Fastly (NYSE:FSLY) Shares Gap Up – Here’s What Happened

Shares of Fastly, Inc. (NYSE:FSLY) gapped up prior to trading on Tuesday . The stock had previously closed at $18.25, but opened at $18.93. Fastly shares last traded at $18.5440, with a volume of 693,279 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on FSLY. Piper Sandler reduced their price target on Fastly to $27.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Raymond James Financial raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a research note on Friday, May 8th. Royal Bank Of Canada decreased their target price on shares of Fastly to $18.00 and set a “sector perform” rating for the company in a research note on Thursday, May 7th. Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a report on Tuesday, April 14th. Finally, Citigroup lifted their price objective on shares of Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Fastly currently has an average rating of “Hold” and an average price target of $22.62.

Fastly Stock Performance

The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of -19.71 and a beta of 0.34. The firm has a fifty day simple moving average of $19.42 and a 200 day simple moving average of $18.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46.

Insider Activity at Fastly

In other news, CFO Richard Wong sold 2,500 shares of Fastly stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $16.48, for a total value of $41,200.00. Following the sale, the chief financial officer owned 1,239,301 shares in the company, valued at $20,423,680.48. This trade represents a 0.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Artur Bergman sold 7,889 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $20.96, for a total transaction of $165,353.44. Following the sale, the chief technology officer directly owned 2,038,638 shares of the company’s stock, valued at $42,729,852.48. This represents a 0.39% decrease in their position. 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 sold a total of 304,062 shares of company stock worth $5,482,012 over the last 90 days. 6.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Fastly

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in 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 buying an additional 310,234 shares in the last quarter. Morgan Stanley lifted its position in shares of Fastly by 14.7% in the fourth quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock valued at $84,893,000 after acquiring an additional 1,071,222 shares in the last quarter. First Trust Advisors LP boosted 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 worth $204,349,000 after acquiring an additional 3,524,763 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of 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 worth $48,754,000 after acquiring an additional 4,623,767 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Fastly by 2.9% during the third quarter. Dimensional Fund Advisors LP now owns 4,137,808 shares of the company’s stock worth $35,380,000 after purchasing an additional 117,213 shares in the last quarter. 79.71% of the stock is currently 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.