Fastly (NASDAQ:FSLY) Shares Up 9.7% – Time to Buy?

Fastly, Inc. (NASDAQ:FSLY) shot up 9.7% on Wednesday. The stock traded as high as $17.44 and last traded at $17.8180. Approximately 442,787 shares were traded during trading, a decline of 95% from the average session volume of 8,861,804 shares. The stock had previously closed at $16.24.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. KeyCorp reiterated an “overweight” rating and set a $30.00 price target on shares of Fastly in a report on Friday, September 18th. Citigroup decreased their price objective on shares of Fastly from $27.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, November 6th. Royal Bank Of Canada dropped their target price on Fastly from $25.00 to $19.00 and set a “sector perform” rating for the company in a research report on Thursday, November 5th. Freedom Capital raised Fastly to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Bank of America raised their price target on Fastly from $20.00 to $22.00 and gave the stock an “underperform” rating in a research note on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $26.00.

Fastly Stock Performance

The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -44.10 and a beta of 0.22. The stock has a 50-day moving average price of $23.69 and a 200 day moving average price of $21.59. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.32.

Fastly (NASDAQ:FSLY) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.05. The firm had revenue of $190.19 million during the quarter, compared to the consensus estimate of $187.82 million. Fastly had a negative return on equity of 4.53% and a negative net margin of 8.74%. On average, analysts forecast that Fastly, Inc. will post -0.27 EPS for the current year.

Insider Activity

In related news, CEO Charles Compton, III sold 8,941 shares of the business’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $24.98, for a total value of $223,346.18. Following the transaction, the chief executive officer owned 822,559 shares in the company, valued at $20,547,523.82. The trade was a 1.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Artur Bergman sold 37,039 shares of Fastly stock in a transaction on Monday, October 26th. The shares were sold at an average price of $25.48, for a total value of $943,753.72. Following the completion of the sale, the chief technology officer directly owned 1,024,239 shares of the company’s stock, valued at approximately $26,097,609.72. This represents a 3.49% 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. Insiders have sold 1,323,893 shares of company stock valued at $35,452,889 in the last quarter. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC lifted its holdings in shares of Fastly by 98,700.0% during the 3rd quarter. Signaturefd LLC now owns 988 shares of the company’s stock worth $25,000 after acquiring an additional 987 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Fastly by 84.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock valued at $40,000 after buying an additional 633 shares during the period. IFP Advisors Inc increased its holdings in shares of Fastly by 1,621.7% in the second quarter. IFP Advisors Inc now owns 1,429 shares of the company’s stock worth $26,000 after acquiring an additional 1,346 shares in the last quarter. GAMMA Investing LLC increased its stake in Fastly by 38.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,510 shares of the company’s stock worth $39,000 after purchasing an additional 419 shares in the last quarter. Finally, IFG Advisory LLC bought a new position in Fastly during the 3rd quarter worth about $48,000. Institutional investors own 79.71% of the company’s stock.

Fastly Company Profile

Fastly, Inc. provides an edge cloud platform that helps businesses deliver and secure websites, applications, and digital content. Its services include content delivery, web application and API protection, DDoS mitigation, bot management, and tools for monitoring and analyzing internet traffic. The company also offers edge computing through Fastly Compute, which lets developers run code closer to users. Fastly’s platform is designed to help organizations improve the speed, reliability, and security of online services, and it serves customers across multiple industries and geographies.