Fastly (NYSE:FSLY) Hits New 52-Week High – Still a Buy?

Fastly, Inc. (NYSE:FSLY) shares reached a new 52-week high on Wednesday . The company traded as high as $19.27 and last traded at $17.66, with a volume of 20942959 shares trading hands. The stock had previously closed at $18.26.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FSLY shares. Piper Sandler reissued a “neutral” rating and issued a $14.00 price objective (up from $11.00) on shares of Fastly in a research report on Thursday, February 12th. William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a report on Thursday, February 12th. Citigroup lifted their price objective on Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday. Royal Bank Of Canada increased their target price on Fastly from $10.00 to $12.00 and gave the company a “sector perform” rating in a research note on Thursday, February 12th. Finally, Wall Street Zen raised shares of Fastly from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.00.

Fastly Trading Down 3.3%

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 $2.64 billion, a price-to-earnings ratio of -18.40 and a beta of 1.03. The firm has a 50-day moving average price of $10.32 and a 200 day moving average price of $9.33.

Insiders Place Their Bets

In related news, CTO Artur Bergman sold 49,320 shares of the business’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $10.40, for a total transaction of $512,928.00. Following the completion of the sale, the chief technology officer owned 2,570,579 shares of the company’s stock, valued at $26,734,021.60. This represents a 1.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott R. Lovett sold 42,118 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $10.10, for a total transaction of $425,391.80. Following the completion of the transaction, the insider directly owned 1,002,137 shares in the company, valued at $10,121,583.70. This represents a 4.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 575,468 shares of company stock valued at $5,920,876. 6.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Fastly

Institutional investors and hedge funds have recently made changes to their positions in the stock. Byrne Asset Management LLC bought a new stake in shares of Fastly in the 3rd quarter worth approximately $43,000. Quarry LP acquired a new position in shares of Fastly during the third quarter valued at $49,000. Geneos Wealth Management Inc. bought a new position in shares of Fastly during the first quarter worth about $52,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of Fastly in the 4th quarter worth about $54,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Fastly in the third quarter valued at approximately $56,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.