Brokerages Set Fastly, Inc. (NYSE:FSLY) Price Target at $23.11

Fastly, Inc. (NYSE:FSLY) has been given a consensus rating of “Hold” by the thirteen research firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $23.1111.

FSLY has been the topic of several recent analyst reports. KeyCorp increased their price objective on shares of Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Freedom Capital upgraded shares of Fastly to a “strong-buy” rating in a research report on Thursday, July 16th. Piper Sandler decreased their price target on shares of Fastly to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Citigroup raised their price target on shares of Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada cut their price objective on Fastly to $18.00 and set a “sector perform” rating for the company in a research note on Thursday, May 7th.

Fastly Price Performance

Fastly stock opened at $21.55 on Friday. The stock has a market capitalization of $3.37 billion, a P/E ratio of -22.45 and a beta of 0.34. The company’s fifty day moving average price is $18.82 and its 200 day moving average price is $19.48. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. Fastly has a 1 year low of $6.29 and a 1 year high of $34.82.

Insider Activity

In other news, CTO Artur Bergman sold 32,181 shares of Fastly stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $16.85, for a total value of $542,249.85. Following the sale, the chief technology officer directly owned 2,086,529 shares of the company’s stock, valued at $35,158,013.65. The trade was a 1.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Scott R. Lovett sold 41,716 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total value of $741,293.32. Following the sale, the insider owned 1,392,778 shares of the company’s stock, valued at $24,749,665.06. The trade was a 2.91% decrease in their ownership of the stock. 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 quarter. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastly

A number of large investors have recently modified their holdings of FSLY. PNC Financial Services Group Inc. lifted its stake in shares of Fastly by 84.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock worth $40,000 after buying an additional 633 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Fastly during the 4th quarter valued at about $41,000. Align Financial LLC acquired a new stake in Fastly in the 4th quarter valued at about $41,000. Sound Income Strategies LLC acquired a new stake in Fastly in the 1st quarter valued at about $44,000. Finally, Quarry LP purchased a new position in Fastly in the 3rd quarter worth approximately $49,000. Hedge funds and other 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.