Royal Bank Of Canada Boosts Fastly (NYSE:FSLY) Price Target to $20.00

Fastly (NYSE:FSLY) had its price objective hoisted by equities research analysts at Royal Bank Of Canada from $12.00 to $20.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 2.45% from the company’s current price.

Several other research firms have also recently issued reports on FSLY. Oppenheimer assumed coverage on Fastly in a research note on Monday, November 17th. They set a “market perform” rating for the company. Wall Street Zen upgraded shares of Fastly from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. William Blair raised shares of Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. DA Davidson set a $13.00 target price on Fastly in a report on Thursday, February 12th. Finally, Piper Sandler reissued a “neutral” rating and issued a $14.00 price objective (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Fastly presently has an average rating of “Hold” and an average price target of $13.14.

Fastly Price Performance

FSLY stock traded up $0.40 during mid-day trading on Monday, reaching $19.52. 5,955,713 shares of the company’s stock were exchanged, compared to its average volume of 10,801,094. The company has a market cap of $2.92 billion, a price-to-earnings ratio of -20.31 and a beta of 1.03. The stock’s 50 day moving average is $11.57 and its 200 day moving average is $9.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. Fastly has a 12-month low of $4.65 and a 12-month high of $20.27.

Insider Transactions at Fastly

In other Fastly news, CTO Artur Bergman sold 200,847 shares of Fastly stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $18.42, for a total value of $3,699,601.74. Following the completion of the sale, the chief technology officer owned 2,299,711 shares in the company, valued at $42,360,676.62. The trade was a 8.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Scott R. Lovett sold 42,118 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $10.10, for a total transaction of $425,391.80. Following the transaction, the insider directly owned 1,002,137 shares of the company’s stock, valued at $10,121,583.70. This trade represents a 4.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 921,595 shares of company stock worth $12,822,952. 6.70% of the stock is owned by insiders.

Institutional Trading of Fastly

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amundi raised its position in shares of Fastly by 11.3% during the 1st quarter. Amundi now owns 46,624 shares of the company’s stock valued at $277,000 after acquiring an additional 4,724 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of Fastly in the 1st quarter valued at about $837,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Fastly by 1.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 466,042 shares of the company’s stock worth $2,950,000 after acquiring an additional 6,247 shares during the period. Jones Financial Companies Lllp boosted its stake in Fastly by 963.6% in the first quarter. Jones Financial Companies Lllp now owns 60,838 shares of the company’s stock valued at $385,000 after acquiring an additional 55,118 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Fastly by 7.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,302,164 shares of the company’s stock worth $14,573,000 after purchasing an additional 165,937 shares during the period. 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.