Insider Selling: Fastly (NYSE:FSLY) Insider Sells $633,779.85 in Stock

Fastly, Inc. (NYSE:FSLY) insider Scott Lovett sold 34,919 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.15, for a total transaction of $633,779.85. Following the transaction, the insider directly owned 1,434,494 shares of the company’s stock, valued at approximately $26,036,066.10. This trade represents a 2.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Fastly Trading Up 2.8%

Shares of Fastly stock traded up $0.49 during trading on Thursday, reaching $17.90. 8,895,508 shares of the stock were exchanged, compared to its average volume of 11,195,102. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The stock’s fifty day moving average is $21.46 and its 200 day moving average is $17.59. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of -18.65 and a beta of 0.37. Fastly, Inc. has a 1 year low of $6.29 and a 1 year high of $34.82.

Institutional Trading of Fastly

Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its stake in shares of Fastly by 84.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock worth $40,000 after acquiring an additional 633 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in Fastly in the first quarter worth about $44,000. EverSource Wealth Advisors LLC grew its holdings in Fastly by 39.8% in the first quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company’s stock worth $64,000 after purchasing an additional 627 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Fastly during the fourth quarter valued at approximately $41,000. Finally, Align Financial LLC bought a new position in shares of Fastly during the fourth quarter valued at approximately $41,000. Institutional investors own 79.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on FSLY shares. Piper Sandler dropped their price objective on Fastly to $27.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. KeyCorp boosted their target price on Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 target price for the company. in a report on Tuesday, April 14th. Citigroup raised their price target on Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Finally, Raymond James Financial upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Fastly has an average rating of “Hold” and a consensus price target of $22.62.

About Fastly

Fastly, Inc operates an edge cloud platform designed to accelerate, secure and enable modern digital experiences. The company offers a suite of services including a content delivery network (CDN), edge compute, load balancing, web application firewall (WAF) and DDoS protection. Fastly’s real-time architecture allows customers to seamlessly deploy software logic at the network edge, reducing latency by bringing applications and content closer to end users.

Founded in 2011 by Artur Bergman, Fastly has evolved from a pure-play CDN provider into a comprehensive edge cloud platform.