Analysts Set Fastly, Inc. (NYSE:FSLY) Target Price at $23.11

Shares of Fastly, Inc. (NYSE:FSLY) have been assigned a consensus rating of “Hold” from the thirteen analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $23.1111.

Several research firms have issued reports on FSLY. Freedom Capital upgraded shares of Fastly to a “strong-buy” rating in a research note on Thursday, July 16th. Raymond James Financial raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a report on Friday, May 8th. Citigroup upped their price target on shares of Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Canaccord Genuity Group assumed coverage on Fastly in a research note on Friday, July 17th. They set a “buy” rating and a $27.00 price objective for the company. Finally, Piper Sandler dropped their price objective on Fastly to $27.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th.

Insider Transactions at Fastly

In other news, CTO Artur Bergman sold 32,181 shares of the 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 owned 2,086,529 shares of the company’s stock, valued at $35,158,013.65. This represents a 1.52% decrease in their position. The sale was disclosed in a filing 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, insider Scott R. Lovett sold 41,716 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total transaction of $741,293.32. Following the sale, the insider owned 1,392,778 shares in the company, valued at approximately $24,749,665.06. This trade represents a 2.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 274,529 shares of company stock valued at $4,761,780 in the last quarter. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Fastly

A number of hedge funds have recently made changes to their positions in the business. Amundi boosted its position in Fastly by 11.3% during the first quarter. Amundi now owns 46,624 shares of the company’s stock valued at $277,000 after buying an additional 4,724 shares during the period. AQR Capital Management LLC purchased a new position in shares of Fastly in the first quarter worth about $837,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Fastly by 1.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 466,042 shares of the company’s stock valued at $2,950,000 after acquiring an additional 6,247 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Fastly by 963.6% in the 1st quarter. Jones Financial Companies Lllp now owns 60,838 shares of the company’s stock valued at $385,000 after acquiring an additional 55,118 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Fastly by 7.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,302,164 shares of the company’s stock valued at $14,573,000 after acquiring an additional 165,937 shares during the period. 79.71% of the stock is currently owned by institutional investors.

Fastly Price Performance

Fastly stock opened at $20.24 on Friday. The business has a fifty day moving average price of $18.49 and a 200-day moving average price of $19.17. The firm has a market capitalization of $3.17 billion, a P/E ratio of -21.08 and a beta of 0.34. 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 one year low of $6.29 and a one year high of $34.82.

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.