Fastly (NYSE:FSLY) Shares Down 5.7% on Insider Selling

Fastly, Inc. (NYSE:FSLY)’s stock price fell 5.7% on Tuesday after an insider sold shares in the company. The company traded as low as $10.67 and last traded at $10.69. 1,470,994 shares changed hands during trading, a decline of 59% from the average session volume of 3,583,467 shares. The stock had previously closed at $11.34.

Specifically, CTO Artur Bergman sold 29,641 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $10.02, for a total value of $297,002.82. Following the transaction, the chief technology officer now directly owns 6,058,595 shares of the company’s stock, valued at $60,707,121.90. This trade represents a 0.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Artur Bergman sold 29,858 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $10.07, for a total value of $300,670.06. Following the completion of the sale, the chief technology officer now directly owns 6,088,236 shares in the company, valued at approximately $61,308,536.52. This represents a 0.49 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

FSLY has been the subject of a number of research reports. Craig Hallum increased their target price on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Oppenheimer raised Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price target on the stock in a research note on Monday, December 2nd. Raymond James lowered shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Robert W. Baird boosted their target price on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Piper Sandler lifted their price target on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Fastly has an average rating of “Hold” and an average target price of $8.55.

Fastly Trading Down 9.2 %

The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -9.47 and a beta of 1.27. The firm’s 50-day moving average is $7.72 and its 200-day moving average is $7.32. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.08. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The business had revenue of $137.21 million during the quarter, compared to the consensus estimate of $131.86 million. During the same quarter in the prior year, the company posted ($0.33) earnings per share. Fastly’s revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fastly, Inc. will post -0.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Fastly

Several large investors have recently made changes to their positions in FSLY. Point72 DIFC Ltd purchased a new position in Fastly in the 2nd quarter valued at approximately $38,000. FMR LLC raised its holdings in shares of Fastly by 124.2% in the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after acquiring an additional 3,522 shares in the last quarter. EMC Capital Management grew its holdings in shares of Fastly by 400.0% during the second quarter. EMC Capital Management now owns 7,500 shares of the company’s stock worth $54,000 after purchasing an additional 6,000 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Fastly by 95.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock worth $65,000 after buying an additional 4,318 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new stake in shares of Fastly during the 3rd quarter valued at $89,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

About Fastly

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.