Fastly (NYSE:FSLY) Trading 5.3% Higher – Here’s Why

Fastly, Inc. (NYSE:FSLY)’s stock price shot up 5.3% on Friday . The stock traded as high as $21.30 and last traded at $21.4050. 697,928 shares traded hands during trading, a decline of 93% from the average session volume of 10,260,518 shares. The stock had previously closed at $20.32.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective for the company. in a report on Tuesday, April 14th. Citigroup raised their price target on Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Piper Sandler lowered their target price on shares of Fastly to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, May 7th. Royal Bank Of Canada dropped their target price on shares of Fastly to $18.00 and set a “sector perform” rating for the company in a report on Thursday, May 7th. Finally, Raymond James Financial raised Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a research report on Friday, May 8th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $23.11.

Fastly Stock Performance

The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.32 billion, a price-to-earnings ratio of -22.08 and a beta of 0.34. The stock’s 50 day moving average price is $18.29 and its 200 day moving average price is $18.74.

Insider Transactions at Fastly

In other Fastly news, insider Scott R. Lovett sold 41,716 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total transaction of $741,293.32. Following the transaction, the insider owned 1,392,778 shares in the company, valued at $24,749,665.06. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 completion of the transaction, the chief executive officer owned 1,063,945 shares of the company’s stock, valued at approximately $22,119,416.55. This represents a 0.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 274,529 shares of company stock worth $4,761,780 over the last 90 days. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Fastly

A number of hedge funds and other institutional investors have recently modified their holdings of FSLY. Alyeska Investment Group L.P. raised its position in shares of Fastly by 2,795.2% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock valued at $48,754,000 after purchasing an additional 4,623,767 shares in the last quarter. First Trust Advisors LP grew its position in shares of Fastly by 100.5% during the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock worth $204,349,000 after acquiring an additional 3,524,763 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Fastly by 3,941.1% in the second quarter. Balyasny Asset Management L.P. now owns 1,329,006 shares of the company’s stock valued at $9,383,000 after purchasing an additional 1,296,119 shares during the period. T. Rowe Price Investment Management Inc. acquired a new position in Fastly during the 4th quarter worth $11,657,000. Finally, Morgan Stanley grew its position in Fastly by 14.7% in the 4th quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock valued at $84,893,000 after buying an additional 1,071,222 shares in the last quarter. 79.71% of the stock is owned by hedge funds and other 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.