Fastly (NYSE:FSLY) Insider Scott R. Lovett Sells 34,462 Shares

Key Points

• Insider Scott Lovett of Fastly sold 34,462 shares at an average price of $8.63, totaling approximately $297,407, reducing his ownership by 2.96%.
• Following the insider sale, Fastly's stock price increased by 2.4% to $8.62, with a trading volume significantly higher than the average.
• Fastly reported quarterly earnings of ($0.03) EPS, surpassing expectations and showing a 12.3% year-over-year revenue increase.

Fastly, Inc. (NYSE:FSLY - Get Free Report) insider Scott R. Lovett sold 34,462 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $8.63, for a total value of $297,407.06. Following the transaction, the insider owned 1,130,723 shares of the company's stock, valued at $9,758,139.49. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Fastly Stock Down 3.8%

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

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Fastly

Several institutional investors have recently bought and sold shares of FSLY. Caxton Associates LLP acquired a new stake in shares of Fastly in the first quarter valued at approximately $800,000. Deutsche Bank AG increased its stake in Fastly by 16.6% in the 4th quarter. Deutsche Bank AG now owns 255,409 shares of the company's stock valued at $2,411,000 after buying an additional 36,333 shares during the last quarter. Hsbc Holdings PLC lifted its position in Fastly by 6.1% during the 1st quarter. Hsbc Holdings PLC now owns 27,938 shares of the company's stock worth $175,000 after buying an additional 1,612 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Fastly during the 1st quarter worth about $91,000. Finally, Allianz Asset Management GmbH acquired a new position in shares of Fastly during the 1st quarter worth about $111,000. Institutional investors own 79.71% of the company's stock.

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.