Fastly (NYSE:FSLY) Trading 6.9% Higher – Time to Buy?

Fastly, Inc. (NYSE:FSLY)’s stock price traded up 6.9% on Thursday . The stock traded as high as $20.19 and last traded at $20.1310. 9,178,469 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 9,965,038 shares. The stock had previously closed at $18.83.

Analyst Ratings Changes

A number of brokerages recently issued reports on FSLY. Citigroup boosted their price objective on shares of Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, February 13th. Piper Sandler restated a “neutral” rating and issued a $14.00 price objective (up previously from $11.00) on shares of Fastly in a research report on Thursday, February 12th. Royal Bank Of Canada raised their price objective on Fastly from $10.00 to $12.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 12th. KeyCorp raised Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 target price for the company in a research note on Monday, December 15th. Finally, William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $12.00.

Fastly Stock Performance

The stock has a fifty day moving average of $10.48 and a 200-day moving average of $9.40. The firm has a market capitalization of $2.77 billion, a P/E ratio of -19.31 and a beta of 1.03. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16.

Insider Buying and Selling at Fastly

In related news, CTO Artur Bergman sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $17.53, for a total value of $701,200.00. Following the completion of the sale, the chief technology officer directly owned 2,259,711 shares in the company, valued at approximately $39,612,733.83. This trade represents a 1.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Charles Lacey Compton III sold 4,638 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $8.81, for a total value of $40,860.78. Following the transaction, the chief executive officer directly owned 612,232 shares in the company, valued at approximately $5,393,763.92. This trade represents a 0.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 836,443 shares of company stock worth $10,689,014 over the last ninety days. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Fastly by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock worth $172,825,000 after purchasing an additional 310,234 shares during the period. Legal & General Group Plc boosted its holdings in shares of Fastly by 3.4% during the 2nd quarter. Legal & General Group Plc now owns 8,943,224 shares of the company’s stock worth $63,139,000 after buying an additional 291,617 shares during the period. Morgan Stanley boosted its holdings in shares of Fastly by 14.7% during the 4th quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock worth $84,893,000 after buying an additional 1,071,222 shares during the period. Penserra Capital Management LLC acquired a new position in Fastly in the 3rd quarter valued at about $61,864,000. Finally, Alyeska Investment Group L.P. raised its holdings in 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 acquiring an additional 4,623,767 shares during the period. Institutional investors own 79.71% of the company’s stock.

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.