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

Key Points

• Insider sale: Fastly director Scott Lovett sold 34,953 shares on March 17 at an average of $22.28 for about $778,753, reducing his position by 2.21% to 1,545,560 shares valued at roughly $34.44 million.
• Market and ownership snapshot: Shares traded down 1.6% to $26.45 on ~10.09M volume; Fastly has a market cap of $4.02 billion, a negative P/E (-27.55), a 50-day MA of $14.78, a 1‑year range of $4.65–$27.59, and institutional investors own about 79.7% of the stock.
• Analyst views: Ratings are mixed with a consensus "Hold" and an average target of $13.14 (3 Buys, 6 Holds, 1 Sell), although some recent upgrades have pushed individual targets as high as $20.

Fastly, Inc. (NYSE:FSLY - Get Free Report) insider Scott Lovett sold 34,953 shares of the firm's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $22.28, for a total transaction of $778,752.84. Following the completion of the transaction, the insider directly owned 1,545,560 shares in the company, valued at $34,435,076.80. This trade represents a 2.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Fastly Trading Down 1.6%

Shares of NYSE:FSLY traded down $0.43 during trading on Thursday, hitting $26.45. 10,091,647 shares of the company's stock were exchanged, compared to its average volume of 11,374,409. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The firm has a market cap of $4.02 billion, a P/E ratio of -27.55 and a beta of 0.87. The firm has a 50-day moving average price of $14.78 and a two-hundred day moving average price of $11.34. Fastly, Inc. has a 1-year low of $4.65 and a 1-year high of $27.59.

Institutional Trading of Fastly

A number of large investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in Fastly during the 4th quarter worth $41,000. Sunbelt Securities Inc. grew its stake in Fastly by 199.8% in the fourth quarter. Sunbelt Securities Inc. now owns 70,868 shares of the company's stock valued at $721,000 after acquiring an additional 47,233 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in shares of Fastly in the fourth quarter worth about $11,657,000. Invesco Ltd. raised its position in shares of Fastly by 13.7% during the fourth quarter. Invesco Ltd. now owns 408,148 shares of the company's stock worth $4,155,000 after purchasing an additional 49,093 shares during the period. Finally, Fuller & Thaler Asset Management Inc. bought a new position in shares of Fastly during the 4th quarter valued at about $439,000. Institutional investors own 79.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup upped their target price on shares of Fastly from $10.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, February 13th. William Blair upgraded Fastly from a "market perform" rating to an "outperform" rating in a research report on Thursday, February 12th. 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. Piper Sandler reissued 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. Finally, Royal Bank Of Canada raised their target price on Fastly from $12.00 to $20.00 and gave the stock a "sector perform" rating in a report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $13.14.

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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