The shares of Fastly Inc (NYSE: FSLY) are surging this morning, last seen up 5.7% at $103.11, after the security received an upgrade from Oppenheimer to "outperform" from "perform," with a $125 price target. The analyst in question is optimistic after speaking to channel checks, which have noted record traffic volumes and a positive launch of Fastly's Compute@Edge. In addition, the firm places importance on the likelihood that the tech concern should trade at par with Cloudflare (NET). Furthermore, Fastly has today announced that it will join corporate philanthropy movement, Pledge 1%, with its Worldwide Virtual Volunteering Initiative.  

The security earned an upgrade to "outperform" this morning

Though the security has experienced a significant amount of growth over the past year,  the last several months have been rocky. While shares surged all the way to an Oct. 13, all-time-high of $136.50, the security has been struggling with overhead pressure at the $105 mark since its mid-October bear gap. Year-over-year, however, FSLY remains up an impressive 299.1%. 

Analysts were mostly hesitant towards Fastly stock coming into today, leaving plenty of room for more upgrades and/or price-target hikes going forward. Of the 11 in coverage, seven carried a lukewarm "hold" or worse rating, while four called it a "buy" or better. Plus, the 12-month consensus target price of $76.50 is a 21.6% discount to last night's close.

On the other hand, the options pits have been leaning bullish. This is per the equity's 50-day call/put volume ratio of 4.16 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stand higher than 88% of readings from the past year. This means long calls have been picked up at a quicker-than-usual clip.  

What's more, Fastly stock's Schaeffer's Volatility Scorecard (SVS) sits at 90 out of 100, meaning the equity has tended to exceed option trader's volatility expectations over the past year -- a boon for option buyers.