Fastly (NYSE:FSLY) Coverage Initiated by Analysts at Canaccord Genuity Group

Canaccord Genuity Group began coverage on shares of Fastly (NYSE:FSLY) in a research note issued to investors on Friday,Benzinga reports. The firm issued a buy rating and a $27.00 price target on the stock.

Other equities research analysts also recently issued research reports about the stock. Royal Bank Of Canada reduced their price target on shares of Fastly to $18.00 and set a “sector perform” rating for the company in a research report on Thursday, May 7th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective for the company. in a report on Tuesday, April 14th. Piper Sandler decreased their target price on Fastly to $27.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Citigroup upped their target price on shares of Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, KeyCorp raised their price target on shares of Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Fastly has an average rating of “Hold” and a consensus target price of $23.11.

Fastly Stock Performance

Shares of Fastly stock opened at $20.72 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $3.24 billion, a P/E ratio of -21.58 and a beta of 0.34. The business has a fifty day simple moving average of $18.30 and a two-hundred day simple moving average of $18.76. Fastly has a 12 month low of $6.29 and a 12 month high of $34.82.

Insider Buying and Selling

In related news, CTO Artur Bergman sold 7,889 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $20.96, for a total transaction of $165,353.44. Following the transaction, the chief technology officer directly owned 2,038,638 shares in the company, valued at approximately $42,729,852.48. This represents a 0.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Scott R. Lovett sold 41,716 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the sale, the insider owned 1,392,778 shares in the company, valued at approximately $24,749,665.06. The trade was a 2.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 274,529 shares of company stock valued at $4,761,780 in the last three months. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Fastly

Several institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its stake 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 worth $64,000 after purchasing an additional 627 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Fastly by 84.6% during 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 last quarter. Kestra Advisory Services LLC boosted its holdings in Fastly by 8.4% during the fourth quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company’s stock worth $122,000 after buying an additional 930 shares in the last quarter. Parallax Volatility Advisers L.P. boosted its holdings in Fastly by 13.8% during the third quarter. Parallax Volatility Advisers L.P. now owns 12,095 shares of the company’s stock worth $103,000 after buying an additional 1,465 shares in the last quarter. Finally, Sound Income Strategies LLC acquired a new position in Fastly in the first quarter worth approximately $44,000. 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.