Fastly (NYSE:FSLY) Trading Down 4.5% – Here’s What Happened

Shares of Fastly, Inc. (NYSE:FSLY) fell 4.5% on Monday . The company traded as low as $31.62 and last traded at $31.9940. 3,092,070 shares traded hands during trading, a decline of 73% from the average session volume of 11,538,441 shares. The stock had previously closed at $33.50.

Wall Street Analysts Forecast Growth

FSLY has been the topic of a number of recent research reports. Royal Bank Of Canada raised their price objective on shares of Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a research note on Monday, March 2nd. William Blair raised shares of Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. Citigroup boosted their target price on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, February 13th. KeyCorp upgraded Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Monday, December 15th. Finally, DA Davidson set a $13.00 price target on shares of Fastly in a research report on Thursday, February 12th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.14.

Fastly Price Performance

The company’s 50-day moving average price is $19.53 and its two-hundred day moving average price is $13.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. The company has a market capitalization of $4.81 billion, a P/E ratio of -32.91 and a beta of 0.62.

Insider Activity

In other Fastly news, CTO Artur Bergman sold 265,000 shares of Fastly stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $22.79, for a total value of $6,039,350.00. Following the completion of the transaction, the chief technology officer directly owned 1,604,901 shares of the company’s stock, valued at $36,575,693.79. The trade was a 14.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott R. Lovett sold 41,682 shares of the company’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $26.45, for a total transaction of $1,102,488.90. Following the sale, the insider directly owned 1,503,878 shares of the company’s stock, valued at $39,777,573.10. This represents a 2.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,498,702 shares of company stock worth $28,938,555. Corporate insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Fastly

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd acquired a new position in Fastly during the 4th quarter worth approximately $41,000. Align Financial LLC bought a new stake in shares of Fastly during the fourth quarter worth $41,000. Byrne Asset Management LLC acquired a new position in shares of Fastly during the third quarter worth $43,000. Quarry LP bought a new position in shares of Fastly in the 3rd quarter valued at $49,000. Finally, Geneos Wealth Management Inc. bought a new position in shares of Fastly during the first quarter valued at $52,000. 79.71% of the stock is owned by institutional investors.

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.