Fastly (NYSE:FSLY) Trading 6.9% Higher – Here’s Why

Fastly, Inc. (NYSE:FSLY)’s share price rose 6.9% during trading on Tuesday . The company traded as high as $26.85 and last traded at $27.1680. Approximately 4,315,360 shares were traded during trading, a decline of 65% from the average daily volume of 12,248,439 shares. The stock had previously closed at $25.41.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FSLY. DA Davidson set a $13.00 price target on shares of Fastly in a research note on Thursday, February 12th. Evercore began coverage on shares of Fastly in a research note on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price objective for the company. William Blair upgraded shares of Fastly from a “market perform” rating to an “outperform” rating in a report on Thursday, February 12th. Piper Sandler reaffirmed a “neutral” rating and set a $14.00 target price (up from $11.00) on shares of Fastly in a research note 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 for the company. in a research report on Tuesday, April 14th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Fastly currently has a consensus rating of “Hold” and an average price target of $16.25.

Fastly Trading Down 0.9%

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 cap of $3.79 billion, a PE ratio of -26.00 and a beta of 0.62. The company has a fifty day simple moving average of $24.03 and a two-hundred day simple moving average of $14.75.

Insider Transactions at Fastly

In other Fastly news, insider Scott R. Lovett sold 73,715 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $21.06, for a total transaction of $1,552,437.90. Following the completion of the transaction, the insider owned 1,580,513 shares in the company, valued at $33,285,603.78. The trade was a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Artur Bergman sold 275,234 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $20.56, for a total transaction of $5,658,811.04. Following the transaction, the chief technology officer owned 1,909,901 shares of the company’s stock, valued at $39,267,564.56. This trade represents a 12.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,474,553 shares of company stock valued at $29,185,297. 6.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastly

Several institutional investors have recently modified their holdings of FSLY. Caitong International Asset Management Co. Ltd purchased a new position in Fastly in the fourth quarter valued at $41,000. Align Financial LLC purchased a new stake in Fastly during the 4th quarter worth about $41,000. Byrne Asset Management LLC purchased a new stake in Fastly during the 3rd quarter worth about $43,000. Quarry LP acquired a new position in shares of Fastly during the 3rd quarter worth about $49,000. Finally, Geneos Wealth Management Inc. acquired a new position in shares of Fastly during the 1st quarter worth about $52,000. 79.71% of the stock is owned by hedge funds and other 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.