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

Fastly, Inc. (NYSE:FSLY)’s share price traded down 5.7% on Tuesday following insider selling activity. The company traded as low as $10.67 and last traded at $10.69. 1,470,994 shares changed hands 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 Fastly stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $10.02, for a total transaction of $297,002.82. Following the transaction, the chief technology officer now directly owns 6,058,595 shares in the company, valued at approximately $60,707,121.90. This trade represents a 0.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Artur Bergman sold 29,858 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $10.07, for a total transaction of $300,670.06. Following the completion of the transaction, the chief technology officer now owns 6,088,236 shares of the company’s stock, valued at approximately $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.

Wall Street Analyst Weigh In

A number of research analysts have commented on FSLY shares. Royal Bank of Canada boosted their target price on Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a research note on Thursday, November 7th. Morgan Stanley lowered their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Raymond James lowered Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. DA Davidson upped their target price on Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler raised their target price on shares of Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.55.

Fastly Trading Down 9.2 %

The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The business’s fifty day moving average is $7.72 and its two-hundred day moving average is $7.32. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -9.47 and a beta of 1.27.

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

Institutional Investors Weigh In On Fastly

Several hedge funds have recently bought and sold shares of the company. Bank of Montreal Can boosted its stake in shares of Fastly by 11,140.2% during the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after buying an additional 1,293,490 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in shares of Fastly by 84.2% during the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock worth $848,000 after acquiring an additional 51,224 shares during the period. Penserra Capital Management LLC boosted its stake in Fastly by 18.8% in the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock valued at $38,418,000 after purchasing an additional 801,968 shares during the period. Qsemble Capital Management LP acquired a new position in shares of Fastly in the second quarter valued at about $586,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Fastly in the 3rd quarter worth about $679,000. 79.71% of the stock is currently 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.