Fastly (NYSE:FSLY) Trading Up 9.2% – Time to Buy?

Fastly, Inc. (NYSE:FSLY) shares were up 9.2% during mid-day trading on Wednesday . The stock traded as high as $25.10 and last traded at $24.8390. Approximately 5,363,740 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 11,190,123 shares. The stock had previously closed at $22.74.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. William Blair raised shares of Fastly from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 12th. DA Davidson set a $13.00 price target on Fastly in a report on Thursday, February 12th. Royal Bank Of Canada upped their target price on shares of Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a research report on Monday, March 2nd. KeyCorp upgraded shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price target for the company in a research report on Monday, December 15th. Finally, Oppenheimer assumed coverage on shares of Fastly in a research note on Monday, November 17th. They issued a “market perform” rating on the stock. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.14.

Fastly Stock Performance

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 $3.71 billion, a price-to-earnings ratio of -25.49 and a beta of 0.88. The stock’s fifty day moving average is $13.07 and its 200-day moving average is $10.65.

Insider Activity

In other Fastly news, CEO Charles Lacey Compton III sold 36,694 shares of Fastly stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $20.69, for a total transaction of $759,198.86. Following the completion of the transaction, the chief executive officer directly owned 1,212,778 shares of the company’s stock, valued at $25,092,376.82. The trade was a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Scott R. Lovett sold 73,715 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $21.06, for a total transaction of $1,552,437.90. Following the completion of the transaction, the insider directly owned 1,580,513 shares in the company, valued at approximately $33,285,603.78. This represents a 4.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,393,702 shares of company stock worth $23,034,502 over the last three months. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Several institutional investors and hedge funds have recently made changes to their positions in FSLY. Caitong International Asset Management Co. Ltd bought a new position in shares of Fastly during the fourth quarter worth approximately $41,000. Align Financial LLC acquired a new stake in Fastly in the fourth quarter valued at approximately $41,000. Byrne Asset Management LLC bought a new stake in shares of Fastly during the third quarter worth $43,000. Quarry LP acquired a new position in shares of Fastly during the third quarter worth $49,000. Finally, Geneos Wealth Management Inc. acquired a new position in shares of Fastly during the first quarter worth $52,000. Institutional investors and hedge funds 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.