Shares of Fastly, Inc. (NYSE:FSLY - Get Free Report) rose 13.8% on Monday . The company traded as high as $24.61 and last traded at $26.13. Approximately 826,715 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 9,846,641 shares. The stock had previously closed at $22.96.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the company. Canaccord Genuity Group started coverage on Fastly in a report on Friday, July 17th. They set a "buy" rating and a $27.00 price target for the company. Evercore restated an "outperform" rating on shares of Fastly in a research note on Thursday. KeyCorp lifted their price objective on shares of Fastly from $27.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday. Royal Bank Of Canada upped their target price on shares of Fastly from $22.00 to $28.00 and gave the stock a "sector perform" rating in a research note on Thursday. Finally, Citigroup increased their target price on shares of Fastly from $13.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Fastly has an average rating of "Hold" and a consensus price target of $25.33.
Read Our Latest Report on FSLY
Fastly Stock Up 17.4%
The stock has a 50-day moving average of $19.64 and a 200 day moving average of $20.09. The company has a market capitalization of $4.29 billion, a PE ratio of -28.02 and a beta of 0.34. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16.
Insiders Place Their Bets
In related news, CFO Richard Wong sold 2,500 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $16.48, for a total transaction of $41,200.00. Following the completion of the transaction, the chief financial officer owned 1,239,301 shares in the company, valued at approximately $20,423,680.48. This represents a 0.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles Lacey Compton III sold 14,868 shares of the firm's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $25.00, for a total transaction of $371,700.00. Following the sale, the chief executive officer owned 1,030,592 shares of the company's stock, valued at $25,764,800. This trade represents a 1.42% 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. In the last quarter, insiders sold 289,397 shares of company stock valued at $5,133,480. 4.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its stake in shares of Fastly by 84.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company's stock worth $40,000 after purchasing an additional 633 shares during the last quarter. Sound Income Strategies LLC purchased a new position in Fastly in the first quarter valued at approximately $44,000. EverSource Wealth Advisors LLC lifted its stake in Fastly by 39.8% in the first quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company's stock valued at $64,000 after purchasing an additional 627 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Fastly during the fourth quarter valued at $41,000. Finally, Align Financial LLC bought a new position in Fastly during the fourth quarter valued at $41,000. 79.71% of the stock is currently owned by hedge funds and other institutional investors.
About Fastly
(
Get Free Report)
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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