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

Fastly, Inc. (NYSE:FSLY)’s share price fell 5.7% on Tuesday after an insider sold shares in the company. 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 the company’s 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 completion of the sale, the chief technology officer now owns 6,058,595 shares in the company, valued at approximately $60,707,121.90. This represents a 0.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Artur Bergman sold 29,858 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $10.07, for a total value of $300,670.06. Following the sale, the chief technology officer now owns 6,088,236 shares of the company’s stock, valued at $61,308,536.52. This trade represents a 0.49 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research firms have weighed in on FSLY. Raymond James cut Fastly from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, October 1st. DA Davidson boosted their price objective on Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Royal Bank of Canada boosted their price objective on Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 7th. Morgan Stanley cut their price objective on Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Finally, Craig Hallum upped their price target on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.55.

Fastly Price Performance

The firm has a market capitalization of $1.48 billion, a P/E ratio of -9.84 and a beta of 1.27. 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 business has a 50 day simple moving average of $7.78 and a two-hundred day simple moving average of $7.33.

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

Hedge Funds Weigh In On Fastly

Institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd bought a new position in shares of Fastly during the 2nd quarter valued at about $38,000. FMR LLC increased its position in shares of Fastly by 124.2% during the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock valued at $48,000 after purchasing an additional 3,522 shares during the last quarter. EMC Capital Management increased its position in shares of Fastly by 400.0% during the 2nd quarter. EMC Capital Management now owns 7,500 shares of the company’s stock valued at $54,000 after purchasing an additional 6,000 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Fastly by 95.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock valued at $65,000 after purchasing an additional 4,318 shares during the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Fastly during the 3rd quarter valued at about $89,000. 79.71% of the stock is currently owned by institutional investors.

Fastly Company Profile

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.