Fastly (NYSE:FSLY) Insider Sells $633,779.85 in Stock

Fastly, Inc. (NYSE:FSLY) insider Scott Lovett sold 34,919 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.15, for a total value of $633,779.85. Following the completion of the sale, the insider directly owned 1,434,494 shares of the company’s stock, valued at approximately $26,036,066.10. This trade represents a 2.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Fastly Stock Performance

Shares of FSLY stock opened at $17.90 on Friday. The business has a 50-day moving average of $20.89 and a 200 day moving average of $17.64. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. Fastly, Inc. has a 1-year low of $6.29 and a 1-year high of $34.82. The stock has a market capitalization of $2.80 billion, a PE ratio of -18.65 and a beta of 0.37.

Hedge Funds Weigh In On Fastly

Hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its holdings in shares of Fastly by 84.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock valued at $40,000 after acquiring an additional 633 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Fastly in the fourth quarter valued at $41,000. Align Financial LLC bought a new stake in Fastly in the fourth quarter valued at $41,000. Sound Income Strategies LLC purchased a new position in Fastly during the 1st quarter valued at $44,000. Finally, Quarry LP purchased a new position in Fastly during the 3rd quarter valued at $49,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FSLY. Citigroup lifted their target price on shares of Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating 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 for the company in a research report on Friday, May 8th. Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a report on Tuesday, April 14th. Royal Bank Of Canada decreased their price objective on shares of Fastly to $18.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 7th. Finally, Piper Sandler lowered their price objective on shares of Fastly to $27.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target 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.