Fastly (NYSE:FSLY) Trading Down 3.7% on Insider Selling

Fastly, Inc. (NYSE:FSLY) dropped 3.7% during mid-day trading on Thursday following insider selling activity. The company traded as low as $21.25 and last traded at $21.53. Approximately 1,281,908 shares were traded during trading, a decline of 65% from the average daily volume of 3,615,239 shares. The stock had previously closed at $22.35.

Specifically, insider Artur Bergman sold 21,875 shares of Fastly stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $23.36, for a total transaction of $511,000.00. Following the transaction, the insider now directly owns 6,214,356 shares of the company’s stock, valued at $145,167,356.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fastly news, insider Artur Bergman sold 21,875 shares of Fastly stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $23.36, for a total transaction of $511,000.00. Following the transaction, the insider now directly owns 6,214,356 shares of the company’s stock, valued at $145,167,356.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ronald W. Kisling sold 1,179 shares of Fastly stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $22.07, for a total transaction of $26,020.53. Following the transaction, the chief financial officer now directly owns 467,648 shares in the company, valued at $10,320,991.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 371,413 shares of company stock valued at $7,338,567. Corporate insiders own 7.60% of the company’s stock.

Analyst Upgrades and Downgrades

FSLY has been the topic of a number of research analyst reports. Royal Bank of Canada boosted their price target on shares of Fastly from $11.00 to $12.00 and gave the company an “underperform” rating in a research note on Thursday, August 3rd. Citigroup boosted their price target on shares of Fastly from $8.00 to $10.00 and gave the company a “sell” rating in a research note on Tuesday, August 29th. Morgan Stanley boosted their price target on shares of Fastly from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Thursday, August 3rd. DA Davidson boosted their price target on shares of Fastly from $17.00 to $20.00 in a research note on Friday, June 23rd. Finally, Credit Suisse Group boosted their price target on shares of Fastly from $14.00 to $16.00 in a research note on Friday, June 23rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $16.83.

Fastly Stock Down 3.2 %

The business’s fifty day moving average is $19.83 and its two-hundred day moving average is $16.90. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 0.49. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of -16.14 and a beta of 1.21.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, August 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.04. Fastly had a negative net margin of 35.34% and a negative return on equity of 18.05%. The business had revenue of $122.83 million during the quarter, compared to analysts’ expectations of $118.69 million. Equities analysts forecast that Fastly, Inc. will post -1.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fastly

Large investors have recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new position in shares of Fastly during the 2nd quarter worth $29,000. Meeder Asset Management Inc. grew its stake in shares of Fastly by 13,926.9% during the 4th quarter. Meeder Asset Management Inc. now owns 3,647 shares of the company’s stock worth $30,000 after purchasing an additional 3,621 shares during the period. MetLife Investment Management LLC acquired a new position in shares of Fastly during the 1st quarter worth $37,000. PNC Financial Services Group Inc. grew its stake in shares of Fastly by 63.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,436 shares of the company’s stock worth $38,000 after purchasing an additional 947 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of Fastly by 886.5% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 2,200 shares of the company’s stock worth $39,000 after purchasing an additional 1,977 shares during the period. Hedge funds and other institutional investors own 65.65% of the company’s stock.

Fastly Company Profile

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.