Fastly (NYSE:FSLY) Hits New 12-Month High - Here's What Happened

Key Points

• Fastly shares reached a new 52-week high of $21.85 on Monday, trading about 10.97 million shares after a prior close of $20.14.
• Analysts are mixed: the consensus rating is "Hold" with a consensus price target of $13.14, although several firms have recently raised targets (e.g., RBC to $20, Citigroup to $13) and ratings range from Buy to Sell.
• Insiders have been selling: on March 4 the CEO sold 73,206 shares and the CTO sold 24,532 shares, part of roughly 1.05 million insider-shares sold this quarter, while insiders still own about 6.7% of the company.

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

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Citigroup increased 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. Royal Bank Of Canada upped their target price on Fastly from $12.00 to $20.00 and gave the company a "sector perform" rating in a research note on Monday, March 2nd. William Blair upgraded Fastly from a "market perform" rating to an "outperform" rating in a report on Thursday, February 12th. Wall Street Zen raised Fastly from a "hold" rating to a "buy" rating in a research note on Saturday, November 15th. Finally, KeyCorp raised Fastly from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a research report on Monday, December 15th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Fastly presently has a consensus rating of "Hold" and a consensus price target of $13.14.

Fastly Stock Performance

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 company has a market capitalization of $3.31 billion, a PE ratio of -22.74 and a beta of 0.88. The firm's 50-day simple moving average is $12.58 and its 200-day simple moving average is $10.44.

Insider Activity at Fastly

In other news, CEO Charles Lacey Compton III sold 73,206 shares of the firm's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $20.94, for a total transaction of $1,532,933.64. Following the transaction, the chief executive officer owned 875,831 shares in the company, valued at approximately $18,339,901.14. This trade represents a 7.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Artur Bergman sold 24,532 shares of the company's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $21.06, for a total transaction of $516,643.92. Following the completion of the sale, the chief technology officer directly owned 2,149,789 shares of the company's stock, valued at approximately $45,274,556.34. This trade represents a 1.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,050,695 shares of company stock worth $15,973,468. Company insiders own 6.70% of the company's stock.

Institutional Investors Weigh In On Fastly

Hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of Fastly in the 4th quarter valued at $41,000. Align Financial LLC purchased a new stake in shares of Fastly during the 4th quarter worth $41,000. Byrne Asset Management LLC purchased a new stake in shares of Fastly during the 3rd quarter worth $43,000. Quarry LP bought a new stake in Fastly during the third quarter valued at about $49,000. Finally, Geneos Wealth Management Inc. purchased a new position in Fastly in the first quarter valued at about $52,000. 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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