Fastly (NYSE:FSLY) Hits New 1-Year High – Here’s Why

Fastly, Inc. (NYSE:FSLY)’s share price reached a new 52-week high on Wednesday . The company traded as high as $34.58 and last traded at $33.0880, with a volume of 3548988 shares. The stock had previously closed at $31.60.

Analysts Set New Price Targets

FSLY has been the topic of a number of research analyst reports. Citigroup increased their price target on shares of Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, February 13th. Piper Sandler reissued a “neutral” rating and issued a $14.00 price target (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. Royal Bank Of Canada increased their price target on shares of Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a report on Monday, March 2nd. DA Davidson set a $13.00 price target on shares of Fastly in a report on Thursday, February 12th. Finally, KeyCorp raised shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price target on the stock in a report on Monday, December 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. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $13.14.

Fastly Stock Performance

The company’s 50-day moving average price is $20.39 and its 200 day moving average price is $13.48. 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 capitalization of $5.12 billion, a PE ratio of -35.13 and a beta of 0.62.

Insider Transactions at Fastly

In related news, CEO Charles Lacey Compton III sold 36,694 shares of Fastly stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $20.69, for a total transaction of $759,198.86. Following the completion of the transaction, the chief executive officer directly owned 1,212,778 shares of the company’s stock, valued at $25,092,376.82. This trade represents a 2.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Scott R. Lovett sold 41,682 shares of Fastly stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $26.45, for a total transaction of $1,102,488.90. Following the transaction, the insider directly owned 1,503,878 shares of the company’s stock, valued at approximately $39,777,573.10. This trade represents a 2.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,498,702 shares of company stock valued at $28,938,555. Company insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Hsbc Holdings PLC lifted its position in Fastly by 20.9% during the 4th quarter. Hsbc Holdings PLC now owns 35,464 shares of the company’s stock valued at $362,000 after acquiring an additional 6,140 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Fastly during the 4th quarter valued at about $41,000. Sunbelt Securities Inc. lifted its position in Fastly by 199.8% during the 4th quarter. Sunbelt Securities Inc. now owns 70,868 shares of the company’s stock valued at $721,000 after acquiring an additional 47,233 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in Fastly during the 4th quarter valued at about $11,657,000. Finally, Invesco Ltd. lifted its position in Fastly by 13.7% during the 4th quarter. Invesco Ltd. now owns 408,148 shares of the company’s stock valued at $4,155,000 after acquiring an additional 49,093 shares during the period. 79.71% of the stock is owned by hedge funds and other institutional investors.

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.