Freedom Capital Upgrades Fastly (NYSE:FSLY) to Strong-Buy

Fastly (NYSE:FSLY) was upgraded by analysts at Freedom Capital to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Piper Sandler reduced their price objective on Fastly to $27.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. Craig Hallum cut shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 target price on the stock. in a research note on Tuesday, April 14th. Citigroup upped their target price on shares of Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Royal Bank Of Canada reduced their price target on shares of Fastly to $18.00 and set a “sector perform” rating for the company in a research note on Thursday, May 7th. Finally, Raymond James Financial raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.11.

Fastly Stock Up 2.0%

FSLY stock opened at $20.72 on Thursday. Fastly has a 1-year low of $6.29 and a 1-year high of $34.82. The business has a fifty day moving average price of $18.30 and a 200-day moving average price of $18.76. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a market capitalization of $3.24 billion, a P/E ratio of -21.58 and a beta of 0.34.

Insider Transactions at Fastly

In other Fastly news, CEO Charles Lacey Compton III sold 9,313 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $20.79, for a total value of $193,617.27. Following the transaction, the chief executive officer directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Wong sold 2,500 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $16.48, for a total value of $41,200.00. Following the completion of the transaction, the chief financial officer directly owned 1,239,301 shares in the company, valued at $20,423,680.48. The trade was a 0.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 274,529 shares of company stock worth $4,761,780. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fastly

Several institutional investors have recently made changes to their positions in FSLY. PNC Financial Services Group Inc. lifted its stake in shares of Fastly by 84.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock worth $40,000 after purchasing an additional 633 shares during the period. Sound Income Strategies LLC bought a new stake in Fastly during the first quarter valued at approximately $44,000. EverSource Wealth Advisors LLC increased its holdings in Fastly by 39.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company’s stock valued at $64,000 after buying an additional 627 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Fastly during the fourth quarter valued at approximately $41,000. Finally, Align Financial LLC purchased a new stake in Fastly during the fourth quarter valued at approximately $41,000. Institutional investors own 79.71% of the company’s stock.

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.