Fastly (NYSE:FSLY) Trading Up 5.3% - Still a Buy?

Key Points

• Fastly shares rose 5.3% on Friday to about $21.41, despite trading volume falling sharply below average.
• Analyst sentiment remains mixed but constructive: several firms recently raised price targets and upgraded ratings, with the average target at $23.11 and an overall “Hold” rating.
• Insiders have been selling shares, including the CTO and CEO in May, though institutional investors still own nearly 80% of the stock.

Fastly, Inc. (NYSE:FSLY - Get Free Report)'s stock price was up 5.3% on Friday . The company traded as high as $21.30 and last traded at $21.4050. 697,928 shares changed hands during trading, a decline of 93% from the average session volume of 10,260,518 shares. The stock had previously closed at $20.32.

Analysts Set New Price Targets

FSLY has been the topic of several recent analyst reports. Canaccord Genuity Group assumed coverage on shares of Fastly in a report on Friday. They set a "buy" rating and a $27.00 price objective on the stock. Raymond James Financial raised shares of Fastly from a "market perform" rating to an "outperform" rating and set a $23.00 target price for the company in a research note on Friday, May 8th. KeyCorp upped their price target on shares of Fastly from $14.00 to $27.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Evercore assumed coverage on shares of Fastly in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $24.00 price target on the stock. Finally, Piper Sandler lowered their price objective on Fastly to $27.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Five 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 company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $23.11.

Fastly Stock Performance

The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average of $18.29 and a 200 day moving average of $18.74. The stock has a market cap of $3.32 billion, a PE ratio of -22.08 and a beta of 0.34.

Insider Buying and Selling at Fastly

In other Fastly news, CTO Artur Bergman sold 32,181 shares of Fastly stock in a transaction on Monday, May 18th. The stock was sold at an average price of $16.85, for a total value of $542,249.85. Following the sale, the chief technology officer owned 2,086,529 shares in the company, valued at $35,158,013.65. The trade was a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Lacey Compton III sold 34,334 shares of the business's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $16.85, for a total transaction of $578,527.90. Following the completion of the sale, the chief executive officer owned 1,099,561 shares in the company, valued at approximately $18,527,602.85. This trade represents a 3.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 ninety days. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in shares of Fastly by 84.6% in the first 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 during the period. Sound Income Strategies LLC acquired a new position in Fastly during the 1st quarter worth approximately $44,000. EverSource Wealth Advisors LLC increased its position in shares of Fastly by 39.8% in the 1st 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 purchased a new stake in shares of Fastly in the 4th quarter valued at approximately $41,000. Finally, Align Financial LLC acquired a new stake in shares of Fastly in the 4th quarter valued at $41,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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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