Fastly (NYSE:FSLY) Upgraded at Freedom Capital

Freedom Capital upgraded shares of Fastly (NYSE:FSLY) to a strong-buy rating in a report issued on Thursday morning,Zacks.com reports.

Several other research analysts also recently weighed in on the stock. 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. Evercore initiated coverage on shares of Fastly in a research report on Tuesday, April 14th. They set an “outperform” rating and a $24.00 target price for the company. Royal Bank Of Canada lowered their target price on shares of Fastly to $18.00 and set a “sector perform” rating on the stock in a report on Thursday, May 7th. Piper Sandler decreased their price objective on Fastly to $27.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. Finally, Raymond James Financial raised Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $23.11.

Fastly Trading Up 2.0%

NYSE FSLY opened at $20.72 on Thursday. Fastly has a 52 week low of $6.29 and a 52 week high of $34.82. The business has a 50 day moving average price of $18.30 and a 200-day moving average price of $18.76. 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 company has a market cap of $3.24 billion, a price-to-earnings ratio of -21.58 and a beta of 0.34.

Insiders Place Their Bets

In related news, insider Scott R. Lovett sold 41,716 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total value of $741,293.32. Following the transaction, the insider directly owned 1,392,778 shares of the company’s stock, valued at approximately $24,749,665.06. The trade was a 2.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Wong sold 2,500 shares of the stock in a transaction dated 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. The trade was a 0.20% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 274,529 shares of company stock valued at $4,761,780. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fastly

Hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. lifted its position in shares of Fastly by 2,795.2% during 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 buying an additional 4,623,767 shares during the last quarter. First Trust Advisors LP raised its stake in Fastly by 100.5% in the 1st quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock valued at $204,349,000 after acquiring an additional 3,524,763 shares during the period. Balyasny Asset Management L.P. lifted its holdings in Fastly by 3,941.1% during the second quarter. Balyasny Asset Management L.P. now owns 1,329,006 shares of the company’s stock valued at $9,383,000 after purchasing an additional 1,296,119 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Fastly during the fourth quarter worth about $11,657,000. Finally, Morgan Stanley boosted its position in Fastly by 14.7% during the fourth quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock worth $84,893,000 after purchasing an additional 1,071,222 shares during the period. Institutional investors own 79.71% of the company’s stock.

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.