Fastly (NYSE:FSLY) is seeing shares of its stock take off on Thursday following several bits of news concerning the cloud company.
The positive news for FSLY stock starts with an upgrade from Oppenheimer analyst Timothy Horan. This has him bumping the stock up from its old perform rating to a new outperform one.
The analyst also includes a price target of $125 per share for FSLY stock. That suggests a 28% premium to its closing price of $97.63 per share on Wednesday.
Horan’s bullish stance for FSLY stock comes after speaking with channel checks. According to this information, which is the second reason for the surging price of the stock today, the company is expecting record traffic in Q4. This comes on the heels of the compute@edge launch, which was reportedly positive, reports TheFly.
Finally, some of the positive movement for FSLY stock comes directly from Fastly itself. The company announced today that it’s joining the Pledge 1% movement. This is a corporate philanthropy movement with a focus on making communities a strong focus for businesses.
All of the positive news today caught the interest of investors and shares of FSLY stock are seeing strong trading as a result. Roughly 7.4 million shares of the stock have moved in the morning hours. For comparison, the stock’s daily average trading volume is 7.5 million shares.
FSLY stock was up 8.2% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.