Insider Selling: Fastly (NYSE:FSLY) CFO Sells 3,592 Shares of Stock

Fastly, Inc. (NYSE:FSLY) CFO Richard Wong sold 3,592 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $16.85, for a total value of $60,525.20. Following the transaction, the chief financial officer owned 1,245,616 shares of the company’s stock, valued at approximately $20,988,629.60. This trade represents a 0.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Richard Wong also recently made the following trade(s):

• On Tuesday, May 19th, Richard Wong sold 6,315 shares of Fastly stock. The stock was sold at an average price of $16.35, for a total value of $103,250.25.

Fastly Stock Up 4.6%

Shares of NYSE FSLY traded up $0.76 during mid-day trading on Wednesday, hitting $17.12. The company had a trading volume of 6,247,769 shares, compared to its average volume of 12,064,143. The company has a market capitalization of $2.68 billion, a PE ratio of -17.83 and a beta of 0.49. The firm has a 50-day simple moving average of $25.25 and a two-hundred day simple moving average of $16.48. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly, Inc. has a one year low of $6.29 and a one year high of $34.82.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Divisadero Street Capital Management LP acquired a new position in Fastly during the third quarter valued at approximately $21,174,000. Vanguard Group Inc. raised its position in Fastly by 3.4% during the third quarter. Vanguard Group Inc. now owns 16,666,672 shares of the company’s stock valued at $142,500,000 after purchasing an additional 554,909 shares in the last quarter. Picton Mahoney Asset Management acquired a new position in Fastly during the third quarter valued at approximately $781,000. Knights of Columbus Asset Advisors LLC acquired a new position in Fastly during the third quarter valued at approximately $1,002,000. Finally, Hussman Strategic Advisors Inc. raised its position in Fastly by 100.0% during the third quarter. Hussman Strategic Advisors Inc. now owns 210,000 shares of the company’s stock valued at $1,796,000 after purchasing an additional 105,000 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FSLY has been the subject of a number of research analyst reports. Piper Sandler reduced their price objective on Fastly to $27.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. KeyCorp lifted their price target on shares of Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. William Blair upgraded shares of Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. Evercore started coverage on shares of Fastly in a research report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price target for the company. Finally, Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target for the company. in a research report on Tuesday, April 14th. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Fastly presently has a consensus rating of “Hold” and a consensus price target of $22.63.

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.