Fastly, Inc. (NYSE:FSLY) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Fastly, Inc. (NYSE:FSLY) have been assigned a consensus recommendation of “Hold” from the eleven ratings firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $22.6250.

Several brokerages have issued reports on FSLY. Piper Sandler decreased their price target on shares of Fastly to $27.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Craig Hallum cut shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target for the company. in a research report on Tuesday, April 14th. William Blair upgraded shares of Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. KeyCorp increased their price objective on shares of Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Citigroup increased their price objective on shares of Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th.

Fastly Trading Up 0.1%

Shares of NYSE FSLY opened at $18.65 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. Fastly has a 52-week low of $6.29 and a 52-week high of $34.82. The firm has a 50 day moving average price of $22.84 and a two-hundred day moving average price of $17.37. The stock has a market cap of $2.92 billion, a P/E ratio of -19.43 and a beta of 0.37.

Insider Activity

In other news, CTO Artur Bergman sold 7,889 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $20.96, for a total transaction of $165,353.44. Following the completion of the sale, the chief technology officer directly owned 2,038,638 shares in the company, valued at $42,729,852.48. This represents a 0.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Lacey Compton III sold 9,313 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $20.79, for a total transaction of $193,617.27. Following the sale, the chief executive officer owned 1,063,945 shares of the company’s stock, valued at approximately $22,119,416.55. This trade represents a 0.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 304,062 shares of company stock valued at $5,988,180. 6.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fastly

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Fastly by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock worth $172,825,000 after buying an additional 310,234 shares during the period. Morgan Stanley grew its holdings in Fastly by 14.7% in the fourth quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock worth $84,893,000 after purchasing an additional 1,071,222 shares during the period. Penserra Capital Management LLC acquired a new stake in Fastly in the third quarter worth $61,864,000. First Trust Advisors LP grew its holdings in 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 purchasing an additional 3,524,763 shares during the period. Finally, Alyeska Investment Group L.P. grew its holdings in Fastly by 2,795.2% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock worth $48,754,000 after purchasing an additional 4,623,767 shares during the period. 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.