Fastly (NYSE:FSLY) Trading Down 4.5% - Here's What Happened

Key Points

• Fastly shares were down 4.5% on Monday, trading as low as $31.62 and last at $31.99 with ~3.09 million shares changing hands, a ~73% drop from its average daily volume.
• Wall Street's consensus is a "Hold" rating with a consensus price target of $13.14 (3 Buys, 6 Holds, 1 Sell), a target materially below the current share price.
• Insiders have been net sellers recently: the CEO and CTO sold large blocks and insiders disposed of 1,498,702 shares worth about $28.94 million in the last 90 days, leaving insiders with 6.7% ownership.

Fastly, Inc. (NYSE:FSLY - Get Free Report) was down 4.5% during trading on Monday . The company traded as low as $31.62 and last traded at $31.9940. Approximately 3,092,070 shares traded hands during trading, a decline of 73% from the average daily volume of 11,538,441 shares. The stock had previously closed at $33.50.

Wall Street Analysts Forecast Growth

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

Fastly Trading Down 5.3%

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 company has a market capitalization of $4.81 billion, a price-to-earnings ratio of -32.91 and a beta of 0.62. The business has a fifty day moving average price of $19.53 and a 200 day moving average price of $13.16.

Insider Activity at Fastly

In other news, CEO Charles Lacey Compton III sold 73,206 shares of the firm's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $20.94, for a total transaction of $1,532,933.64. Following the completion of the transaction, the chief executive officer directly owned 875,831 shares of the company's stock, valued at approximately $18,339,901.14. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Artur Bergman sold 275,234 shares of Fastly stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $20.56, for a total value of $5,658,811.04. Following the sale, the chief technology officer directly owned 1,909,901 shares in the company, valued at $39,267,564.56. The trade was a 12.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,498,702 shares of company stock worth $28,938,555 in the last ninety days. 6.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastly

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new position in shares of Fastly during the fourth quarter worth approximately $41,000. Align Financial LLC bought a new position in Fastly in the 4th quarter worth approximately $41,000. Byrne Asset Management LLC acquired a new position in Fastly during the 3rd quarter worth $43,000. Quarry LP bought a new position in Fastly in the 3rd quarter valued at $49,000. Finally, Geneos Wealth Management Inc. bought a new position in Fastly in the 1st quarter valued at $52,000. 79.71% of the stock is owned by institutional investors and hedge funds.

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.

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