Fastly (NYSE:FSLY) Shares Up 6.9% – Still a Buy?

Fastly, Inc. (NYSE:FSLY)’s share price rose 6.9% on Tuesday . The company traded as high as $26.85 and last traded at $27.1680. Approximately 4,315,360 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 12,248,439 shares. The stock had previously closed at $25.41.

Analyst Upgrades and Downgrades

FSLY has been the subject of several research analyst reports. Citigroup lifted their price objective on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, February 13th. William Blair raised shares of Fastly from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 12th. Piper Sandler reissued a “neutral” rating and issued a $14.00 price target (up from $11.00) on shares of Fastly in a research note on Thursday, February 12th. Royal Bank Of Canada upped their price objective on shares of Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a research note on Monday, March 2nd. Finally, DA Davidson set a $13.00 price objective on shares of Fastly in a research note on Thursday, February 12th. Three investment 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. According to data from MarketBeat, Fastly has an average rating of “Hold” and an average target price of $16.25.

Fastly Trading Up 3.8%

The stock’s fifty day moving average price is $23.36 and its 200 day moving average price is $14.55. 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 market cap of $4.00 billion, a PE ratio of -27.51 and a beta of 0.62.

Insider Buying and Selling

In related news, insider Scott R. Lovett sold 41,682 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $26.45, for a total value of $1,102,488.90. Following 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Charles Lacey Compton III sold 7,059 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $24.57, for a total transaction of $173,439.63. Following the completion of the sale, the chief executive officer owned 1,133,895 shares in the company, valued at $27,859,800.15. This represents 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 have sold 1,474,553 shares of company stock worth $29,185,297. 6.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. RFG Advisory LLC bought a new position in Fastly in the first quarter worth approximately $630,000. Banque Cantonale Vaudoise bought a new position in Fastly in the first quarter worth approximately $372,000. Focused Wealth Management Inc bought a new position in Fastly in the first quarter worth approximately $223,000. SG Americas Securities LLC raised its position in Fastly by 90.7% in the first quarter. SG Americas Securities LLC now owns 685,415 shares of the company’s stock worth $19,918,000 after acquiring an additional 326,087 shares during the period. Finally, Hsbc Holdings PLC raised its position in Fastly by 20.9% in the fourth quarter. Hsbc Holdings PLC now owns 35,464 shares of the company’s stock worth $362,000 after acquiring an additional 6,140 shares during the period. 79.71% of the stock is currently owned by institutional investors.

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.