Fastly (NYSE:FSLY) Research Coverage Started at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Fastly (NYSE:FSLY) in a research note published on Friday morning,Benzinga reports. The firm issued a buy rating and a $27.00 price objective on the stock.

Other analysts have also issued reports about the stock. Raymond James Financial upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Friday, May 8th. Citigroup upped their target price on Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. KeyCorp increased their target price on Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Craig Hallum cut Fastly from a “buy” rating to a “hold” rating and set a $24.00 target price for the company. in a research note on Tuesday, April 14th. Finally, Royal Bank Of Canada dropped their price target on Fastly to $18.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $23.11.

Fastly Stock Performance

Shares of FSLY opened at $20.72 on Friday. The firm’s 50-day moving average price is $18.30 and its 200-day moving average price is $18.82. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of -21.58 and a beta of 0.34. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly has a 1-year low of $6.29 and a 1-year high of $34.82.

Insider Buying and Selling

In other news, CFO Richard Wong sold 2,500 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $16.48, for a total transaction of $41,200.00. Following the completion of the transaction, the chief financial officer directly owned 1,239,301 shares in the company, valued at $20,423,680.48. This trade represents a 0.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott R. Lovett sold 41,716 shares of Fastly stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the transaction, the insider directly owned 1,392,778 shares of the company’s stock, valued at approximately $24,749,665.06. This represents a 2.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 274,529 shares of company stock valued at $4,761,780. Insiders own 4.20% of the company’s stock.

Institutional Trading of Fastly

A number of institutional investors and hedge funds have recently bought and sold shares of FSLY. PNC Financial Services Group Inc. raised its holdings in Fastly by 84.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock worth $40,000 after buying an additional 633 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in shares of Fastly during the first quarter valued at approximately $44,000. EverSource Wealth Advisors LLC grew its holdings in shares of Fastly by 39.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company’s stock valued at $64,000 after buying an additional 627 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Fastly during the fourth quarter valued at approximately $41,000. Finally, Align Financial LLC bought a new stake in shares of Fastly during the fourth quarter valued at approximately $41,000. 79.71% of the stock is currently owned by institutional investors.

Fastly Company Profile

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.