Fastly (NYSE:FSLY) Hits New 1-Year High – Here’s Why

Fastly, Inc. (NYSE:FSLY)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $34.58 and last traded at $33.0880, with a volume of 3548988 shares. The stock had previously closed at $31.60.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FSLY shares. Piper Sandler reaffirmed a “neutral” rating and issued a $14.00 target price (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. William Blair raised shares of Fastly from a “market perform” rating to an “outperform” rating in a report on Thursday, February 12th. DA Davidson set a $13.00 target price on shares of Fastly in a report on Thursday, February 12th. Royal Bank Of Canada lifted their target price on shares of Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a report on Monday, March 2nd. Finally, KeyCorp raised shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 target price for the company in a report on Monday, December 15th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $13.14.

Fastly Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market cap of $5.12 billion, a P/E ratio of -35.13 and a beta of 0.62. The business’s 50-day simple moving average is $20.39 and its 200 day simple moving average is $13.48.

Insiders Place Their Bets

In other news, insider Scott R. Lovett sold 41,682 shares of Fastly stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $26.45, for a total transaction of $1,102,488.90. Following the transaction, the insider owned 1,503,878 shares in the company, valued at $39,777,573.10. This trade represents a 2.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Artur Bergman sold 265,000 shares of Fastly stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $22.79, for a total transaction of $6,039,350.00. Following the transaction, the chief technology officer owned 1,604,901 shares in the company, valued at $36,575,693.79. This represents a 14.17% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,498,702 shares of company stock valued at $28,938,555. Company insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Fastly by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock worth $172,825,000 after acquiring an additional 310,234 shares during the last quarter. Morgan Stanley lifted its stake in shares of Fastly by 14.7% during the 4th quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock valued at $84,893,000 after buying an additional 1,071,222 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of Fastly during the 3rd quarter valued at $61,864,000. Alyeska Investment Group L.P. lifted its stake in shares of Fastly by 2,795.2% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock valued at $48,754,000 after buying an additional 4,623,767 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Fastly by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,137,808 shares of the company’s stock valued at $35,380,000 after buying an additional 117,213 shares in the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

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.