Fastly (FSLY) closed the most recent trading day at $17.49, moving +1.75% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.4%. At the same time, the Dow added 0.52%, and the tech-heavy Nasdaq gained 10.86%.
Prior to today's trading, shares of the cloud software developer had gained 11.05% over the past month. This has outpaced the Computer and Technology sector's gain of 2.6% and the S&P 500's gain of 3.98% in that time.
Investors will be hoping for strength from Fastly as it approaches its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of -$0.10, up 56.52% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $118.69 million, up 15.77% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.24 per share and revenue of $502.39 million, which would represent changes of +59.32% and +16.1%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Fastly. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.11% higher. Fastly is currently a Zacks Rank #2 (Buy).
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 65, putting it in the top 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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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.
