Fastly (NYSE:FSLY) Shares Gap Up – Time to Buy?

Fastly, Inc. (NYSE:FSLY)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $18.25, but opened at $18.93. Fastly shares last traded at $18.5440, with a volume of 693,279 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FSLY shares. Citigroup boosted their price target on shares of Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Raymond James Financial upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a report on Friday, May 8th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a report on Tuesday, April 14th. Evercore initiated coverage on Fastly in a research report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price target for the company. Finally, KeyCorp raised their price objective on Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus 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 quick ratio of 1.46 and a current ratio of 1.46. The stock has a market cap of $2.95 billion, a PE ratio of -19.71 and a beta of 0.34. The firm has a fifty day moving average price of $19.42 and a 200 day moving average price of $18.15.

Insider Activity

In related news, insider Scott R. Lovett sold 41,716 shares of Fastly stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the sale, the insider directly owned 1,392,778 shares in the company, valued at $24,749,665.06. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Lacey Compton III sold 34,334 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $16.85, for a total transaction of $578,527.90. Following the completion of the transaction, the chief executive officer directly owned 1,099,561 shares of the company’s stock, valued at approximately $18,527,602.85. This represents a 3.03% 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. Insiders have sold a total of 304,062 shares of company stock worth $5,482,012 over the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastly

A number of institutional investors and hedge funds have recently modified their holdings of FSLY. Alyeska Investment Group L.P. raised its position in Fastly by 2,795.2% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock worth $48,754,000 after buying an additional 4,623,767 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Fastly by 100.5% in the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock worth $204,349,000 after acquiring an additional 3,524,763 shares during the period. Divisadero Street Capital Management LP purchased a new position in shares of Fastly during the third quarter worth $21,174,000. Balyasny Asset Management L.P. lifted its position in Fastly by 3,941.1% during the second quarter. Balyasny Asset Management L.P. now owns 1,329,006 shares of the company’s stock valued at $9,383,000 after purchasing an additional 1,296,119 shares during the period. Finally, T. Rowe Price Investment Management Inc. acquired a new position in Fastly during the fourth quarter valued at $11,657,000. 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.