Fastly (NYSE:FSLY) Now Covered by Evercore

Evercore assumed coverage on shares of Fastly (NYSE:FSLY) in a report issued on Tuesday, MarketBeat reports. The brokerage issued an outperform rating on the stock.

Other analysts also recently issued reports about the company. DA Davidson set a $13.00 price target on Fastly in a research report on Thursday, February 12th. William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. Royal Bank Of Canada raised their target price on Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Monday, March 2nd. 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 report on Monday, December 15th. Finally, Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 target price for the company. in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Fastly presently has a consensus rating of “Hold” and an average price target of $16.25.

Fastly Stock Performance

Shares of FSLY opened at $20.95 on Tuesday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of -21.82 and a beta of 0.62. The stock has a 50 day moving average of $22.07 and a 200 day moving average of $14.10. Fastly has a 12 month low of $5.13 and a 12 month high of $34.82.

Insiders Place Their Bets

In other news, CEO Charles Lacey Compton III sold 36,694 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $20.69, for a total value of $759,198.86. Following the completion of the transaction, the chief executive officer directly owned 1,212,778 shares of the company’s stock, valued at $25,092,376.82. This trade represents a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Artur Bergman sold 265,000 shares of Fastly stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $22.79, for a total value of $6,039,350.00. Following the completion of the transaction, the chief technology officer owned 1,604,901 shares of the company’s stock, valued at approximately $36,575,693.79. This trade represents a 14.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,478,702 shares of company stock valued at $28,751,555 over the last ninety days. 6.70% of the stock is currently owned by insiders.

Institutional Trading of Fastly

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Divisadero Street Capital Management LP bought a new stake in shares of Fastly during the 3rd quarter valued at $21,174,000. Vanguard Group Inc. raised its stake in shares of Fastly by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 16,666,672 shares of the company’s stock valued at $142,500,000 after purchasing an additional 554,909 shares during the period. Knights of Columbus Asset Advisors LLC bought a new stake in shares of Fastly during the 3rd quarter valued at $1,002,000. Picton Mahoney Asset Management bought a new stake in shares of Fastly during the 3rd quarter valued at $781,000. Finally, Hussman Strategic Advisors Inc. raised its stake in shares of Fastly by 100.0% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 210,000 shares of the company’s stock valued at $1,796,000 after purchasing an additional 105,000 shares during the period. 79.71% of the stock is currently owned by institutional investors.

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.