Fastly Shares Rise After Oppenheimer Upgrade

Fastly shares rose after Oppenheimer upgraded the stock and set a $35 price target, drawing attention to the company’s expanding security business and artificial-intelligence products. Fastly provides edge-cloud services for websites, applications and application programming interfaces, along with security and computing services. Its recent strategy has emphasized selling multiple products to existing customers. Fastly’s second-quarter revenue reached $183.3 million, up 23% from a year earlier. Security revenue increased 43% to $41.7 million, while the company’s last-12-month net retention rate rose to 117% from 113% in the first quarter.

Source: TokenPost