Scott Lovett Sells 34,953 Shares of Fastly (NYSE:FSLY) Stock

Fastly, Inc. (NYSE:FSLY) insider Scott Lovett sold 34,953 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $22.28, for a total transaction of $778,752.84. Following the sale, the insider owned 1,545,560 shares in the company, valued at $34,435,076.80. This trade represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Fastly Stock Down 1.6%

FSLY traded down $0.43 during trading on Thursday, reaching $26.45. The company had a trading volume of 10,091,647 shares, compared to its average volume of 11,374,409. The company has a market cap of $4.02 billion, a P/E ratio of -27.55 and a beta of 0.87. Fastly, Inc. has a 12 month low of $4.65 and a 12 month high of $27.59. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. The business’s fifty day moving average price is $14.78 and its 200 day moving average price is $11.34.

Institutional Investors Weigh In On Fastly

Several hedge funds have recently bought and sold shares of FSLY. Vanguard Group Inc. lifted its position in shares of Fastly by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock valued at $172,825,000 after buying an additional 310,234 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Fastly by 3.4% during the 2nd quarter. Legal & General Group Plc now owns 8,943,224 shares of the company’s stock worth $63,139,000 after buying an additional 291,617 shares during the last quarter. Morgan Stanley lifted its stake 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 last quarter. Penserra Capital Management LLC bought a new stake in shares of Fastly during the 3rd quarter worth about $61,864,000. Finally, Alyeska Investment Group L.P. grew 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 during the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. DA Davidson set a $13.00 target price on shares of Fastly in a research note on Thursday, February 12th. Citigroup lifted their price target on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, February 13th. Royal Bank Of Canada upped their price objective on Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Monday, March 2nd. KeyCorp upgraded Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price objective for the company in a report on Monday, December 15th. Finally, Piper Sandler restated a “neutral” rating and issued a $14.00 target price (up from $11.00) on shares of Fastly in a research note on Thursday, February 12th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $13.14.

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.