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

Shares of Fastly, Inc. (NYSE:FSLY) fell 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. 1,470,994 shares were traded during mid-day trading, a decline of 59% from the average session volume of 3,583,467 shares. The stock had previously closed at $11.34.

Specifically, CTO Artur Bergman sold 29,641 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $10.02, for a total transaction of $297,002.82. Following the completion of the sale, the chief technology officer now directly owns 6,058,595 shares of the company’s stock, valued at $60,707,121.90. This trade represents a 0.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Artur Bergman sold 29,858 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $10.07, for a total transaction of $300,670.06. Following the transaction, the chief technology officer now directly owns 6,088,236 shares of the company’s stock, valued at $61,308,536.52. The trade was a 0.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

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

Fastly Price Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of -9.81 and a beta of 1.27. The company has a 50 day moving average of $7.72 and a 200 day moving average of $7.32.

Fastly (NYSE:FSLY) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.08. The business had revenue of $137.21 million during the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.33) EPS. As a group, equities research analysts anticipate that Fastly, Inc. will post -0.86 EPS for the current year.

Institutional Investors Weigh In On Fastly

Several large investors have recently modified their holdings of the company. CWM LLC grew its stake in shares of Fastly by 10.5% in the 2nd quarter. CWM LLC now owns 22,266 shares of the company’s stock valued at $164,000 after purchasing an additional 2,121 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Fastly by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,301 shares of the company’s stock valued at $503,000 after purchasing an additional 2,128 shares in the last quarter. Blue Trust Inc. increased its position in shares of Fastly by 15.2% in the third quarter. Blue Trust Inc. now owns 17,420 shares of the company’s stock valued at $128,000 after buying an additional 2,296 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Fastly by 11.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,130 shares of the company’s stock valued at $222,000 after acquiring an additional 3,124 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in Fastly by 10.3% during the 2nd quarter. Arizona State Retirement System now owns 35,690 shares of the company’s stock valued at $263,000 after acquiring an additional 3,338 shares in the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.

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.