Fastly (NYSE:FSLY) Trading 6.9% Higher – Still a Buy?

Shares of Fastly, Inc. (NYSE:FSLY) traded up 6.9% during mid-day trading on Thursday . The company traded as high as $20.19 and last traded at $20.1310. 9,178,469 shares were traded during mid-day trading, a decline of 8% from the average session volume of 9,965,038 shares. The stock had previously closed at $18.83.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FSLY. Citigroup raised their price target on Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, February 13th. Wall Street Zen upgraded shares of Fastly from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Piper Sandler restated a “neutral” rating and set a $14.00 price target (up previously from $11.00) on shares of Fastly in a research note on Thursday, February 12th. Royal Bank Of Canada raised their price target on shares of Fastly from $10.00 to $12.00 and gave the company a “sector perform” rating in a report on Thursday, February 12th. Finally, DA Davidson set a $13.00 price objective on shares of Fastly in a report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Fastly currently has a consensus rating of “Hold” and an average target price of $12.00.

Fastly Stock Performance

The firm’s 50 day moving average price is $10.48 and its 200-day moving average price is $9.40. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -19.31 and a beta of 1.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46.

Insider Transactions at Fastly

In other Fastly news, CEO Charles Lacey Compton III sold 4,638 shares of the business’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $8.81, for a total value of $40,860.78. Following the transaction, the chief executive officer directly owned 612,232 shares in the company, valued at $5,393,763.92. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Artur Bergman sold 40,000 shares of Fastly stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $17.53, for a total transaction of $701,200.00. Following the completion of the transaction, the chief technology officer owned 2,259,711 shares of the company’s stock, valued at $39,612,733.83. This trade represents a 1.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 836,443 shares of company stock valued at $10,689,014 in the last quarter. 6.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastly

Several hedge funds and other institutional investors have recently made changes to their positions in FSLY. Align Financial LLC acquired a new position in Fastly in the fourth quarter valued at approximately $41,000. Byrne Asset Management LLC bought a new stake in shares of Fastly during the 3rd quarter valued at $43,000. C M Bidwell & Associates Ltd. acquired a new position in shares of Fastly in the 4th quarter valued at $54,000. Quarry LP bought a new position in shares of Fastly in the 3rd quarter worth $49,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Fastly during the third quarter worth $56,000. 79.71% of the stock is owned by institutional investors and hedge funds.

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.