What happened

Shares of Fastly (NYSE:FSLY) soared 97.3% higher in June, according to data from S&P Global Market Intelligence. The provider of edge cloud computing and content delivery network (CDN) services continued to thrive due to the social-distancing and remote-work policies demanded by the COVID-19 pandemic. Fastly's stock has more than quadrupled in 2020, including an eight-fold bounce from the market bottom in March.

So what

Fastly didn't provide investors with much company-specific news last month. For the most part, the stock's rise was fueled by a high-octane blend of market momentum and worsening COVID-19 data.

However, one boost along the way was triggered by edge computing client Shopify (NYSE:SHOP), whose e-commerce deal with retail giant Walmart (NYSE:WMT) pushed Fastly's stock 11% higher in a single day. What amounts to a very nice contract for Shopify could be a downright game-changer for the far-smaller Fastly.

A photo of a city street at night with streams of digital data flowing above the concrete.

Image source: Getty Images.

Now what

Fastly is a relative newcomer to the massive CDN and software-as-a-service sectors, holding slender shares in markets worth $12 billion and $116 billion per year, respectively. The company's infusion of edge computing tools into a high-quality CDN service also sets it apart from many of its larger and more mature rivals. I do expect Fastly's skyrocketing growth to be bumpy and unpredictable at times, and you might want to wait for a dip before buying in, but this is a promising stock for patient, long-term investors.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.