Fastly (NYSE:FSLY) Reaches New 12-Month High – Here’s Why

Shares of Fastly, Inc. (NYSE:FSLY) reached a new 52-week high during trading on Monday . The stock traded as high as $21.85 and last traded at $21.83, with a volume of 10970797 shares changing hands. The stock had previously closed at $20.14.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FSLY. Citigroup lifted their price objective on shares of Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, February 13th. DA Davidson set a $13.00 price target on Fastly in a research report on Thursday, February 12th. KeyCorp raised Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a research report on Monday, December 15th. Oppenheimer assumed coverage on Fastly in a research note on Monday, November 17th. They set a “market perform” rating on the stock. Finally, William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Fastly presently has an average rating of “Hold” and a consensus price target of $13.14.

Fastly Trading Up 8.4%

The stock’s fifty day simple moving average is $12.58 and its 200-day simple moving average is $10.44. 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 firm has a market cap of $3.31 billion, a PE ratio of -22.74 and a beta of 0.88.

Insider Buying and Selling

In other Fastly news, insider Scott R. Lovett sold 73,715 shares of Fastly stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $21.06, for a total transaction of $1,552,437.90. Following the completion of the sale, the insider owned 1,580,513 shares of the company’s stock, valued at approximately $33,285,603.78. The trade was a 4.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Charles Lacey Compton III sold 73,206 shares of the business’s 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 sale, the chief executive officer owned 875,831 shares in the company, valued at approximately $18,339,901.14. The trade was a 7.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,050,695 shares of company stock worth $15,973,468 in the last 90 days. Insiders own 6.70% of the company’s stock.

Institutional Trading of Fastly

Several large investors have recently made changes to their positions in FSLY. Penserra Capital Management LLC acquired a new stake in shares of Fastly in the third quarter worth $61,864,000. Alyeska Investment Group L.P. boosted 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 valued at $48,754,000 after purchasing an additional 4,623,767 shares during the last quarter. Divisadero Street Capital Management LP purchased a new stake in Fastly in the third quarter valued at $21,174,000. Marshall Wace LLP grew its position in Fastly by 115.2% during the 2nd quarter. Marshall Wace LLP now owns 3,385,167 shares of the company’s stock worth $23,899,000 after purchasing an additional 1,811,935 shares during the period. Finally, Balyasny Asset Management L.P. grew its position in Fastly by 3,941.1% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,329,006 shares of the company’s stock worth $9,383,000 after purchasing an additional 1,296,119 shares during the period. 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.