Scott Lovett Sells 34,919 Shares of Fastly (NYSE:FSLY) 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 stock was sold at an average price of $18.15, for a total value of $633,779.85. Following the transaction, the insider directly owned 1,434,494 shares of the company’s stock, valued at $26,036,066.10. This represents a 2.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Fastly Price Performance

Shares of NYSE:FSLY opened at $17.90 on Friday. The company has a market cap of $2.80 billion, a price-to-earnings ratio of -18.65 and a beta of 0.37. The business has a 50 day moving average price of $20.89 and a 200 day moving average price of $17.64. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly, Inc. has a twelve month low of $6.29 and a twelve month high of $34.82.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FSLY. Vanguard Group Inc. grew its stake in shares of Fastly by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock valued at $172,825,000 after purchasing an additional 310,234 shares during the period. Morgan Stanley lifted its position in shares of Fastly by 14.7% during the 4th quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock worth $84,893,000 after buying an additional 1,071,222 shares during the period. First Trust Advisors LP boosted its stake in Fastly by 100.5% in the 1st quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock valued at $204,349,000 after buying an additional 3,524,763 shares in the last quarter. Alyeska Investment Group L.P. boosted its stake in Fastly by 2,795.2% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock valued at $48,754,000 after buying an additional 4,623,767 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Fastly by 2.9% in the third quarter. Dimensional Fund Advisors LP now owns 4,137,808 shares of the company’s stock valued at $35,380,000 after acquiring an additional 117,213 shares during the period. Institutional investors own 79.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FSLY shares. Royal Bank Of Canada cut their price objective on shares of Fastly to $18.00 and set a “sector perform” rating for the company in a research report on Thursday, May 7th. Citigroup boosted their price target on Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. KeyCorp upped their price target on Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Raymond James Financial upgraded Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research report on Friday, May 8th. Finally, Piper Sandler decreased their price objective on Fastly to $27.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Fastly currently has a consensus rating of “Hold” and a consensus target price 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.