Fastly (NYSE:FSLY) Hits New 1-Year High – What’s Next?

Fastly, Inc. (NYSE:FSLY) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.05 and last traded at $28.20, with a volume of 9791084 shares changing hands. The stock had previously closed at $28.75.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FSLY. KeyCorp raised shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a research report on Monday, December 15th. Citigroup boosted their target price on shares of Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, February 13th. Royal Bank Of Canada increased their target price on shares of Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Monday, March 2nd. Piper Sandler restated a “neutral” rating and issued a $14.00 price target (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. Finally, William Blair raised shares of Fastly from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 12th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fastly currently has a consensus rating of “Hold” and an average target price of $13.14.

Fastly Trading Down 1.9%

The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. The firm has a fifty day simple moving average of $16.19 and a 200-day simple moving average of $11.92. The firm has a market cap of $4.28 billion, a P/E ratio of -29.37 and a beta of 0.88.

Insider Transactions at Fastly

In related news, insider Scott R. Lovett sold 73,715 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $21.06, for a total value of $1,552,437.90. Following the transaction, the insider directly owned 1,580,513 shares in the company, valued at $33,285,603.78. This trade represents a 4.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Artur Bergman sold 275,234 shares of Fastly stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $20.56, for a total transaction of $5,658,811.04. Following the completion of the sale, the chief technology officer directly owned 1,909,901 shares of the company’s stock, valued at approximately $39,267,564.56. The trade was a 12.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,578,702 shares of company stock valued at $29,758,555 over the last ninety days. 6.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC acquired a new stake in shares of Fastly in the 3rd quarter worth about $61,864,000. Alyeska Investment Group L.P. lifted its position in Fastly by 2,795.2% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock valued at $48,754,000 after acquiring an additional 4,623,767 shares in the last quarter. Divisadero Street Capital Management LP acquired a new position in Fastly during the 3rd quarter valued at about $21,174,000. Marshall Wace LLP boosted its stake in Fastly by 115.2% during the 2nd quarter. Marshall Wace LLP now owns 3,385,167 shares of the company’s stock valued at $23,899,000 after purchasing an additional 1,811,935 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in Fastly by 3,941.1% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,329,006 shares of the company’s stock worth $9,383,000 after purchasing an additional 1,296,119 shares in the last quarter. 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.