Fastly (NYSE:FSLY) Stock Rating Upgraded by Evercore

Fastly (NYSE:FSLY) was upgraded by equities research analysts at Evercore to a “strong-buy” rating in a report issued on Tuesday, MarketBeat.com reports.

Several other analysts have also recently issued reports on FSLY. Citigroup upped their price target on shares of Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, February 13th. William Blair raised shares of Fastly from a “market perform” rating to an “outperform” rating in a report on Thursday, February 12th. Royal Bank Of Canada upped their price target on shares of Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a report on Monday, March 2nd. Piper Sandler reaffirmed a “neutral” rating and issued a $14.00 price target (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. Finally, Craig Hallum cut shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $16.25.

Fastly Trading Down 14.0%

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

Insiders Place Their Bets

In other Fastly news, insider Scott R. Lovett sold 41,682 shares of the stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $26.45, for a total transaction of $1,102,488.90. Following the sale, the insider directly owned 1,503,878 shares of the company’s stock, valued at approximately $39,777,573.10. This represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Charles Lacey Compton III sold 36,694 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $20.69, for a total transaction of $759,198.86. Following the sale, the chief executive officer directly owned 1,212,778 shares in the company, valued at $25,092,376.82. This trade represents a 2.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,478,702 shares of company stock valued at $28,751,555. Company insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of 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. Morgan Stanley grew its position in shares of Fastly by 14.7% during the fourth quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock worth $84,893,000 after acquiring an additional 1,071,222 shares during the last quarter. Penserra Capital Management LLC bought a new position in shares of Fastly during the third quarter worth about $61,864,000. Alyeska Investment Group L.P. grew its position in shares of 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 acquiring an additional 4,623,767 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Fastly by 2.9% during the third quarter. Dimensional Fund Advisors LP now owns 4,137,808 shares of the company’s stock worth $35,380,000 after acquiring an additional 117,213 shares during the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.

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.