Fastly, Inc. (NYSE:FSLY) Receives $22.63 Average Price Target from Brokerages

Shares of Fastly, Inc. (NYSE:FSLY) have been given a consensus recommendation of “Hold” by the eleven ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $22.6250.

A number of research firms recently weighed in on FSLY. Evercore began coverage on shares of Fastly in a research note on Tuesday, April 14th. They set an “outperform” rating and a $24.00 target price on the stock. Citigroup lifted 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. Raymond James Financial upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a research note on Friday. KeyCorp lifted their target price on shares of Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, DA Davidson set a $13.00 target price on shares of Fastly in a research note on Thursday, February 12th.

Fastly Trading Down 2.8%

NYSE:FSLY opened at $19.03 on Friday. 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 market capitalization of $2.98 billion, a price-to-earnings ratio of -19.82 and a beta of 0.49. Fastly has a one year low of $6.29 and a one year high of $34.82. The business has a fifty day moving average price of $25.59 and a 200-day moving average price of $16.16.

Insider Activity at Fastly

In related news, 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 transaction, the chief technology officer owned 1,909,901 shares in the company, valued at approximately $39,267,564.56. The trade was a 12.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Scott R. Lovett sold 73,715 shares of Fastly stock in a transaction on 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 transaction, the insider owned 1,580,513 shares in the company, valued at approximately $33,285,603.78. This trade represents a 4.46% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,354,553 shares of company stock worth $28,004,023. 6.70% of the stock is owned by corporate insiders.

Institutional Trading of Fastly

Hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its stake in Fastly by 84.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock worth $40,000 after purchasing an additional 633 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Fastly in the 4th quarter worth $41,000. Align Financial LLC purchased a new stake in Fastly in the 4th quarter worth $41,000. Sound Income Strategies LLC purchased a new stake in Fastly in the 1st quarter worth $44,000. Finally, Quarry LP purchased a new stake in Fastly in the 3rd quarter worth $49,000. Hedge funds and other 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.