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 business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the transaction, the insider owned 1,392,778 shares of the company’s stock, valued at $24,749,665.06. This trade represents a 2.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Fastly Trading Down 4.1%

Shares of Fastly stock opened at $17.17 on Tuesday. Fastly, Inc. has a fifty-two week low of $6.29 and a fifty-two week high of $34.82. The business’s fifty day moving average is $20.64 and its two-hundred day moving average is $17.72. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The firm has a market cap of $2.69 billion, a PE ratio of -17.89 and a beta of 0.37.

Institutional Trading of Fastly

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in Fastly by 39.8% in the first quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company’s stock valued at $64,000 after buying an additional 627 shares during the period. PNC Financial Services Group Inc. grew its stake in Fastly by 84.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock worth $40,000 after buying an additional 633 shares during the period. Kestra Advisory Services LLC grew its stake in Fastly by 8.4% during the fourth quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company’s stock worth $122,000 after buying an additional 930 shares during the period. Parallax Volatility Advisers L.P. increased its position in shares of Fastly by 13.8% in the third quarter. Parallax Volatility Advisers L.P. now owns 12,095 shares of the company’s stock worth $103,000 after acquiring an additional 1,465 shares in the last quarter. Finally, Sound Income Strategies LLC acquired a new stake in shares of Fastly in the first quarter worth $44,000. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. KeyCorp lifted their price target on Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Citigroup increased their price objective on shares of Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Piper Sandler decreased their target price on shares of Fastly to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, May 7th. Raymond James Financial upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a report on Friday, May 8th. Finally, Evercore started coverage on shares of Fastly in a research report on Tuesday, April 14th. They set an “outperform” rating and a $24.00 price target for the company. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $22.62.

Fastly Company Profile

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.