Fastly (NYSE:FSLY) Trading 7.9% Higher – Here’s What Happened

Fastly, Inc. (NYSE:FSLY) traded up 7.9% during mid-day trading on Monday . The stock traded as high as $18.37 and last traded at $18.4670. 1,447,853 shares were traded during trading, a decline of 87% from the average session volume of 10,898,747 shares. The stock had previously closed at $17.11.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FSLY shares. Royal Bank Of Canada cut their target price on Fastly to $18.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 7th. Raymond James Financial raised Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a research note on Friday, May 8th. KeyCorp raised their price target on Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Craig Hallum cut shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a research note on Tuesday, April 14th. Finally, Evercore initiated coverage on shares of Fastly in a report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Fastly presently has an average rating of “Hold” and an average price target of $22.62.

Fastly Stock Performance

The firm’s 50-day moving average price is $19.87 and its two-hundred day moving average price is $17.98. 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 firm has a market capitalization of $2.87 billion, a PE ratio of -19.12 and a beta of 0.38.

Insider Transactions at Fastly

In related news, CFO Richard Wong sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $16.48, for a total transaction of $41,200.00. Following the transaction, the chief financial officer owned 1,239,301 shares of the company’s stock, valued at approximately $20,423,680.48. This trade represents a 0.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott R. Lovett sold 41,716 shares of Fastly stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total transaction of $741,293.32. Following the completion of the sale, the insider owned 1,392,778 shares of the company’s stock, valued at $24,749,665.06. This trade represents a 2.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 304,062 shares of company stock valued at $5,482,012 over the last 90 days. Company insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Large investors have recently bought and sold shares of the business. Bank of America Corp DE increased its position in Fastly by 120.0% during the first quarter. Bank of America Corp DE now owns 1,269,369 shares of the company’s stock worth $36,888,000 after buying an additional 692,459 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Fastly by 26.2% during the first quarter. Janus Henderson Group PLC now owns 67,050 shares of the company’s stock valued at $1,948,000 after buying an additional 13,900 shares in the last quarter. Sunbelt Securities Inc. lifted its position in shares of Fastly by 10.0% in the first quarter. Sunbelt Securities Inc. now owns 77,944 shares of the company’s stock worth $2,265,000 after buying an additional 7,076 shares during the last quarter. Amundi lifted its position in shares of Fastly by 4.6% in the first quarter. Amundi now owns 48,441 shares of the company’s stock worth $1,408,000 after buying an additional 2,129 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Fastly by 39.8% in the first quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company’s stock worth $64,000 after buying an additional 627 shares during the last quarter. 79.71% of the stock is currently owned by institutional investors.

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.