Fastly (NYSE:FSLY) Stock Price Down 5.7% After Insider Selling

Shares of Fastly, Inc. (NYSE:FSLY) were down 5.7% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $10.67 and last traded at $10.69. Approximately 1,470,994 shares changed hands during trading, a decline of 59% from the average daily volume of 3,583,467 shares. The stock had previously closed at $11.34.

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

Analysts Set New Price Targets

Several research firms recently issued reports on FSLY. Royal Bank of Canada upped their price objective on shares of Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a report on Thursday, November 7th. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a research note on Monday, December 2nd. Morgan Stanley decreased their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Piper Sandler increased their target price on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, DA Davidson boosted their price target on shares of Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.55.

Fastly Trading Down 5.7 %

The firm has a market capitalization of $1.50 billion, a P/E ratio of -9.81 and a beta of 1.27. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The business’s 50-day moving average is $7.72 and its 200 day moving average is $7.32.

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

Hedge Funds Weigh In On Fastly

Large investors have recently bought and sold shares of the stock. Bank of Montreal Can boosted its holdings in shares of Fastly by 11,140.2% during the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after purchasing an additional 1,293,490 shares during the period. Penserra Capital Management LLC grew its position in Fastly by 18.8% in the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after purchasing an additional 801,968 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Fastly by 461.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock worth $5,575,000 after buying an additional 621,680 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Fastly in the second quarter worth $1,233,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Fastly by 18.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company’s stock valued at $8,006,000 after purchasing an additional 161,070 shares during the period. 79.71% of the stock is currently owned by 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.