Fastly (NYSE:FSLY) Issues Earnings Results, Misses Estimates By $0.03 EPS

Fastly (NYSE:FSLY) announced its quarterly earnings results on Thursday. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.03), Briefing.com reports. The company had revenue of $46.17 million during the quarter, compared to the consensus estimate of $45.31 million. During the same period in the previous year, the firm posted ($0.20) earnings per share. The company’s revenue was up 34.0% compared to the same quarter last year. Fastly updated its Q3 guidance to ($0.15-0.12) EPS and its FY19 guidance to ($0.59-0.51) EPS.

FSLY stock traded down $3.81 during midday trading on Friday, reaching $17.29. 4,306,175 shares of the company traded hands, compared to its average volume of 692,727. Fastly has a 52-week low of $15.50 and a 52-week high of $25.67. The stock’s 50 day simple moving average is $20.63.

A number of brokerages recently commented on FSLY. DA Davidson began coverage on Fastly in a research note on Tuesday, June 11th. They set a “buy” rating and a $26.50 price target for the company. Stifel Nicolaus began coverage on Fastly in a research note on Tuesday, June 11th. They set a “buy” rating and a $25.00 price target for the company. Raymond James began coverage on Fastly in a research note on Wednesday, June 12th. They set a “market perform” rating and a $22.87 price target for the company. Robert W. Baird began coverage on Fastly in a research note on Tuesday, June 11th. They set an “outperform” rating and a $28.00 price target for the company. Finally, Credit Suisse Group began coverage on Fastly in a research note on Tuesday, June 11th. They set an “outperform” rating and a $25.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $25.44.

In related news, major shareholder Qualified Master Fund L. Abdiel acquired 120,863 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were acquired at an average cost of $19.53 per share, for a total transaction of $2,360,454.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Qualified Master Fund L. Abdiel acquired 38,170 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average price of $21.39 per share, for a total transaction of $816,456.30. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 587,498 shares of company stock worth $11,546,419.

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