Fastly (NYSE:FSLY) Trading 6.6% Higher – What’s Next?

Shares of Fastly, Inc. (NYSE:FSLY) traded up 6.6% during trading on Thursday . The stock traded as high as $21.39 and last traded at $21.36. 4,448,142 shares changed hands during trading, a decline of 60% from the average session volume of 11,001,354 shares. The stock had previously closed at $20.04.

Analyst Ratings Changes

Several brokerages have recently issued reports on FSLY. Piper Sandler reissued a “neutral” rating and set a $14.00 price objective (up from $11.00) on shares of Fastly in a research report on Thursday, February 12th. KeyCorp raised shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 target price for the company in a research note on Monday, December 15th. William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 12th. Citigroup upped their price objective on Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, February 13th. Finally, Wall Street Zen upgraded Fastly from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Fastly presently has an average rating of “Hold” and an average target price of $13.14.

Fastly Stock Performance

The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -21.49 and a beta of 1.03. The stock’s 50 day moving average price is $12.19 and its 200 day moving average price is $10.23. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16.

Insider Buying and Selling

In other news, insider Scott R. Lovett sold 42,118 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $10.10, for a total transaction of $425,391.80. Following the sale, the insider owned 1,002,137 shares in the company, valued at $10,121,583.70. This represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Artur Bergman sold 200,847 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $18.42, for a total value of $3,699,601.74. Following the completion of the sale, the chief technology officer directly owned 2,299,711 shares of the company’s stock, valued at approximately $42,360,676.62. The trade was a 8.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 919,242 shares of company stock valued at $12,797,852. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FSLY. Caitong International Asset Management Co. Ltd bought a new stake in shares of Fastly in the 4th quarter valued at about $41,000. Align Financial LLC bought a new position in Fastly during the fourth quarter worth about $41,000. Byrne Asset Management LLC acquired a new position in Fastly during the third quarter worth approximately $43,000. Quarry LP bought a new stake in Fastly in the third quarter valued at approximately $49,000. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Fastly in the first quarter valued at approximately $52,000. 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.