ILast trading session, Fastly (FSLY) closed at $17.02, marking a -0.29% move from the previous day. That move was narrower than the S&P 500’s 2.77% daily loss. Meanwhile, the Dow lost 2.82% and the Nasdaq, a technology-heavy index, lost 0.83%.
Going into today, shares of the cloud software developer had lost 3.01% over the past month, outpacing the IT & Technology sector’s 6.75% loss and the trails the 1.35% loss of the S&P 500 during this period.
Wall Street will be looking for positivity from Fastly as its next earnings release date approaches. That is expected to be May 4, 2022. On that day, Fastly is expected to report earnings of -$0.14 per share, which would represent a 16.67% year-over-year decline. Meanwhile, our latest consensus estimate calls for revenue of $99.38 million, up 17.12% from the prior year quarter.
For the full year, our Zacks consensus estimates call for earnings of -$0.55 per share and revenue of $409.92 million, which would represent swings of -14.58% and +15.69% , respectively, compared to the previous year.
It’s also important to note recent changes to analyst estimates for Fastly. These revisions generally reflect the latest short-term trading trends, which may change frequently. With this in mind, we can view positive estimate revisions as a sign of optimism about the company’s business prospects.
Research indicates that these revisions to estimates are directly correlated to near-term stock price dynamics. Investors can take advantage of this by using the Zacks ranking. This model accounts for these estimation changes and provides a simple and actionable scoring system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive track record of outperformance verified by external audits, with #1 stocks generating an average annual return of +25% since 1988 The Zacks Consensus EPS estimate rose 0.08% over the past month. Fastly currently has a Zacks rank of #2 (buy).
The Internet – Software industry is part of the IT and technology sector. This group has a Zacks Industry Rank of 178, which places it in the bottom 30% of all 250+ industries.
The Zacks Industry Ranking assesses the strength of our individual industry groups by measuring the average Zacks Ranking of individual stocks within the groups. Our research shows that the top 50% of industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and more, at Zacks.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.