Fastly (NYSE:FSLY) Price Target Raised to $20.00

Fastly (NYSE:FSLY) had its target price increased by Royal Bank Of Canada from $12.00 to $20.00 in a research note released on Monday morning, Marketbeat reports. They currently have a sector perform rating on the stock.

A number of other analysts also recently issued reports on FSLY. KeyCorp raised Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective on the stock in a research note on Monday, December 15th. DA Davidson set a $13.00 price objective on shares of Fastly in a research report on Thursday, February 12th. Oppenheimer initiated coverage on Fastly in a research report on Monday, November 17th. They set a “market perform” rating for the company. Piper Sandler reaffirmed a “neutral” rating and set a $14.00 price target (up from $11.00) on shares of Fastly in a research note on Thursday, February 12th. Finally, William Blair upgraded Fastly from a “market perform” rating to an “outperform” rating in a 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $13.14.

Fastly Trading Down 5.2%

Shares of FSLY stock opened at $20.04 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. The firm has a fifty day moving average price of $12.19 and a 200-day moving average price of $10.23. The company has a market cap of $3.04 billion, a price-to-earnings ratio of -20.87 and a beta of 1.03. Fastly has a 1 year low of $4.65 and a 1 year high of $21.75.

Insider Activity

In related news, CEO Charles Lacey Compton III sold 14,797 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $18.88, for a total value of $279,367.36. Following the completion of the transaction, the chief executive officer directly owned 584,519 shares of the company’s stock, valued at approximately $11,035,718.72. This represents a 2.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Artur Bergman sold 40,000 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $17.08, for a total transaction of $683,200.00. Following the completion of the sale, the chief technology officer owned 2,185,135 shares of the company’s stock, valued at approximately $37,322,105.80. The trade was a 1.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 919,242 shares of company stock worth $12,797,852 in the last ninety days. Company insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Penserra Capital Management LLC acquired a new stake in shares of Fastly during the third quarter worth about $61,864,000. Alyeska Investment Group L.P. lifted its stake in Fastly by 2,795.2% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock worth $48,754,000 after purchasing an additional 4,623,767 shares during the last quarter. Divisadero Street Capital Management LP purchased a new stake in shares of Fastly during the 3rd quarter worth approximately $21,174,000. Marshall Wace LLP lifted its position in Fastly by 115.2% in the second quarter. Marshall Wace LLP now owns 3,385,167 shares of the company’s stock valued at $23,899,000 after acquiring an additional 1,811,935 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its position in shares of Fastly by 3,941.1% in the 2nd 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. 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.