $414.70 million. Zacks’ sales averages are an average based on a survey of research firms that that provide coverage for Fastly.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, August 4th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.19. The company had revenue of $85.03 million during the quarter, compared to analyst estimates of $85.98 million. Fastly had a negative return on equity of 16.57% and a negative net margin of 55.22%. The business’s revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 EPS.

Several analysts recently issued reports on FSLY shares. Oppenheimer downgraded Fastly from an “outperform” rating to a “market perform” rating in a report on Thursday, June 10th. William Blair downgraded Fastly from an “outperform” rating to a “market perform” rating in a report on Thursday, August 5th. Citigroup cut their target price on Fastly from $46.00 to $33.00 and set a “sell” rating on the stock in a research note on Thursday, August 5th. Raymond James assumed coverage on Fastly in a research note on Monday, August 9th. They set a “market perform” rating on the stock. Finally, Piper Sandler cut their target price on Fastly from $45.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday, August 5th. Four research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $61.69.

In other news, General Counsel Paul Luongo sold 8,627 shares of Fastly stock in a transaction on Tuesday, August 17th. The stock was sold at an average price of $39.21, for a total transaction of $338,264.67. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joshua Bixby sold 14,450 shares of Fastly stock in a transaction on Tuesday, August 17th. The shares were sold at an average price of $39.21, for a total value of $566,584.50. Following the transaction, the chief executive officer now owns 459,148 shares in the company, valued at approximately $18,003,193.08. The disclosure for this sale can be found here. Insiders sold a total of 127,902 shares of company stock worth $6,037,685 over the last 90 days. Insiders own 10.32% of the company’s stock.

Several hedge funds have recently modified their holdings of FSLY. Abdiel Capital Advisors LP grew its holdings in shares of Fastly by 22.0% during the first quarter. Abdiel Capital Advisors LP now owns 11,349,869 shares of the company’s stock valued at $763,619,000 after buying an additional 2,044,190 shares in the last quarter. First Trust Advisors LP grew its stake in Fastly by 38.1% in the second quarter. First Trust Advisors LP now owns 4,219,486 shares of the company’s stock valued at $251,481,000 after purchasing an additional 1,164,970 shares in the last quarter. BlackRock Inc. grew its stake in Fastly by 11.5% in the second quarter. BlackRock Inc. now owns 4,272,559 shares of the company’s stock valued at $254,644,000 after purchasing an additional 440,740 shares in the last quarter. Morgan Stanley grew its stake in Fastly by 3.0% in the second quarter. Morgan Stanley now owns 13,467,444 shares of the company’s stock valued at $802,659,000 after purchasing an additional 396,329 shares in the last quarter. Finally, State Street Corp grew its stake in Fastly by 36.4% in the second quarter. State Street Corp now owns 1,419,781 shares of the company’s stock valued at $84,619,000 after purchasing an additional 378,925 shares in the last quarter. Institutional investors and hedge funds own 63.68% of the company’s stock.

Shares of NYSE FSLY opened at $43.08 on Friday. The company has a market cap of $5.02 billion, a price-to-earnings ratio of -27.44 and a beta of 1.08. Fastly has a 12-month low of $33.87 and a 12-month high of $136.50. The company has a current ratio of 9.78, a quick ratio of 9.78 and a debt-to-equity ratio of 0.92. The stock’s 50 day simple moving average is $45.02 and its 200 day simple moving average is $54.18.

Fastly Company Profile

Fastly, Inc provides real-time content delivery network services. It offers edge cloud platform, edge software development kit (SDK), content delivery and image optimization, video and streaming, cloud security, load balancing, and managed CDN. The company was founded by Artur Bergman, Tyler McMullen, Simon Wistow, and Gil Penchina in March 2011 and is headquartered in San Francisco, CA.

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Earnings History and Estimates for Fastly (NYSE:FSLY)

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