Fastly (NYSE:FSLY) Shares Up 7.9% – Here’s What Happened

Fastly, Inc. (NYSE:FSLY) shares rose 7.9% during trading on Monday . The company traded as high as $18.37 and last traded at $18.4670. Approximately 1,447,853 shares changed hands during trading, a decline of 87% from the average daily volume of 10,898,747 shares. The stock had previously closed at $17.11.

Wall Street Analyst Weigh In

FSLY has been the subject of several analyst reports. Royal Bank Of Canada cut their target price on Fastly to $18.00 and set a “sector perform” rating for the company in a research report on Thursday, May 7th. Evercore started coverage on Fastly in a report on Tuesday, April 14th. They set an “outperform” rating and a $24.00 price objective for the company. Citigroup upped their target price on shares of Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Raymond James Financial upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a research report on Friday, May 8th. Finally, Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a research report on Tuesday, April 14th. Four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $22.62.

Fastly Stock Performance

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 stock’s 50 day simple moving average is $20.13 and its two-hundred day simple moving average is $17.87. The company has a market capitalization of $2.85 billion, a P/E ratio of -18.96 and a beta of 0.37.

Insider Buying and Selling at Fastly

In other news, CEO Charles Lacey Compton III sold 34,334 shares of Fastly stock in a transaction on Monday, May 18th. The stock was sold at an average price of $16.85, for a total value of $578,527.90. Following the completion of the sale, the chief executive officer directly owned 1,099,561 shares of the company’s stock, valued at approximately $18,527,602.85. This trade represents a 3.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Artur Bergman sold 32,181 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $16.85, for a total value of $542,249.85. Following the transaction, the chief technology officer directly owned 2,086,529 shares in the company, valued at $35,158,013.65. This trade represents a 1.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 304,062 shares of company stock worth $5,482,012. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Institutional investors have recently modified their holdings of the business. Divisadero Street Capital Management LP bought a new position in shares of Fastly in the 3rd quarter worth $21,174,000. Vanguard Group Inc. lifted its stake in Fastly by 3.4% in the third quarter. Vanguard Group Inc. now owns 16,666,672 shares of the company’s stock valued at $142,500,000 after buying an additional 554,909 shares during the period. Picton Mahoney Asset Management bought a new position in Fastly during the third quarter worth about $781,000. Algert Global LLC grew its position in shares of Fastly by 288.8% during the 3rd quarter. Algert Global LLC now owns 1,521,733 shares of the company’s stock worth $13,011,000 after buying an additional 1,130,293 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Fastly by 90.7% in the 1st quarter. SG Americas Securities LLC now owns 685,415 shares of the company’s stock valued at $19,918,000 after acquiring an additional 326,087 shares during the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

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.