Fastly (NYSE:FSLY) Trading 9.2% Higher – Here’s Why

Shares of Fastly, Inc. (NYSE:FSLY) traded up 9.2% during trading on Wednesday . The company traded as high as $25.10 and last traded at $24.8390. 5,363,740 shares were traded during trading, a decline of 52% from the average session volume of 11,190,123 shares. The stock had previously closed at $22.74.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Monday, March 2nd. Citigroup upped their price target on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, February 13th. KeyCorp upgraded Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a research report on Monday, December 15th. Wall Street Zen raised Fastly from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, DA Davidson set a $13.00 price target on shares of Fastly in a research report on Thursday, February 12th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.14.

Fastly Trading Up 1.5%

The company has a 50 day moving average of $13.63 and a 200 day moving average of $10.84. The firm has a market cap of $3.73 billion, a P/E ratio of -25.66 and a beta of 0.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46.

Insider Transactions at Fastly

In other Fastly news, CTO Artur Bergman sold 275,234 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $20.56, for a total transaction of $5,658,811.04. Following the transaction, the chief technology officer directly owned 1,909,901 shares of the company’s stock, valued at $39,267,564.56. This represents a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Charles Lacey Compton III sold 73,206 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $20.94, for a total value of $1,532,933.64. Following the sale, the chief executive officer owned 875,831 shares of the company’s stock, valued at approximately $18,339,901.14. This trade represents a 7.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,698,702 shares of company stock worth $29,916,652 in the last 90 days. 6.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Fastly

A number of institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of Fastly during the 4th quarter worth $41,000. Align Financial LLC acquired a new position in Fastly during the 4th quarter worth $41,000. Byrne Asset Management LLC bought a new stake in Fastly during the third quarter valued at about $43,000. Quarry LP acquired a new stake in shares of Fastly in the third quarter valued at about $49,000. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Fastly in the first quarter valued at about $52,000. 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.