Fastly, Inc. (NYSE:FSLY) Receives $22.62 Average Price Target from Brokerages

Fastly, Inc. (NYSE:FSLY) has earned a consensus recommendation of “Hold” from the eleven research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $22.6250.

A number of research analysts have weighed in on FSLY shares. Royal Bank Of Canada reduced their target price on Fastly to $18.00 and set a “sector perform” rating for the company in a report on Thursday, May 7th. Piper Sandler reduced their target price on Fastly to $27.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Citigroup upped their target price on Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Evercore initiated coverage on Fastly in a report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price target on the stock. Finally, Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target for the company. in a research report on Tuesday, April 14th.

Fastly Price Performance

Fastly stock opened at $18.13 on Monday. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -18.89 and a beta of 0.34. Fastly has a 1-year low of $6.29 and a 1-year high of $34.82. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The firm has a 50 day simple moving average of $19.42 and a 200 day simple moving average of $18.09.

Insiders Place Their Bets

In other news, insider Scott R. Lovett sold 41,716 shares of the 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 transaction, the insider directly owned 1,392,778 shares in the company, valued at approximately $24,749,665.06. This represents a 2.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Lacey Compton III sold 34,334 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $16.85, for a total transaction of $578,527.90. Following the transaction, the chief executive officer owned 1,099,561 shares in the company, valued at $18,527,602.85. The trade was a 3.03% 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 304,062 shares of company stock valued at $5,482,012 in the last quarter. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its position in Fastly by 120.0% during the 1st quarter. Bank of America Corp DE now owns 1,269,369 shares of the company’s stock worth $36,888,000 after acquiring an additional 692,459 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Fastly by 26.2% during the first quarter. Janus Henderson Group PLC now owns 67,050 shares of the company’s stock valued at $1,948,000 after buying an additional 13,900 shares during the period. Sunbelt Securities Inc. boosted its position in Fastly by 10.0% during the 1st quarter. Sunbelt Securities Inc. now owns 77,944 shares of the company’s stock valued at $2,265,000 after acquiring an additional 7,076 shares in the last quarter. Amundi boosted its position in Fastly by 4.6% during the 1st quarter. Amundi now owns 48,441 shares of the company’s stock valued at $1,408,000 after acquiring an additional 2,129 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Fastly by 39.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company’s stock valued at $64,000 after acquiring an additional 627 shares in the last quarter. 79.71% of the stock is 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.