Fastly (NYSE:FSLY) Director Sells $16,960.00 in Stock

Fastly, Inc. (NYSE:FSLY) Director Christopher Paisley sold 1,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.96, for a total value of $16,960.00. Following the completion of the sale, the director directly owned 5,227 shares in the company, valued at approximately $88,649.92. The trade was a 16.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Fastly Trading Up 8.4%

NYSE:FSLY traded up $1.61 during mid-day trading on Tuesday, reaching $20.69. The company’s stock had a trading volume of 8,107,897 shares, compared to its average volume of 11,651,188. The company’s fifty day simple moving average is $23.99 and its two-hundred day simple moving average is $16.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. Fastly, Inc. has a twelve month low of $6.29 and a twelve month high of $34.82. The stock has a market cap of $3.24 billion, a P/E ratio of -21.55 and a beta of 0.49.

Analysts Set New Price Targets

A number of brokerages have issued reports on FSLY. William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 12th. Raymond James Financial raised Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a research note on Friday, May 8th. Craig Hallum lowered Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a research note on Tuesday, April 14th. Evercore started coverage on Fastly in a research note on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price objective on the stock. Finally, Piper Sandler reduced their price objective on Fastly to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Four investment 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $22.63.

Hedge Funds Weigh In On Fastly

Several hedge funds and other institutional investors have recently modified their holdings of FSLY. PNC Financial Services Group Inc. lifted its stake in shares of Fastly by 84.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock valued at $40,000 after purchasing an additional 633 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Fastly during the 4th quarter valued at about $41,000. Align Financial LLC purchased a new stake in shares of Fastly during the 4th quarter valued at about $41,000. Sound Income Strategies LLC purchased a new stake in shares of Fastly during the 1st quarter valued at about $44,000. Finally, Quarry LP purchased a new stake in shares of Fastly during the 3rd quarter valued at about $49,000. 79.71% of the stock is owned by institutional investors and hedge funds.

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.