Fastly (NYSE:FSLY) Hits New 1-Year High - Here's What Happened

Key Points

• Fastly hit a new 52-week high, trading as high as $27.59 and last at $26.88 during mid-day with roughly 15.44 million shares changing hands (the stock was trading up about 11.2% on the day).
• Despite the pop, Wall Street’s consensus rating is a Hold with an average price target of $13.14 (three Buys, six Holds, one Sell), leaving analyst targets well below the current trading level.
• Insiders have been sizeable net sellers recently—CEO and CTO sold large blocks (36,694 and 265,000 shares respectively) and insiders disposed of about 1.54 million shares worth $28.3 million over the past 90 days, though insiders still own roughly 6.7% of the company.

Fastly, Inc. (NYSE:FSLY - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.59 and last traded at $26.88, with a volume of 15440752 shares changing hands. The stock had previously closed at $24.18.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Royal Bank Of Canada lifted their price target on Fastly from $12.00 to $20.00 and gave the stock a "sector perform" rating in a research report on Monday, March 2nd. DA Davidson set a $13.00 target price on shares of Fastly in a research report on Thursday, February 12th. William Blair raised shares of Fastly from a "market perform" rating to an "outperform" rating in a report on Thursday, February 12th. Piper Sandler reiterated a "neutral" rating and issued a $14.00 price target (up from $11.00) on shares of Fastly in a research report on Thursday, February 12th. Finally, KeyCorp upgraded shares of Fastly from a "sector weight" rating to an "overweight" rating and set a $14.00 price target for the company in a research note on Monday, December 15th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $13.14.

Fastly Trading Up 11.2%

The company has a 50 day simple moving average of $14.78 and a 200 day simple moving average of $11.34. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $4.08 billion, a PE ratio of -28.00 and a beta of 0.87.

Insider Transactions at Fastly

In other Fastly news, CEO Charles Lacey Compton III sold 36,694 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $20.69, for a total value of $759,198.86. Following the transaction, the chief executive officer directly owned 1,212,778 shares of the company's stock, valued at approximately $25,092,376.82. The trade was a 2.94% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Artur Bergman sold 265,000 shares of the company's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $22.79, for a total transaction of $6,039,350.00. Following the transaction, the chief technology officer owned 1,604,901 shares of the company's stock, valued at approximately $36,575,693.79. The trade was a 14.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,542,067 shares of company stock worth $28,300,913 over the last 90 days. 6.70% of the stock is currently owned by insiders.

Institutional Trading of Fastly

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in Fastly during the fourth quarter worth about $41,000. Sunbelt Securities Inc. boosted its holdings in Fastly by 199.8% in the 4th quarter. Sunbelt Securities Inc. now owns 70,868 shares of the company's stock valued at $721,000 after purchasing an additional 47,233 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in Fastly in the 4th quarter valued at approximately $11,657,000. Invesco Ltd. increased its position in Fastly by 13.7% during the 4th quarter. Invesco Ltd. now owns 408,148 shares of the company's stock worth $4,155,000 after purchasing an additional 49,093 shares during the period. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in shares of Fastly during the 4th quarter worth approximately $439,000. Hedge funds and other 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.

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