Fastly (NYSE:FSLY) CFO Richard Wong Sells 2,500 Shares

Fastly, Inc. (NYSE:FSLY) CFO Richard Wong sold 2,500 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $16.48, for a total transaction of $41,200.00. Following the completion of the transaction, the chief financial officer directly owned 1,239,301 shares in the company, valued at approximately $20,423,680.48. The trade was a 0.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Richard Wong also recently made the following trade(s):

• On Tuesday, May 19th, Richard Wong sold 6,315 shares of Fastly stock. The shares were sold at an average price of $16.35, for a total transaction of $103,250.25.
• On Monday, May 18th, Richard Wong sold 3,592 shares of Fastly stock. The shares were sold at an average price of $16.85, for a total transaction of $60,525.20.

Fastly Price Performance

Shares of NYSE FSLY opened at $16.32 on Friday. Fastly, Inc. has a fifty-two week low of $6.29 and a fifty-two week high of $34.82. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -17.00 and a beta of 0.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. The firm’s 50-day simple moving average is $24.88 and its 200 day simple moving average is $16.60.

Institutional Investors Weigh In On Fastly

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in Fastly by 120.0% in the 1st quarter. Bank of America Corp DE now owns 1,269,369 shares of the company’s stock valued at $36,888,000 after buying an additional 692,459 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Fastly by 26.2% during the 1st quarter. Janus Henderson Group PLC now owns 67,050 shares of the company’s stock worth $1,948,000 after purchasing an additional 13,900 shares during the last quarter. Sunbelt Securities Inc. increased its stake in shares of Fastly by 10.0% during the 1st quarter. Sunbelt Securities Inc. now owns 77,944 shares of the company’s stock worth $2,265,000 after purchasing an additional 7,076 shares during the last quarter. Amundi increased its stake in shares of Fastly by 4.6% during the 1st quarter. Amundi now owns 48,441 shares of the company’s stock worth $1,408,000 after purchasing an additional 2,129 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Fastly by 39.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,204 shares of the company’s stock worth $64,000 after purchasing an additional 627 shares during the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Citigroup raised their price target on shares of Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Evercore started coverage on shares of Fastly in a research note on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price objective for the company. DA Davidson set a $13.00 price objective on shares of Fastly in a research note on Thursday, February 12th. Piper Sandler decreased their price objective on shares of Fastly to $27.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Finally, Raymond James Financial upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.63.

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.