Fastly (NYSE:FSLY) Earns Buy Rating from Analysts at Canaccord Genuity Group

Equities research analysts at Canaccord Genuity Group initiated coverage on shares of Fastly (NYSE:FSLY) in a research note issued on Friday,Benzinga reports. The brokerage set a “buy” rating and a $27.00 price target on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 32.87% from the stock’s current price.

A number of other brokerages have also recently issued reports on FSLY. Evercore began coverage on shares of Fastly in a research report on Tuesday, April 14th. They set an “outperform” rating and a $24.00 target price for the company. 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. Raymond James Financial raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Friday, May 8th. KeyCorp upped their target price on Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada lowered their target price on Fastly to $18.00 and set a “sector perform” rating on the stock in a report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fastly currently has an average rating of “Hold” and a consensus target price of $23.11.

Fastly Trading Up 1.6%

NYSE:FSLY opened at $20.32 on Friday. The company has a market capitalization of $3.18 billion, a PE ratio of -21.17 and a beta of 0.34. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly has a 52-week low of $6.29 and a 52-week high of $34.82. The stock has a fifty day simple moving average of $18.29 and a 200-day simple moving average of $18.74.

Insiders Place Their Bets

In related news, CTO Artur Bergman sold 7,889 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $20.96, for a total value of $165,353.44. Following the sale, the chief technology officer directly owned 2,038,638 shares of the company’s stock, valued at approximately $42,729,852.48. This trade represents a 0.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Lacey Compton III sold 9,313 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $20.79, for a total transaction of $193,617.27. Following the completion of the sale, the chief executive officer owned 1,063,945 shares of the company’s stock, valued at approximately $22,119,416.55. The trade was a 0.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 274,529 shares of company stock worth $4,761,780 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Fastly

Several institutional investors have recently bought and sold shares of FSLY. Alyeska Investment Group L.P. raised its position in Fastly by 2,795.2% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock valued at $48,754,000 after purchasing an additional 4,623,767 shares during the period. First Trust Advisors LP grew its stake in shares of Fastly by 100.5% in the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock valued at $204,349,000 after buying an additional 3,524,763 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in shares of Fastly by 3,941.1% during 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 purchasing an additional 1,296,119 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in shares of Fastly in the fourth quarter valued at $11,657,000. Finally, Morgan Stanley grew its holdings in 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 purchasing an additional 1,071,222 shares in the last quarter. 79.71% of the stock is currently owned by hedge funds and other institutional investors.

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.