Fastly, Inc. FSLYshares are trading higher on Thursday after the company reported strong second-quarter financial results, leading to multiple analyst price target raises.
The Details:
Fastly reported record second-quarter revenue of $122.8 million, representing a 20% increase year-over-year. The company also reported second-quarter losses of 4 cents per share, beating the analyst consensus estimate of a loss of 10 cents per share by 60 percent.
"I am pleased with the enormous progress the team has made and we're proud of the revenue and operating performance of the second quarter, exceeding the top end of our guidance," said Todd Nightingale, CEO of Fastly.
"We continue to execute on our strategic initiatives to simplify our go-to-market, increase our innovation velocity, and drive a new operational rigor and cost control throughout our business," continued Nightingale. "All of this progress helps us drive our mission to make every user experience fast, safe and engaging … fueling growth and delivering a strong financial result."
On Thursday, analysts raised FSLY price targets following the strong earnings report. Morgan Stanley analyst Sanjit Singh maintained Fastly with an Equal-Weight rating and raised the price target from $18 to $19. RBC Capital analyst Rishi Jaluria maintained Fastly with an Underperform and raised the price target from $11 to $12.
Related News: What's Going On With Nvidia, AMD Stock Thursday?
FSLY Price Action: According to Benzinga Pro, Fastly shares are trading 18.4% higher at $19.46 at the time of publication.
Image: geralt from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
