Fastly (NYSE:FSLY) Shares Down 5.9% – Here’s Why

Fastly, Inc. (NYSE:FSLY) traded down 5.9% during mid-day trading on Wednesday . The company traded as low as $19.88 and last traded at $19.89. 7,646,703 shares were traded during mid-day trading, a decline of 31% from the average session volume of 11,153,570 shares. The stock had previously closed at $21.14.

Wall Street Analysts Forecast Growth

FSLY has been the subject of several recent analyst reports. Citigroup increased their price objective on shares of Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, February 13th. Piper Sandler reissued a “neutral” rating and set a $14.00 target price (up from $11.00) on shares of Fastly in a research note on Thursday, February 12th. KeyCorp raised shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price target for the company in a research note on Monday, December 15th. Wall Street Zen upgraded shares of Fastly from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Finally, Royal Bank Of Canada raised their target price on Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $13.14.

Fastly Stock Down 5.7%

The stock’s 50-day moving average price is $12.00 and its two-hundred day moving average price is $10.16. 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 stock has a market capitalization of $3.03 billion, a P/E ratio of -20.77 and a beta of 1.03.

Insider Buying and Selling at Fastly

In related news, CEO Charles Lacey Compton III sold 14,797 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $18.88, for a total value of $279,367.36. Following the sale, the chief executive officer directly owned 584,519 shares in the company, valued at approximately $11,035,718.72. The trade was a 2.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Scott R. Lovett sold 6,573 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $17.53, for a total transaction of $115,224.69. Following the transaction, the insider owned 995,564 shares of the company’s stock, valued at $17,452,236.92. This represents a 0.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 919,242 shares of company stock worth $12,797,852 over the last ninety days. 6.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC lifted its holdings in shares of Fastly by 8.4% during the fourth quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company’s stock valued at $122,000 after purchasing an additional 930 shares during the last quarter. Arizona State Retirement System increased its position in Fastly by 3.2% during the 3rd quarter. Arizona State Retirement System now owns 40,705 shares of the company’s stock valued at $348,000 after buying an additional 1,253 shares in the last quarter. Parallax Volatility Advisers L.P. raised its stake in Fastly by 13.8% during the third quarter. Parallax Volatility Advisers L.P. now owns 12,095 shares of the company’s stock valued at $103,000 after buying an additional 1,465 shares during the last quarter. ProShare Advisors LLC raised its stake in Fastly by 10.1% during the fourth quarter. ProShare Advisors LLC now owns 26,553 shares of the company’s stock valued at $270,000 after buying an additional 2,435 shares during the last quarter. Finally, 180 Wealth Advisors LLC boosted its holdings in Fastly by 3.7% in the fourth quarter. 180 Wealth Advisors LLC now owns 79,221 shares of the company’s stock worth $806,000 after acquiring an additional 2,860 shares in the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

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.