Fastly (NYSE:FSLY) Trading 13.8% Higher – Here’s What Happened

Fastly, Inc. (NYSE:FSLY) rose 13.8% during trading on Monday . The company traded as high as $24.61 and last traded at $26.13. Approximately 826,715 shares changed hands during trading, a decline of 92% from the average daily volume of 9,846,641 shares. The stock had previously closed at $22.96.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group began coverage on Fastly in a report on Friday, July 17th. They issued a “buy” rating and a $27.00 price objective for the company. Piper Sandler increased their target price on shares of Fastly from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday. Royal Bank Of Canada lifted their target price on shares of Fastly from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research note on Thursday. Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a research report on Tuesday, April 14th. Finally, Evercore restated an “outperform” rating on shares of Fastly in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $25.33.

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 company has a market capitalization of $4.29 billion, a PE ratio of -28.02 and a beta of 0.34. The company has a 50-day moving average price of $19.64 and a two-hundred day moving average price of $20.09.

Insiders Place Their Bets

In other Fastly news, 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 transaction of $741,293.32. Following the completion of the transaction, the insider owned 1,392,778 shares of the company’s stock, valued at $24,749,665.06. The trade was a 2.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Artur Bergman sold 32,181 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $16.85, for a total value of $542,249.85. Following the sale, the chief technology officer owned 2,086,529 shares in the company, valued at approximately $35,158,013.65. This represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 289,397 shares of company stock worth $5,133,480 in the last quarter. 4.20% of the stock is owned by company insiders.

Institutional Trading of Fastly

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. grew its holdings in shares of Fastly by 2,795.2% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock worth $48,754,000 after purchasing an additional 4,623,767 shares in the last quarter. First Trust Advisors LP grew its position in Fastly by 100.5% in the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock worth $204,349,000 after acquiring an additional 3,524,763 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in Fastly by 3,941.1% in the second quarter. Balyasny Asset Management L.P. now owns 1,329,006 shares of the company’s stock valued at $9,383,000 after acquiring an additional 1,296,119 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in Fastly during the fourth quarter valued at about $11,657,000. Finally, Morgan Stanley raised its position in Fastly by 14.7% during the fourth quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock valued at $84,893,000 after purchasing an additional 1,071,222 shares in the last quarter. 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.