Fastly (NYSE:FSLY) Stock Price Up 8.2% - Here's Why

Key Points

• Fastly jumped 8.2% Wednesday, trading as high as $23 and last at $22.667 on light volume (≈3.7M shares, down ~70% vs. the average).
• Analysts' consensus is a "Hold" with a $16.25 average price target, though recent firms' targets range from $13 to $24 (3 Buys, 7 Holds, 1 Sell).
• Company insiders have been net sellers recently — about 1,478,702 shares worth $28.75M sold in the last three months — while institutions own roughly 79.7% of the stock.

Fastly, Inc. (NYSE:FSLY - Get Free Report)'s share price rose 8.2% during trading on Wednesday . The company traded as high as $23.00 and last traded at $22.6670. Approximately 3,701,562 shares were traded during trading, a decline of 70% from the average daily volume of 12,262,746 shares. The stock had previously closed at $20.95.

Analyst Ratings Changes

FSLY has been the topic of several research analyst reports. Citigroup increased their price target on shares of Fastly from $10.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, February 13th. Evercore initiated coverage on shares of Fastly in a report on Tuesday. They issued an "outperform" rating and a $24.00 price target on the stock. Piper Sandler reissued a "neutral" rating and issued a $14.00 price target (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. Craig Hallum cut shares of Fastly from a "buy" rating to a "hold" rating and set a $24.00 price target on the stock. in a report on Tuesday. Finally, DA Davidson set a $13.00 price target on shares of Fastly in a report on Thursday, February 12th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $16.25.

Fastly Trading Up 8.0%

The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of -23.59 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a fifty day moving average price of $22.07 and a 200-day moving average price of $14.10.

Insider Transactions at Fastly

In other news, insider Scott R. Lovett sold 41,682 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $26.45, for a total transaction of $1,102,488.90. Following the sale, the insider directly owned 1,503,878 shares of the company's stock, valued at approximately $39,777,573.10. This represents a 2.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Artur Bergman sold 265,000 shares of the stock in a transaction that occurred 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 sale, the chief technology officer owned 1,604,901 shares in the company, valued at $36,575,693.79. This represents a 14.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,478,702 shares of company stock valued at $28,751,555. 6.70% of the stock is owned by corporate insiders.

Institutional Trading of Fastly

Several large investors have recently made changes to their positions in FSLY. Amundi boosted its position in shares of Fastly by 11.3% during the 1st quarter. Amundi now owns 46,624 shares of the company's stock worth $277,000 after acquiring an additional 4,724 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Fastly during the 1st quarter worth approximately $837,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Fastly by 1.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 466,042 shares of the company's stock worth $2,950,000 after acquiring an additional 6,247 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Fastly by 963.6% in the first quarter. Jones Financial Companies Lllp now owns 60,838 shares of the company's stock valued at $385,000 after buying an additional 55,118 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Fastly by 7.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,302,164 shares of the company's stock valued at $14,573,000 after buying an additional 165,937 shares in the last quarter. Institutional investors and hedge funds 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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