Fastly (NYSE:FSLY) Stock Price Down 6.2% – Here’s What Happened

Fastly, Inc. (NYSE:FSLY)’s stock price fell 6.2% during mid-day trading on Wednesday . The company traded as low as $25.34 and last traded at $24.9170. 1,495,406 shares changed hands during trading, a decline of 88% from the average session volume of 12,170,738 shares. The stock had previously closed at $26.56.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FSLY. Evercore began coverage on Fastly in a research note on Tuesday, April 14th. They set an “outperform” rating and a $24.00 price objective on the stock. DA Davidson set a $13.00 price objective on Fastly in a research note on Thursday, February 12th. Royal Bank Of Canada boosted their target price on Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Monday, March 2nd. Citigroup boosted their target price on Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, February 13th. Finally, William Blair upgraded Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.25.

Fastly Price Performance

The business has a 50-day simple moving average of $24.21 and a 200 day simple moving average of $14.82. The firm has a market cap of $3.79 billion, a P/E ratio of -26.00 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46.

Insider Transactions at Fastly

In other news, CTO Artur Bergman sold 275,234 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $20.56, for a total value of $5,658,811.04. Following the completion of the transaction, the chief technology officer owned 1,909,901 shares of the company’s stock, valued at approximately $39,267,564.56. This represents a 12.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles Lacey Compton III sold 73,206 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $20.94, for a total value of $1,532,933.64. Following the completion of the transaction, the chief executive officer directly owned 875,831 shares of the company’s stock, valued at $18,339,901.14. This represents a 7.71% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,474,553 shares of company stock valued at $29,185,297. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FSLY. Caitong International Asset Management Co. Ltd bought a new position in Fastly during the 4th quarter valued at approximately $41,000. Align Financial LLC bought a new position in Fastly during the 4th quarter valued at approximately $41,000. Byrne Asset Management LLC bought a new position in Fastly during the 3rd quarter valued at approximately $43,000. C M Bidwell & Associates Ltd. bought a new position in Fastly during the 4th quarter valued at approximately $54,000. Finally, Quarry LP bought a new position in Fastly during the 3rd quarter valued at approximately $49,000. Institutional investors own 79.71% of the company’s stock.

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.