Scott Lovett Sells 73,715 Shares of Fastly (NYSE:FSLY) Stock

Key Points

• Scott Lovett, a Fastly insider, sold 73,715 shares on March 4 at an average price of $21.06, realizing about $1.55 million and trimming his stake by 4.46% to 1,580,513 shares (≈$33.29M).
• Fastly shares traded up ~2.0% to $20.44 on heavy volume (~11.8M), with a market cap of $3.10B, 50-/200-day moving averages of $12.19/$10.23, and a negative P/E of -21.29.
• Analysts hold a consensus "Hold" rating with an average price target of $13.14, while institutional investors own about 79.71% of the stock and some firms have recently issued upgrades.

Fastly, Inc. (NYSE:FSLY - Get Free Report) insider Scott Lovett sold 73,715 shares of the company's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $21.06, for a total value of $1,552,437.90. Following the sale, the insider owned 1,580,513 shares in the company, valued at approximately $33,285,603.78. This trade represents a 4.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Fastly Stock Up 2.0%

Shares of Fastly stock traded up $0.40 during trading on Thursday, hitting $20.44. 11,823,004 shares of the stock were exchanged, compared to its average volume of 11,231,076. 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 firm's 50-day moving average price is $12.19 and its 200 day moving average price is $10.23. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of -21.29 and a beta of 0.88. Fastly, Inc. has a 12-month low of $4.65 and a 12-month high of $21.75.

Institutional Trading of Fastly

A number of institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new stake in Fastly in the fourth quarter valued at about $41,000. Align Financial LLC bought a new stake in Fastly during the 4th quarter worth about $41,000. Byrne Asset Management LLC acquired a new position in Fastly in the third quarter valued at approximately $43,000. Quarry LP bought a new position in Fastly during the third quarter worth about $49,000. Finally, Geneos Wealth Management Inc. bought a new position in shares of Fastly during the first quarter worth $52,000. 79.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FSLY shares. KeyCorp raised shares of Fastly from a "sector weight" rating to an "overweight" rating and set a $14.00 price objective on the stock in a research report on Monday, December 15th. Piper Sandler reiterated a "neutral" rating and issued a $14.00 price target (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. Citigroup boosted their price target on Fastly from $10.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, February 13th. William Blair raised shares of Fastly from a "market perform" rating to an "outperform" rating in a report on Thursday, February 12th. Finally, DA Davidson set a $13.00 target price on Fastly in a research note on Thursday, February 12th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $13.14.

Fastly Company Profile

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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