Fastly (NYSE:FSLY) Coverage Initiated at Canaccord Genuity Group

Stock analysts at Canaccord Genuity Group assumed 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 30.31% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Piper Sandler lowered their price target on shares of Fastly to $27.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective 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 target price for the company in a research note on Friday, May 8th. KeyCorp boosted their target price on shares of 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 decreased their target price on shares of Fastly to $18.00 and set a “sector perform” rating for the company in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $23.11.

Fastly Price Performance

Shares of FSLY opened at $20.72 on Friday. Fastly has a 12 month low of $6.29 and a 12 month high of $34.82. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a fifty day moving average price of $18.30 and a 200 day moving average price of $18.76. The company has a market cap of $3.24 billion, a P/E ratio of -21.58 and a beta of 0.34.

Insider Activity

In related news, insider Scott R. Lovett sold 41,716 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the transaction, the insider owned 1,392,778 shares in the company, valued at $24,749,665.06. This represents a 2.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 firm’s stock in a transaction dated 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 directly owned 1,099,561 shares in the company, valued at approximately $18,527,602.85. The trade was a 3.03% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 274,529 shares of company stock valued at $4,761,780. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. boosted its position in 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 worth $48,754,000 after acquiring an additional 4,623,767 shares during the period. First Trust Advisors LP grew its stake in Fastly by 100.5% during the 1st quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock valued at $204,349,000 after acquiring an additional 3,524,763 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Fastly by 3,941.1% in the 2nd 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. acquired a new position in shares of Fastly in the 4th quarter valued at about $11,657,000. Finally, 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 worth $84,893,000 after purchasing an additional 1,071,222 shares in the last quarter. 79.71% of the stock is currently owned by 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.