Fastly (NYSE:FSLY) Upgraded to “Strong-Buy” at Freedom Capital

Freedom Capital upgraded shares of Fastly (NYSE:FSLY) to a strong-buy rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other research firms have also issued reports on FSLY. KeyCorp upped their target price on Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target for the company. in a research note on Tuesday, April 14th. Piper Sandler lowered their price target on Fastly to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, May 7th. Royal Bank Of Canada dropped their price objective on Fastly to $18.00 and set a “sector perform” rating on the stock 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 target price for the company in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.11.

Fastly Trading Up 2.0%

Shares of NYSE:FSLY opened at $20.72 on Thursday. The company’s 50-day moving average price is $18.30 and its two-hundred day moving average price is $18.76. Fastly has a one year low of $6.29 and a one year high of $34.82. 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 PE ratio of -21.58 and a beta of 0.34.

Insider Activity

In other Fastly news, CFO Richard Wong sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $16.48, for a total transaction of $41,200.00. Following the transaction, the chief financial officer owned 1,239,301 shares of the company’s stock, valued at $20,423,680.48. The trade was a 0.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott R. Lovett sold 41,716 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the sale, the insider owned 1,392,778 shares in the company, valued at $24,749,665.06. This represents a 2.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 274,529 shares of company stock valued at $4,761,780. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Fastly

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its stake in shares of Fastly by 39.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company’s stock valued at $64,000 after purchasing an additional 627 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Fastly by 84.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock valued at $40,000 after purchasing an additional 633 shares during the last quarter. Kestra Advisory Services LLC boosted its position in Fastly by 8.4% in the fourth quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company’s stock valued at $122,000 after buying an additional 930 shares in the last quarter. Parallax Volatility Advisers L.P. boosted its position in Fastly by 13.8% in the third quarter. Parallax Volatility Advisers L.P. now owns 12,095 shares of the company’s stock valued at $103,000 after buying an additional 1,465 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new stake in shares of Fastly during the first quarter worth $44,000. 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.