Fastly (NYSE:FSLY) Sets New 12-Month High – Here’s Why

Fastly, Inc. (NYSE:FSLY)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $19.27 and last traded at $17.66, with a volume of 20942959 shares trading hands. The stock had previously closed at $18.26.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FSLY. Piper Sandler reissued a “neutral” rating and issued a $14.00 price objective (up previously from $11.00) on shares of Fastly in a research report on Thursday, February 12th. Oppenheimer assumed coverage on Fastly in a report on Monday, November 17th. They issued a “market perform” rating for the company. Wall Street Zen upgraded Fastly from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Royal Bank Of Canada upped their target price on Fastly from $10.00 to $12.00 and gave the company a “sector perform” rating in a research note on Thursday, February 12th. Finally, William Blair upgraded Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.00.

Fastly Stock Down 3.3%

The stock has a fifty day moving average of $10.32 and a two-hundred day moving average of $9.33. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of -18.40 and a beta of 1.03.

Insider Activity at Fastly

In other news, CTO Artur Bergman sold 49,320 shares of the stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $10.40, for a total value of $512,928.00. Following the completion of the sale, the chief technology officer owned 2,570,579 shares of the company’s stock, valued at $26,734,021.60. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Scott R. Lovett sold 42,118 shares of the firm’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $10.10, for a total transaction of $425,391.80. Following the completion of the transaction, the insider directly owned 1,002,137 shares in the company, valued at approximately $10,121,583.70. This represents a 4.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 575,468 shares of company stock worth $5,920,876 in the last 90 days. 6.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastly

Several institutional investors and hedge funds have recently modified their holdings of the stock. Kestra Advisory Services LLC grew its stake in shares of Fastly by 8.4% in the fourth quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company’s stock valued at $122,000 after buying an additional 930 shares in the last quarter. Arizona State Retirement System grew its position in Fastly by 3.2% in the third quarter. Arizona State Retirement System now owns 40,705 shares of the company’s stock valued at $348,000 after acquiring an additional 1,253 shares in the last quarter. Parallax Volatility Advisers L.P. grew its position in Fastly by 13.8% in the third quarter. Parallax Volatility Advisers L.P. now owns 12,095 shares of the company’s stock valued at $103,000 after acquiring an additional 1,465 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Fastly by 10.1% during the fourth quarter. ProShare Advisors LLC now owns 26,553 shares of the company’s stock valued at $270,000 after purchasing an additional 2,435 shares during the period. Finally, 180 Wealth Advisors LLC lifted its position in shares of Fastly by 3.7% during the fourth quarter. 180 Wealth Advisors LLC now owns 79,221 shares of the company’s stock worth $806,000 after purchasing an additional 2,860 shares in the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

About Fastly

Fastly, Inc operates an edge cloud platform designed to accelerate, secure and enable modern digital experiences. The company offers a suite of services including a content delivery network (CDN), edge compute, load balancing, web application firewall (WAF) and DDoS protection. Fastly’s real-time architecture allows customers to seamlessly deploy software logic at the network edge, reducing latency by bringing applications and content closer to end users.

Founded in 2011 by Artur Bergman, Fastly has evolved from a pure-play CDN provider into a comprehensive edge cloud platform.