Fastly (NYSE:FSLY) Trading Up 15.2% – What’s Next?

Fastly, Inc. (NYSE:FSLY) shot up 15.2% on Tuesday . The stock traded as high as $32.24 and last traded at $31.6740. 3,152,114 shares changed hands during trading, a decline of 73% from the average session volume of 11,657,268 shares. The stock had previously closed at $27.49.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FSLY. Evercore began coverage on Fastly in a research report on Tuesday, April 14th. They set an “outperform” rating and a $24.00 price objective for the company. Piper Sandler reaffirmed 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. DA Davidson set a $13.00 price target on Fastly in a report on Thursday, February 12th. Royal Bank Of Canada upped their price target on Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a report on Monday, March 2nd. Finally, William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $16.25.

Fastly Stock Performance

The business’s fifty day simple moving average is $24.90 and its 200-day simple moving average is $15.50. The firm has a market cap of $4.98 billion, a P/E ratio of -33.24 and a beta of 0.49. 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 Activity at Fastly

In other Fastly news, CEO Charles Lacey Compton III sold 73,206 shares of Fastly stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $20.94, for a total value of $1,532,933.64. Following the completion of the transaction, the chief executive officer directly owned 875,831 shares of the company’s stock, valued at approximately $18,339,901.14. The trade was a 7.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Artur Bergman sold 275,234 shares of Fastly stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $20.56, for a total transaction of $5,658,811.04. Following the completion of the transaction, the chief technology officer directly owned 1,909,901 shares of the company’s stock, valued at $39,267,564.56. This trade represents a 12.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,374,553 shares of company stock valued at $28,180,823 in the last three months. Company insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FSLY. Caitong International Asset Management Co. Ltd bought a new stake in Fastly during the fourth quarter valued at approximately $41,000. Align Financial LLC bought a new stake in Fastly during the fourth quarter valued at approximately $41,000. Byrne Asset Management LLC bought a new stake in Fastly during the third quarter valued at approximately $43,000. Sound Income Strategies LLC bought a new stake in Fastly during the first quarter valued at approximately $44,000. Finally, Quarry LP bought a new position in shares of Fastly in the third quarter worth approximately $49,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

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.