Fastly’s (NYSE:FSLY) lock-up period is set to end on Wednesday, November 13th. Fastly had issued 11,250,000 shares in its initial public offering on May 17th. The total size of the offering was $180,000,000 based on an initial share price of $16.00. After the expiration of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.
Several equities analysts have recently issued reports on FSLY shares. Stifel Nicolaus set a $25.00 price objective on shares of Fastly and gave the company a “buy” rating in a report on Friday, August 9th. Citigroup upped their price objective on shares of Fastly from $17.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, October 18th. ValuEngine downgraded shares of Fastly from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Zacks Investment Research upgraded shares of Fastly from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Piper Jaffray Companies downgraded shares of Fastly from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $21.00 to $24.00 in a report on Friday, October 11th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $25.49.
Shares of NYSE:FSLY opened at $18.97 on Friday. Fastly has a twelve month low of $14.12 and a twelve month high of $35.25. The stock has a 50 day simple moving average of $22.87.
Fastly (NYSE:FSLY) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.03). The company had revenue of $46.17 million for the quarter, compared to the consensus estimate of $45.31 million. During the same quarter in the previous year, the business posted ($0.20) EPS. The company’s revenue for the quarter was up 34.0% compared to the same quarter last year. Analysts expect that Fastly will post -0.58 earnings per share for the current year.
In other news, major shareholder Qualified Master Fund L. Abdiel acquired 849,413 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were acquired at an average price of $17.40 per share, with a total value of $14,779,786.20. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Qualified Master Fund L. Abdiel acquired 359,071 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were purchased at an average cost of $21.84 per share, for a total transaction of $7,842,110.64. The disclosure for this purchase can be found here.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Focused Wealth Management Inc acquired a new stake in shares of Fastly during the 3rd quarter worth approximately $201,000. Griffin Asset Management Inc. acquired a new stake in shares of Fastly during the 3rd quarter worth approximately $706,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Fastly during the 3rd quarter worth approximately $170,000. SG Americas Securities LLC acquired a new stake in shares of Fastly during the 3rd quarter worth approximately $2,859,000. Finally, Creative Planning acquired a new stake in shares of Fastly during the 3rd quarter worth approximately $202,000. 14.17% of the stock is currently owned by institutional investors and hedge funds.
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