Scott R. Lovett Sells 178,931 Shares of Fastly (NYSE:FSLY) Stock

Key Points

• Fastly insider Scott Lovett sold 178,931 shares of the company's stock at an average price of $8.28, totaling approximately $1.48 million, resulting in a 13.31% decrease in his ownership stake.
• After this transaction, Lovett still holds 1,165,185 shares valued at around $9.65 million, as Fastly's stock price experienced a recent uptick to $8.62.
• Fastly's recent earnings report revealed a 12.3% year-over-year revenue increase, with quarterly revenue of $148.71 million, surpassing analyst estimates.

Fastly, Inc. (NYSE:FSLY - Get Free Report) insider Scott R. Lovett sold 178,931 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $8.28, for a total value of $1,481,548.68. Following the completion of the transaction, the insider directly owned 1,165,185 shares in the company, valued at approximately $9,647,731.80. This trade represents a 13.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Fastly Price Performance

Shares of Fastly stock traded down $0.34 during trading on Friday, reaching $8.61. 14,507,857 shares of the company traded hands, compared to its average volume of 3,462,527. Fastly, Inc. has a 1-year low of $4.65 and a 1-year high of $12.08. The company has a 50 day moving average price of $7.31 and a 200-day moving average price of $6.93. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.16.

Fastly (NYSE:FSLY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Fastly had a negative net margin of 25.85% and a negative return on equity of 11.98%. The firm had revenue of $148.71 million for the quarter, compared to analyst estimates of $144.86 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The business's quarterly revenue was up 12.3% compared to the same quarter last year. On average, analysts anticipate that Fastly, Inc. will post -0.78 EPS for the current year.

Institutional Investors Weigh In On Fastly

Several hedge funds have recently bought and sold shares of FSLY. Banque Transatlantique SA purchased a new position in Fastly in the 1st quarter worth approximately $38,000. GAMMA Investing LLC grew its position in Fastly by 451.7% in the first quarter. GAMMA Investing LLC now owns 7,261 shares of the company's stock worth $46,000 after acquiring an additional 5,945 shares in the last quarter. Geneos Wealth Management Inc. purchased a new position in Fastly in the first quarter worth $52,000. Acadian Asset Management LLC bought a new position in Fastly in the first quarter valued at $78,000. Finally, Oxford Asset Management LLP purchased a new stake in Fastly during the second quarter valued at about $83,000. 79.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Craig Hallum raised shares of Fastly from a "hold" rating to a "buy" rating and set a $10.00 price target for the company in a research report on Thursday, August 7th. KeyCorp upgraded shares of Fastly to a "sector weight" rating in a report on Thursday, June 5th. Finally, Royal Bank Of Canada upped their target price on shares of Fastly from $6.00 to $7.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $8.69.

About Fastly

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.