Scott Lovett Sells 41,716 Shares of Fastly (NYSE:FSLY) Stock

Fastly, Inc. (NYSE:FSLY) insider Scott Lovett sold 41,716 shares of the company’s stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Fastly Stock Performance

Shares of Fastly stock opened at $16.66 on Wednesday. Fastly, Inc. has a one year low of $6.29 and a one year high of $34.82. The company has a market cap of $2.61 billion, a price-to-earnings ratio of -17.35 and a beta of 0.38. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. The business’s 50 day moving average price is $20.51 and its 200 day moving average price is $17.75.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FSLY. Craig Hallum cut shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a research report on Tuesday, April 14th. KeyCorp raised their price objective on shares of Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a research report 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 target price on the stock in a research note on Friday, May 8th. Piper Sandler decreased their target price on shares of Fastly to $27.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Finally, Royal Bank Of Canada dropped their price target on shares of Fastly to $18.00 and set a “sector perform” 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 stock. According to data from MarketBeat.com, Fastly presently has an average rating of “Hold” and an average price target of $22.62.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amundi grew its holdings in shares of Fastly by 11.3% in the first quarter. Amundi now owns 46,624 shares of the company’s stock valued at $277,000 after purchasing an additional 4,724 shares in the last quarter. AQR Capital Management LLC acquired a new stake in Fastly during the 1st quarter worth approximately $837,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Fastly by 1.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 466,042 shares of the company’s stock worth $2,950,000 after buying an additional 6,247 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Fastly by 963.6% in the 1st quarter. Jones Financial Companies Lllp now owns 60,838 shares of the company’s stock valued at $385,000 after buying an additional 55,118 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Fastly by 7.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,302,164 shares of the company’s stock valued at $14,573,000 after buying an additional 165,937 shares during the period. Hedge funds and other institutional investors own 79.71% of the company’s stock.

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.