Fastly (NYSE:FSLY) Hits New 52-Week High – Still a Buy?

Fastly, Inc. (NYSE:FSLY) reached a new 52-week high on Wednesday . The company traded as high as $31.55 and last traded at $31.25, with a volume of 2736265 shares trading hands. The stock had previously closed at $29.06.

Analyst Ratings Changes

A number of brokerages have issued reports on FSLY. Royal Bank Of Canada lifted their price objective on Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a report on Monday, March 2nd. Citigroup raised their target price on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, February 13th. William Blair upgraded shares of Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. KeyCorp raised shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective on the stock in a report on Monday, December 15th. Finally, Piper Sandler restated a “neutral” rating and issued a $14.00 price objective (up from $11.00) on shares of Fastly in a research report on Thursday, February 12th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $13.14.

Fastly Price Performance

The company has a 50 day moving average price of $18.09 and a 200 day moving average price of $12.64. The company has a market capitalization of $4.89 billion, a price-to-earnings ratio of -33.54 and a beta of 0.88. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16.

Insider Activity at Fastly

In other Fastly news, CTO Artur Bergman sold 275,234 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $20.56, for a total transaction of $5,658,811.04. Following the transaction, the chief technology officer directly owned 1,909,901 shares in the company, valued at approximately $39,267,564.56. This represents a 12.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Charles Lacey Compton III sold 73,206 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $20.94, for a total transaction of $1,532,933.64. Following the completion of the transaction, the chief executive officer directly owned 875,831 shares in the company, valued at $18,339,901.14. This trade represents a 7.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,538,702 shares of company stock worth $29,349,355 over the last 90 days. Insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Fastly by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock worth $172,825,000 after acquiring an additional 310,234 shares during the period. Morgan Stanley lifted its stake in shares of 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 purchasing an additional 1,071,222 shares during the period. Penserra Capital Management LLC acquired a new position in shares of Fastly in the 3rd quarter valued at $61,864,000. Alyeska Investment Group L.P. boosted 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 worth $48,754,000 after purchasing an additional 4,623,767 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Fastly by 2.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,137,808 shares of the company’s stock worth $35,380,000 after purchasing an additional 117,213 shares during the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.