Fastly (NYSE:FSLY) Price Target Raised to $30.00 at Piper Sandler

Fastly (NYSE:FSLY) had its target price boosted by research analysts at Piper Sandler from $14.00 to $30.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential downside of 5.94% from the stock’s previous close.

Several other analysts also recently commented on FSLY. Royal Bank Of Canada increased their price objective on Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Monday, March 2nd. KeyCorp raised Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a research note on Monday, December 15th. Citigroup increased 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. DA Davidson set a $13.00 price target on Fastly in a research report on Thursday, February 12th. Finally, William Blair raised 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 assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Fastly currently has a consensus rating of “Hold” and an average target price of $15.43.

Fastly Stock Up 1.1%

Shares of Fastly stock traded up $0.35 on Tuesday, hitting $31.89. The company had a trading volume of 4,599,395 shares, compared to its average volume of 11,551,458. The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of -33.22 and a beta of 0.62. Fastly has a 1 year low of $4.86 and a 1 year high of $34.22. The stock has a 50 day moving average of $19.96 and a 200-day moving average of $13.32. 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 Buying and Selling

In other Fastly news, CEO Charles Lacey Compton III sold 73,206 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $20.94, for a total transaction of $1,532,933.64. Following the sale, the chief executive officer directly owned 875,831 shares of the company’s stock, valued at $18,339,901.14. This represents a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Scott R. Lovett sold 73,715 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $21.06, for a total transaction of $1,552,437.90. Following the sale, the insider directly owned 1,580,513 shares in the company, valued at approximately $33,285,603.78. This trade represents a 4.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,498,702 shares of company stock valued at $28,938,555. 6.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Divisadero Street Capital Management LP bought a new position in shares of Fastly in the third quarter worth approximately $21,174,000. Vanguard Group Inc. boosted its stake in Fastly by 3.4% in the third quarter. Vanguard Group Inc. now owns 16,666,672 shares of the company’s stock worth $142,500,000 after buying an additional 554,909 shares in the last quarter. Knights of Columbus Asset Advisors LLC purchased a new stake in Fastly in the third quarter worth approximately $1,002,000. Picton Mahoney Asset Management purchased a new position in Fastly during the third quarter valued at $781,000. Finally, Hussman Strategic Advisors Inc. grew its stake in shares of Fastly by 100.0% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 210,000 shares of the company’s stock valued at $1,796,000 after purchasing an additional 105,000 shares during the period. 79.71% of the stock is currently owned by institutional investors.

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.