Fastly (NYSE:FSLY) Trading Up 15.2% - What's Next?

Key Points

• Fastly shares rose 15.2% to about $31.67 (intraday high $32.24) on Tuesday, with roughly 3.15 million shares traded — about 73% below its average daily volume.
• Analysts are mixed: there are 3 Buys, 7 Holds and 1 Sell, with a consensus rating of "Hold" and an average price target of $16.25, well below the current price.
• Insiders sold roughly 1.37 million shares (~$28.18M) last quarter (including the CEO), insiders now own about 6.7% of shares while institutional investors hold approximately 79.7%.

Fastly, Inc. (NYSE:FSLY - Get Free Report) was up 15.2% during trading on Tuesday . The stock traded as high as $32.24 and last traded at $31.6740. Approximately 3,152,114 shares were traded during trading, a decline of 73% from the average daily volume of 11,657,268 shares. The stock had previously closed at $27.49.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Evercore assumed coverage on shares of Fastly in a report on Tuesday, April 14th. They issued an "outperform" rating and a $24.00 target price for the company. Piper Sandler reiterated a "neutral" rating and set a $14.00 price target (up from $11.00) on shares of Fastly in a research note on Thursday, February 12th. DA Davidson set a $13.00 price target on shares of Fastly in a research note on Thursday, February 12th. William Blair upgraded shares of Fastly from a "market perform" rating to an "outperform" rating in a research note on Thursday, February 12th. Finally, Citigroup upped 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. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Fastly has an average rating of "Hold" and an average target price of $16.25.

Fastly Trading Up 15.8%

The business has a 50-day moving average of $24.90 and a 200 day moving average of $15.50. The stock has a market cap of $4.98 billion, a PE ratio of -33.24 and a beta of 0.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46.

Insider Activity

In other news, insider Scott R. Lovett sold 41,682 shares of the stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $26.45, for a total value of $1,102,488.90. Following the completion of the sale, the insider owned 1,503,878 shares in the company, valued at approximately $39,777,573.10. This trade represents a 2.70% 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 7,059 shares of Fastly stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $24.57, for a total value of $173,439.63. Following the completion of the transaction, the chief executive officer owned 1,133,895 shares of the company's stock, valued at approximately $27,859,800.15. The trade was a 0.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,374,553 shares of company stock worth $28,180,823. 6.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Divisadero Street Capital Management LP purchased a new position in Fastly in the third quarter valued at about $21,174,000. Vanguard Group Inc. lifted its position in shares of Fastly by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 16,666,672 shares of the company's stock worth $142,500,000 after purchasing an additional 554,909 shares during the last quarter. Knights of Columbus Asset Advisors LLC acquired a new position in shares of Fastly during the 3rd quarter worth about $1,002,000. Picton Mahoney Asset Management acquired a new position in shares of Fastly during the 3rd quarter worth about $781,000. Finally, Hussman Strategic Advisors Inc. lifted its position in shares of Fastly by 100.0% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 210,000 shares of the company's stock worth $1,796,000 after purchasing an additional 105,000 shares during the last quarter. Hedge funds and other institutional investors 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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