Why Fastly Shares Are Rising

Shares of software companies, including Fastly Inc FSLY, are trading higher in sympathy with PagerDuty Inc PD, which gained following a strong third-quarter earnings report.

PagerDuty reported quarterly losses of 7 cents per share which beat the analyst consensus estimate of a loss of 9 cents per share. The company also reported quarterly sales of $72 million which beat the analyst consensus estimate of $70.04 million by 2.8%.

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Fastly operates a content delivery network (CDN), which is necessary for entities to provide faster and more reliable online content. Fastly's strategy differs from traditional CDNs, which focused on locating servers in as many locations as possible to store copies of files that consumers most use.

Fastly has a 52-week high of $122.75 and a 52-week low of $33.55.