Fastly (NYSE:FSLY) Price Target Raised to $30.00 at Piper Sandler

Fastly (NYSE:FSLY) had its target price boosted by Piper Sandler from $14.00 to $30.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential downside of 5.94% from the company’s previous close.

Several other equities analysts also recently commented on FSLY. DA Davidson set a $13.00 price objective on Fastly in a research report on Thursday, February 12th. Citigroup upped their price objective on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, February 13th. KeyCorp raised Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price target on the stock in a research report on Monday, December 15th. Royal Bank Of Canada increased their price target on Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Monday, March 2nd. Finally, William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Fastly presently has an average rating of “Hold” and a consensus price target of $15.43.

Fastly Trading Up 1.1%

Fastly stock traded up $0.35 during mid-day trading on Tuesday, hitting $31.89. The company’s stock had a trading volume of 4,599,395 shares, compared to its average volume of 11,551,458. The company has a 50 day moving average of $19.96 and a 200-day moving average of $13.32. The stock has a market cap of $4.84 billion, a PE ratio of -33.22 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. Fastly has a one year low of $4.86 and a one year high of $34.22.

Insider Activity

In other news, CEO Charles Lacey Compton III sold 36,694 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $20.69, for a total transaction of $759,198.86. Following the completion of the sale, the chief executive officer owned 1,212,778 shares in the company, valued at approximately $25,092,376.82. This represents a 2.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott R. Lovett sold 41,682 shares of the stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $26.45, for a total value of $1,102,488.90. Following the sale, the insider owned 1,503,878 shares of the company’s stock, valued at $39,777,573.10. This trade represents a 2.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,498,702 shares of company stock worth $28,938,555. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

A number of institutional investors and hedge funds have recently modified their holdings of FSLY. Divisadero Street Capital Management LP purchased a new stake in shares of Fastly in the third quarter valued at $21,174,000. Vanguard Group Inc. lifted its holdings in shares of Fastly by 3.4% in the third quarter. Vanguard Group Inc. now owns 16,666,672 shares of the company’s stock valued at $142,500,000 after purchasing an additional 554,909 shares in the last quarter. Knights of Columbus Asset Advisors LLC purchased a new stake in shares of Fastly in the third quarter valued at $1,002,000. Picton Mahoney Asset Management purchased a new stake in shares of Fastly in the third quarter valued at $781,000. Finally, Hussman Strategic Advisors Inc. lifted its holdings in shares of Fastly by 100.0% in the third quarter. Hussman Strategic Advisors Inc. now owns 210,000 shares of the company’s stock valued at $1,796,000 after purchasing an additional 105,000 shares in the last quarter. 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.