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這只科技股很低調,但漲幅竟遠遠超過了Zoom

這只科技股很低調,但漲幅竟遠遠超過了Zoom

Anne Sraders 2020年06月29日
云計算服務供應商Fastly的股價同期上漲222%。

Zoom已經被推下了王位。

過去三個月,無疑我們每一個人都在用Zoom,這家視頻會議公司的股票自2月19日市場高點以來已經大漲159%,然而,云計算服務供應商Fastly的股價同期上漲222%,遠超Zoom。

瑞士信貸(Credit Suisse)的布拉德?澤爾尼克稱,對大多數人來說,Fastly “在混亂中被漏掉了。”但如今,它顯然已經“走到了舞臺中央”。

Fastly是一家內容交付網絡供應商,幫助用戶更快地訪問數字內容。該公司還提供安全服務、視頻傳輸和所謂的邊緣計算服務。它最大的客戶有哪些?舉幾個例子:Slack、愛彼迎(Airbnb)、Spotify和Stripe等重量級公司。

圖片來源:FSLY-NYSE-podium_web

對Fastly來說,過去幾個月無疑很不尋常:迎來了新任首席執行官約書亞?比克斯比(他于今年2月就任),之后在5月賣出了600萬股股票。

許多公司(比如Zoom)正在從居家辦公中受益。很多分析師和專家認為,即使日后恢復了辦公室工作,居家辦公的趨勢也將產生持久影響。與此同時,由于“居家隔離政策”,人們在電腦屏幕前花的時間更多了,網購、觀看更多的流媒體內容和在線視頻。

在這種背景下,Fastly的出色表現對于像D.A. Davidson的里希?賈魯里亞這樣的人來說并不意外。整個華爾街,賈魯里亞給Fastly設置的目標股價最高。他說,Fastly是獨一無二的,因為它搭上了兩股順風:“它可以從多個方面獲益:不僅僅是在家辦公,不僅僅是居家隔離;它從兩頭都能獲利。”

該公司正在從網絡流量激增和即時通訊軟件Slack、GitHub等重要居家辦公工具的增長中獲益。賈魯里亞不認為“居家辦工帶來的行為改變在現階段是可逆的。”

與此同時,Fastly的客戶還包括Wayfair和Shopify這樣的電商巨頭,因此能和客戶一起搭上在線購物的浪潮——所以說,“他們可以從多個方面受益,而不僅僅是其中一種。”賈魯里亞說。

該公司在5月還公布了亮眼的一季度業績,收入較上年同期增長了38%。該公司還將今年的收益預期從2.65億美元上調至高達2.9億美元(賈魯里亞認為,他們可能會進一步上調預期)。不過到目前為止,公司態度保守,認為居家辦公和疫情帶來的好處不會持續太久。公司管理層預計,到第二季度末(也就是接下來幾周),居家工作(和激增的流量)帶來的紅利可能會逐漸消失。

但分析人士表示,特殊時期可能還遠沒有結束,保守的態度可能會收獲意想不到的增長。

“我們總是說,特殊時期其實是讓已經存在的趨勢突然加速了。我認為Fastly就是這樣。”賈魯里亞表示,“這不是臨時現象,不是說隨著疫情緩和,相關紅利就會消失。我認為,Fastly應該能享受到更長久的好處。”

瑞士信貸的澤爾尼克等其他分析師認為,Fastly的發展勢頭還擁有和疫情無關的廣闊前景,那就是邊緣計算。用外行的話來說,邊緣計算本質上是在接近終端用戶的地方進行的數據計算,這樣內容交付就可以在“離應用程序的終端用戶更近的地方完成,而且越來越近”,澤爾尼克解釋說。他認為,“當下這種大范圍向邊緣計算傾斜的架構轉變,未來很多年都能讓Fastly受益,而不僅僅是在特殊時期。”而且,隨著5G和物聯網的興起,賈魯里亞認為Fastly可以處于有利位置。

不過,Fastly并不是唯一一家內容交付網絡供應商,Cloudflare和Akamai等其他競爭對手在過去幾個月也大幅上漲,它們的市值都遠高于Fastly的76億美元。和Zoom一樣,Fastly的估值也不便宜,澤爾尼克指出,軟件領域的估值已經處于歷史高位。與此同時,疫情加快恢復正常和可能出現的流量下降也會對公司業績造成不利影響。而且分析人士指出,該領域的準入門檻并不是都那么高。

但是賈魯里亞和澤爾尼克等分析人士指出,Fastly是軟件開發人員的首選,而且如澤爾尼克所言,更重要的是,該公司“在未來的許多年里,都可以用于搭建提供數字體驗、開發移動和網絡應用的狀態架構。”

上周二,該股又上漲6%,盤中交易價達到每股77美元左右,但一些分析師認為還有更大的上漲空間。“如果你在一個月前問我,Zoom的發展勢頭能否持續,我會回答:‘不,太瘋狂了。’”賈魯里亞說。但如果你問“我是否認為,只要(Fastly)繼續保持出色的運營,它的股票就還能繼續漲?是的。”(財富中文網)

譯者:Agatha

Zoom已經被推下了王位。

過去三個月,無疑我們每一個人都在用Zoom,這家視頻會議公司的股票自2月19日市場高點以來已經大漲159%,然而,云計算服務供應商Fastly的股價同期上漲222%,遠超Zoom。

瑞士信貸(Credit Suisse)的布拉德?澤爾尼克稱,對大多數人來說,Fastly “在混亂中被漏掉了。”但如今,它顯然已經“走到了舞臺中央”。

Fastly是一家內容交付網絡供應商,幫助用戶更快地訪問數字內容。該公司還提供安全服務、視頻傳輸和所謂的邊緣計算服務。它最大的客戶有哪些?舉幾個例子:Slack、愛彼迎(Airbnb)、Spotify和Stripe等重量級公司。

對Fastly來說,過去幾個月無疑很不尋常:迎來了新任首席執行官約書亞?比克斯比(他于今年2月就任),之后在5月賣出了600萬股股票。

許多公司(比如Zoom)正在從居家辦公中受益。很多分析師和專家認為,即使日后恢復了辦公室工作,居家辦公的趨勢也將產生持久影響。與此同時,由于“居家隔離政策”,人們在電腦屏幕前花的時間更多了,網購、觀看更多的流媒體內容和在線視頻。

在這種背景下,Fastly的出色表現對于像D.A. Davidson的里希?賈魯里亞這樣的人來說并不意外。整個華爾街,賈魯里亞給Fastly設置的目標股價最高。他說,Fastly是獨一無二的,因為它搭上了兩股順風:“它可以從多個方面獲益:不僅僅是在家辦公,不僅僅是居家隔離;它從兩頭都能獲利。”

該公司正在從網絡流量激增和即時通訊軟件Slack、GitHub等重要居家辦公工具的增長中獲益。賈魯里亞不認為“居家辦工帶來的行為改變在現階段是可逆的。”

與此同時,Fastly的客戶還包括Wayfair和Shopify這樣的電商巨頭,因此能和客戶一起搭上在線購物的浪潮——所以說,“他們可以從多個方面受益,而不僅僅是其中一種。”賈魯里亞說。

該公司在5月還公布了亮眼的一季度業績,收入較上年同期增長了38%。該公司還將今年的收益預期從2.65億美元上調至高達2.9億美元(賈魯里亞認為,他們可能會進一步上調預期)。不過到目前為止,公司態度保守,認為居家辦公和疫情帶來的好處不會持續太久。公司管理層預計,到第二季度末(也就是接下來幾周),居家工作(和激增的流量)帶來的紅利可能會逐漸消失。

但分析人士表示,特殊時期可能還遠沒有結束,保守的態度可能會收獲意想不到的增長。

“我們總是說,特殊時期其實是讓已經存在的趨勢突然加速了。我認為Fastly就是這樣。”賈魯里亞表示,“這不是臨時現象,不是說隨著疫情緩和,相關紅利就會消失。我認為,Fastly應該能享受到更長久的好處。”

瑞士信貸的澤爾尼克等其他分析師認為,Fastly的發展勢頭還擁有和疫情無關的廣闊前景,那就是邊緣計算。用外行的話來說,邊緣計算本質上是在接近終端用戶的地方進行的數據計算,這樣內容交付就可以在“離應用程序的終端用戶更近的地方完成,而且越來越近”,澤爾尼克解釋說。他認為,“當下這種大范圍向邊緣計算傾斜的架構轉變,未來很多年都能讓Fastly受益,而不僅僅是在特殊時期。”而且,隨著5G和物聯網的興起,賈魯里亞認為Fastly可以處于有利位置。

不過,Fastly并不是唯一一家內容交付網絡供應商,Cloudflare和Akamai等其他競爭對手在過去幾個月也大幅上漲,它們的市值都遠高于Fastly的76億美元。和Zoom一樣,Fastly的估值也不便宜,澤爾尼克指出,軟件領域的估值已經處于歷史高位。與此同時,疫情加快恢復正常和可能出現的流量下降也會對公司業績造成不利影響。而且分析人士指出,該領域的準入門檻并不是都那么高。

但是賈魯里亞和澤爾尼克等分析人士指出,Fastly是軟件開發人員的首選,而且如澤爾尼克所言,更重要的是,該公司“在未來的許多年里,都可以用于搭建提供數字體驗、開發移動和網絡應用的狀態架構。”

上周二,該股又上漲6%,盤中交易價達到每股77美元左右,但一些分析師認為還有更大的上漲空間。“如果你在一個月前問我,Zoom的發展勢頭能否持續,我會回答:‘不,太瘋狂了。’”賈魯里亞說。但如果你問“我是否認為,只要(Fastly)繼續保持出色的運營,它的股票就還能繼續漲?是的。”(財富中文網)

譯者:Agatha

Zoom has been dethroned.

While the videoconferencing company we’ve no doubt all used in the past three months has seen a massive 159% rally since its Feb. 19 market peak, Fastly, a cloud computing services provider, has gained over 222% in the same time frame—and now clinches the title of the best-performing work-from-home stock during the pandemic.

For most people, Credit Suisse’s Brad Zelnick argues, Fastly "was lost in the shuffle a little bit.” But now, it’s certainly “come to the forefront.”

Fastly is a content delivery network (CDN) company that helps users view digital content more quickly. The company also provides security, video delivery, and so-called edge computing services. Some of its biggest customers? Heavy hitters like Slack, Airbnb, Spotify, and Stripe, to name a few.

Add in a new CEO, Joshua Bixby (who took the helm in February), and a follow-on stock sale of 6 million shares in May, and it’s certainly been an eventful few months for Fastly.

Many firms (like Zoom) are benefiting from the shift to working from home—a trend many analysts and experts expect will have a lasting impact even after employees return to their offices. Meanwhile, shelter-in-place orders have led people to spend more time in front of screens, to shop online, and to digest more streaming and video content.

Against that backdrop, Fastly’s outperformance isn’t a surprise for those like D.A. Davidson’s Rishi Jaluria. But Jaluria, who has the highest price target on the Street for the stock, suggests Fastly is unique because it has two tailwinds going for it: “It can benefit in multiple ways: It’s not purely work from home; it’s not purely shelter in place; it kind of has areas that benefit on both sides,” he tells Fortune.

The company is reaping gains from the surge of online traffic and from work-from-home staples like messaging app Slack and GitHub. And Jaluria, for one, doesn’t think these “behavioral changes you get from work from home are reversible now.”

Meanwhile, with e-commerce giants like Wayfair and Shopify as customers, Fastly has been able to ride the surge in online shopping along with its customers—so there are “multiple ways they benefit, not just one or the other,” Jaluria notes.

It hasn’t hurt that Fastly also reported a strong first quarter in May, as revenue popped 38% from the year-ago quarter. The company also raised earnings guidance for the year from $265 million to as much as $290 million (although Jaluria, for one, thinks they might raise estimates still more). Yet the company has thus far been conservative about how long the benefits of work from home and the pandemic may last. Management has projected the benefits of work from home (and the surge in traffic) may start dying down by the end of the second quarter (in the next couple weeks).

But analysts note the pandemic is likely long from over and suggest that conservatism opens up the possibility of a surprise to the upside.

“We always talk about what’s happening with COVID is accelerating existing trends. I think that’s exactly what’s happening with Fastly,” Jaluria argues. “This isn’t a temporary thing, and as things ease up, that benefit goes away. I think these are longer-lasting benefits that Fastly should benefit from.”

Other analysts like Credit Suisse’s Zelnick think there’s a bigger picture to Fastly’s momentum that isn’t tied to the pandemic: edge computing. In layman’s terms, edge computing is essentially data computing that is done closer to the end user, and content delivery is “further distributed and pushed out closer and closer to the end user of these applications,” Zelnick explains. It’s this “broader edge computing and this broader architectural shift that’s happening [that] is going to benefit Fastly for many years to come, not just during a time of pandemic,” he contends. And in light of the rise of 5G and the Internet of things, Jaluria suggests Fastly may be well positioned.

Yet Fastly certainly isn’t alone as a content delivery network, and other competitors like Cloudflare and Akamai have also seen a boost in the past few months, all boasting market caps much larger than Fastly’s $7.6 billion. And as far as valuations go, much like Zoom, Fastly doesn’t come cheap, and Zelnick points out valuations in the software space are historically elevated. Meanwhile, a faster return to normalcy from the pandemic and potential decrease in traffic could hurt the business as well, and analysts point out barriers to entry in the space aren’t all that high.

But those like Jaluria and Zelnick note Fastly is a favorite among software developers, and more important, Zelnick argues, the company is “leveraged to the future state architecture for digital experiences and mobile and web applications for many, many years to come.”

Fastly gained another 6% last Tuesday and was trading at roughly $77 a share in intraday trading, but some analysts see even more room to run for the stock. “If you were to ask me a month ago if I thought Zoom’s run-up was sustainable, I would have said, ‘No, this is insane,’” Jaluria says. But "do I think [Fastly’s stock] can continue working as long as they continue to execute as well as they have been? Yes.”

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