Fastly (NYSE:FSLY) Reaches New 1-Year High – Time to Buy?

Fastly, Inc. (NYSE:FSLY) reached a new 52-week high during trading on Wednesday . The company traded as high as $31.55 and last traded at $31.25, with a volume of 2736265 shares changing hands. The stock had previously closed at $29.06.

Analyst Ratings Changes

Several research firms have weighed in on FSLY. DA Davidson set a $13.00 target price on Fastly in a research note on Thursday, February 12th. William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 12th. Citigroup upped their price target on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, February 13th. Piper Sandler reissued a “neutral” rating and set a $14.00 price objective (up from $11.00) on shares of Fastly in a research note on Thursday, February 12th. Finally, KeyCorp upgraded shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.14.

Fastly Price Performance

The firm has a market cap of $4.89 billion, a price-to-earnings ratio of -33.54 and a beta of 0.88. 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 company has a 50 day moving average of $18.09 and a 200 day moving average of $12.64.

Insiders Place Their Bets

In other news, insider Scott R. Lovett sold 41,682 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $26.45, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Charles Lacey Compton III sold 36,694 shares of Fastly stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $20.69, for a total value of $759,198.86. Following the transaction, the chief executive officer owned 1,212,778 shares in the company, valued at $25,092,376.82. This trade represents a 2.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,538,702 shares of company stock worth $29,349,355 over the last ninety days. 6.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC increased its position in shares of Fastly by 20.9% during the fourth quarter. Hsbc Holdings PLC now owns 35,464 shares of the company’s stock worth $362,000 after acquiring an additional 6,140 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Fastly in the 4th quarter worth $41,000. Sunbelt Securities Inc. boosted its stake in Fastly by 199.8% in the 4th quarter. Sunbelt Securities Inc. now owns 70,868 shares of the company’s stock worth $721,000 after purchasing an additional 47,233 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in Fastly during the 4th quarter worth about $11,657,000. Finally, Invesco Ltd. increased its holdings in Fastly by 13.7% during the 4th quarter. Invesco Ltd. now owns 408,148 shares of the company’s stock worth $4,155,000 after purchasing an additional 49,093 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.