Fastly (NYSE:FSLY) Upgraded by Freedom Capital to Strong-Buy Rating

Fastly (NYSE:FSLY) was upgraded by investment analysts at Freedom Capital to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Raymond James Financial raised Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research note on Friday, May 8th. Piper Sandler lowered their price objective on Fastly to $27.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Canaccord Genuity Group began coverage on Fastly in a research report on Friday. They set a “buy” rating and a $27.00 price objective for the company. Citigroup boosted their target price on shares of Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Finally, KeyCorp upped their target price on shares of Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Fastly currently has an average rating of “Hold” and an average price target of $23.11.

Fastly Stock Up 2.0%

Shares of NYSE:FSLY opened at $20.72 on Thursday. The firm has a market capitalization of $3.24 billion, a P/E ratio of -21.58 and a beta of 0.34. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. The stock has a 50 day moving average price of $18.30 and a 200-day moving average price of $18.76. Fastly has a 52-week low of $6.29 and a 52-week high of $34.82.

Insider Buying and Selling

In related news, CEO Charles Lacey Compton III sold 9,313 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $20.79, for a total value of $193,617.27. Following the sale, the chief executive officer owned 1,063,945 shares in the company, valued at $22,119,416.55. This represents a 0.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Artur Bergman sold 7,889 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $20.96, for a total value of $165,353.44. Following the transaction, the chief technology officer directly owned 2,038,638 shares of the company’s stock, valued at approximately $42,729,852.48. This trade represents a 0.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 274,529 shares of company stock valued at $4,761,780. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fastly

A number of institutional investors have recently modified their holdings of FSLY. Range Financial Group LLC bought a new stake in Fastly during the 1st quarter valued at about $1,667,000. Vanguard Group Inc. raised its holdings in Fastly by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock worth $172,825,000 after buying an additional 310,234 shares during the last quarter. SG Americas Securities LLC raised its holdings in Fastly by 90.7% in the first quarter. SG Americas Securities LLC now owns 685,415 shares of the company’s stock worth $19,918,000 after buying an additional 326,087 shares during the last quarter. Sigma Planning Corp bought a new position in shares of Fastly in the first quarter worth approximately $1,891,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Fastly in the first quarter worth approximately $1,023,000. 79.71% of the stock is owned by hedge funds and other 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.