Fastly (NYSE:FSLY) Now Covered by Canaccord Genuity Group

Key Points

• Canaccord Genuity Group initiated coverage on Fastly with a Buy rating and a $27 price target, implying about 32.9% upside from the stock’s current level.
• Fastly’s analyst sentiment remains mixed overall: recent reports included both upgrades and downgrades, and the broader consensus rating is Hold with an average target price of $23.11.
• The stock was up 1.6% in Friday trading at $20.32, while recent insider activity showed executives selling shares and institutions continuing to hold a large majority of the company’s stock.

Analysts at Canaccord Genuity Group assumed coverage on shares of Fastly (NYSE:FSLY - Get Free Report) in a research report issued to clients and investors on Friday,Benzinga reports. The firm set a "buy" rating and a $27.00 price target on the stock. Canaccord Genuity Group's target price points to a potential upside of 32.87% from the stock's current price.

FSLY has been the subject of a number of other research reports. Craig Hallum cut shares of 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. KeyCorp upped their target price on shares of Fastly from $14.00 to $27.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Royal Bank Of Canada decreased their target price on shares of Fastly to $18.00 and set a "sector perform" rating for the company in a research note on Thursday, May 7th. Citigroup raised their price target on Fastly from $13.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Finally, Piper Sandler dropped their price target on Fastly to $27.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. Five equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $23.11.

Fastly Trading Up 1.6%

NYSE:FSLY opened at $20.32 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly has a 52-week low of $6.29 and a 52-week high of $34.82. The stock's 50 day moving average price is $18.29 and its 200 day moving average price is $18.74. The company has a market capitalization of $3.18 billion, a PE ratio of -21.17 and a beta of 0.34.

Insider Activity

In other Fastly news, CEO Charles Lacey Compton III sold 9,313 shares of Fastly stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $20.79, for a total value of $193,617.27. Following the sale, the chief executive officer owned 1,063,945 shares of the company's stock, valued at approximately $22,119,416.55. The trade was a 0.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Scott R. Lovett sold 41,716 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total value of $741,293.32. Following the transaction, the insider owned 1,392,778 shares in the company, valued at $24,749,665.06. The trade was 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. Insiders have sold 274,529 shares of company stock worth $4,761,780 in the last three months. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fastly

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its holdings in shares of 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 in the last quarter. Sound Income Strategies LLC purchased a new stake in Fastly during the first quarter worth about $44,000. EverSource Wealth Advisors LLC grew its position in Fastly by 39.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company's stock worth $64,000 after buying an additional 627 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Fastly during the fourth quarter worth about $41,000. Finally, Align Financial LLC purchased a new position in Fastly in the fourth quarter valued at about $41,000. Institutional investors and hedge funds own 79.71% of the company's stock.

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.

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