Fastly (NYSE:FSLY) Insider Scott Lovett Sells 41,716 Shares of Stock

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

Fastly Stock Down 4.1%

Shares of NYSE FSLY traded down $0.73 during midday trading on Monday, reaching $17.17. 3,687,030 shares of the company’s stock were exchanged, compared to its average volume of 11,131,092. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. Fastly, Inc. has a 52-week low of $6.29 and a 52-week high of $34.82. The business’s fifty day moving average price is $20.89 and its two-hundred day moving average price is $17.68. The stock has a market capitalization of $2.69 billion, a PE ratio of -17.89 and a beta of 0.37.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FSLY shares. Evercore initiated coverage on Fastly in a report on Tuesday, April 14th. They set an “outperform” rating and a $24.00 price objective on the stock. Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target for the company. in a research report on Tuesday, April 14th. Royal Bank Of Canada dropped their price target on shares of Fastly to $18.00 and set a “sector perform” rating for the company in a research note on Thursday, May 7th. Raymond James Financial raised 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. Finally, Piper Sandler reduced their price objective on shares of Fastly to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.62.

Institutional Trading of Fastly

Institutional investors and hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. lifted its holdings in shares of Fastly by 2,795.2% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock worth $48,754,000 after purchasing an additional 4,623,767 shares during the last quarter. First Trust Advisors LP increased its position in Fastly by 100.5% in the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock worth $204,349,000 after buying an additional 3,524,763 shares during the period. Divisadero Street Capital Management LP acquired a new stake in Fastly in the third quarter worth $21,174,000. Balyasny Asset Management L.P. lifted its stake in Fastly by 3,941.1% in the second quarter. Balyasny Asset Management L.P. now owns 1,329,006 shares of the company’s stock valued at $9,383,000 after buying an additional 1,296,119 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new stake in Fastly in the fourth quarter valued at $11,657,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.