FastlyNYSE: FSLY

SAN FRANCISCO--(BUSINESS WIRE)---- $FSLY #CDN--Fastly Unveils New DDoS Protection Solution to Defend Against Disruptive Application DDoS Attacks.

Fastly (FSLY) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Fastly, Inc. (FSLY, Financial) witnessed a significant stock price increase of 5.01%, bringing the share price to $7.54 with a trading volume of 1.344 million shares and a turnover rate of 0.97%. The stock demonstrated a price fluctuation of 5.26% during this period.

One pundit believes that while the company certainly has potential, it might take more than a few quarters to realize.

FSLY shares are buoyed by top-line revenue growth expectations, edge cloud innovation and solid go-to-market transformation.

Fastly's stock dropped sharply after the company lowered guidance for the remainder of 2024. The company attributed this to macro headwinds, with some larger customers looking to cut costs in the face of weaker traffic growth. Growth amongst Fastly's smaller customers is helping to offset this somewhat but there is little for investors to get excited about at the moment.

Fastly stock tumbled on Thursday after the cloud-computing company slashed its end-of-year guidance.

Fastly (FSLY) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to loss of $0.04 per share a year ago.

The consensus price target hints at a 59.9% upside potential for Fastly (FSLY). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.