Insider Selling: Fastly (NYSE:FSLY) Insider Sells $741,293.32 in Stock

Fastly, Inc. (NYSE:FSLY) insider Scott Lovett sold 41,716 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total transaction of $741,293.32. Following the completion of the sale, the insider directly owned 1,392,778 shares in the company, valued at approximately $24,749,665.06. This trade represents a 2.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Fastly Stock Performance

Fastly stock traded down $0.73 during midday trading on Monday, reaching $17.17. 3,687,030 shares of the stock traded hands, compared to its average volume of 11,131,092. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $20.89 and a two-hundred day moving average price of $17.68. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -17.89 and a beta of 0.37. Fastly, Inc. has a fifty-two week low of $6.29 and a fifty-two week high of $34.82.

Hedge Funds Weigh In On Fastly

Hedge funds have recently modified their holdings of the company. Amundi raised its stake in shares of Fastly by 11.3% in the 1st quarter. Amundi now owns 46,624 shares of the company’s stock worth $277,000 after buying an additional 4,724 shares in the last quarter. AQR Capital Management LLC bought a new position in Fastly during the first quarter valued at about $837,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Fastly by 1.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 466,042 shares of the company’s stock worth $2,950,000 after acquiring an additional 6,247 shares during the period. Jones Financial Companies Lllp grew its holdings in Fastly by 963.6% during the first quarter. Jones Financial Companies Lllp now owns 60,838 shares of the company’s stock worth $385,000 after acquiring an additional 55,118 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Fastly by 7.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,302,164 shares of the company’s stock worth $14,573,000 after acquiring an additional 165,937 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FSLY. Royal Bank Of Canada cut their price target on Fastly to $18.00 and set a “sector perform” rating on the stock in a report on Thursday, May 7th. Citigroup raised their target price on Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Evercore initiated coverage on Fastly in a research note on Tuesday, April 14th. They set an “outperform” rating and a $24.00 target price on the stock. Piper Sandler cut their target price on Fastly to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Finally, KeyCorp boosted their price target on Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price 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.