Fastly (NYSE:FSLY) Trading 6.6% Higher – What’s Next?

Fastly, Inc. (NYSE:FSLY) was up 6.6% on Thursday . The stock traded as high as $21.39 and last traded at $21.36. Approximately 4,448,142 shares were traded during trading, a decline of 60% from the average daily volume of 11,001,354 shares. The stock had previously closed at $20.04.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. KeyCorp upgraded Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price target on the stock in a research report on Monday, December 15th. Citigroup increased their target price on Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, February 13th. Royal Bank Of Canada lifted their price target on Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a report on Monday. Oppenheimer started coverage on shares of Fastly in a research report on Monday, November 17th. They set a “market perform” rating on the stock. Finally, Piper Sandler reissued a “neutral” rating and set a $14.00 price objective (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.14.

Fastly Price Performance

The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of -21.49 and a beta of 1.03. 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 company’s fifty day moving average is $12.19 and its two-hundred day moving average is $10.23.

Insider Activity at Fastly

In other Fastly news, insider Scott R. Lovett sold 6,573 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $17.53, for a total value of $115,224.69. Following the transaction, the insider owned 995,564 shares of the company’s stock, valued at approximately $17,452,236.92. This represents a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Charles Lacey Compton III sold 14,797 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $18.88, for a total value of $279,367.36. Following the transaction, the chief executive officer owned 584,519 shares in the company, valued at approximately $11,035,718.72. This trade represents a 2.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 919,242 shares of company stock worth $12,797,852. 6.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Fastly

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of Fastly in the 4th quarter valued at $41,000. Align Financial LLC acquired a new position in Fastly in the fourth quarter valued at about $41,000. Byrne Asset Management LLC bought a new stake in shares of Fastly in the third quarter worth about $43,000. Quarry LP acquired a new stake in shares of Fastly during the third quarter worth about $49,000. Finally, Geneos Wealth Management Inc. bought a new position in shares of Fastly during the 1st quarter valued at about $52,000. 79.71% of the stock is owned by institutional investors.

Fastly Company Profile

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.