Fastly (NYSE:FSLY) Raised to Strong-Buy at Freedom Capital

Fastly (NYSE:FSLY) was upgraded by Freedom Capital to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

FSLY has been the subject of a number of other research reports. Canaccord Genuity Group initiated coverage on Fastly in a research report on Friday. They set a “buy” rating and a $27.00 price target for the company. Piper Sandler cut their price objective on Fastly to $27.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Royal Bank Of Canada reduced their price objective on Fastly to $18.00 and set a “sector perform” rating for the company in a research note on Thursday, May 7th. Raymond James Financial raised Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a report on Friday, May 8th. Finally, Craig Hallum lowered Fastly from a “buy” rating to a “hold” rating and set a $24.00 target price on the stock. in a research report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastly has an average rating of “Hold” and a consensus target price of $23.11.

Fastly Price Performance

Shares of FSLY opened at $20.72 on Thursday. 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 company’s fifty day moving average price is $18.30 and its 200-day moving average price is $18.76. Fastly has a 1-year low of $6.29 and a 1-year high of $34.82. The firm has a market capitalization of $3.24 billion, a PE ratio of -21.58 and a beta of 0.34.

Insider Activity at Fastly

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 in the company, valued at approximately $24,749,665.06. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 Fastly 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 transaction, the chief technology officer owned 2,086,529 shares of the company’s stock, valued at $35,158,013.65. The trade was a 1.52% decrease in their position. 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 274,529 shares of company stock worth $4,761,780 over the last three months. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Fastly

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its holdings in shares of Fastly by 39.8% in the 1st 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 period. PNC Financial Services Group Inc. lifted its stake in Fastly by 84.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock worth $40,000 after acquiring an additional 633 shares in the last quarter. Kestra Advisory Services LLC boosted its holdings in Fastly by 8.4% during the 4th quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company’s stock valued at $122,000 after acquiring an additional 930 shares during the period. Parallax Volatility Advisers L.P. boosted its holdings in Fastly by 13.8% during the 3rd quarter. Parallax Volatility Advisers L.P. now owns 12,095 shares of the company’s stock valued at $103,000 after acquiring an additional 1,465 shares during the period. Finally, Sound Income Strategies LLC acquired a new position in Fastly in the 1st quarter valued at about $44,000. 79.71% of the stock is owned by institutional investors and hedge funds.

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.