What happened

Shares of edge computing specialist Fastly (FSLY -2.71%) took a hit on Wednesday, falling as much as 4.3%. As of 1:15 p.m. EDT, however, shares were down 3.9%.

The stock's pullback was likely primarily driven by a bearish day for the market overall, especially for growth tech stocks like Fastly.

A chart showing a stock price falling.

Image source: Getty Images.

So what

Capturing the market's pessimism on Wednesday, the S&P 500 was down 0.3% at the time of this writing. The tech-heavy Nasdaq Composite, however, was down 0.7%.

Interestingly, the stock's gain comes as an analyst is corroborating another analyst's prediction that Fastly could benefit from a new Apple iOS security feature for iCloud called Private Relay. Evercore ISI analyst Amit Daryanani says he thinks Apple has partnered with Fastly, along with content delivery network (CDN) providers Akamai (AKAM -0.86%) and Cloudflare (NET 0.80%), on Apple's new Private Relay security feature. However, Daryanani is uncertain about the degree to which each company is partnering with Apple.

Now what

Meanwhile, Fastly is struggling with a narrative of decelerating revenue growth as the edge computing company faces tough year-ago comparisons and recently endured a brief but major outage on its platform. Revenue growth, however, should start picking back up as the year progresses.