Fastly (NYSE:FSLY) Shares Down 5.9% – Should You Sell?

Fastly, Inc. (NYSE:FSLY) shares fell 5.9% during mid-day trading on Wednesday . The stock traded as low as $19.88 and last traded at $19.89. 7,646,703 shares changed hands 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.

Analyst Ratings Changes

A number of research firms have weighed in on FSLY. William Blair upgraded shares of Fastly from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 12th. Citigroup increased their price target on shares of Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, February 13th. DA Davidson set a $13.00 price objective on shares of Fastly in a report on Thursday, February 12th. Royal Bank Of Canada increased 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. Finally, KeyCorp raised Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 target price for the company in a report on Monday, December 15th. Three equities research 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 MarketBeat, Fastly presently has a consensus rating of “Hold” and a consensus price target of $13.14.

Fastly Stock Performance

The firm has a market cap of $3.03 billion, a P/E ratio of -20.77 and a beta of 1.03. 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 business’s 50-day simple moving average is $12.00 and its 200 day simple moving average is $10.16.

Insider Activity at Fastly

In other Fastly news, CTO Artur Bergman sold 40,000 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $17.08, for a total transaction of $683,200.00. Following the completion of the sale, the chief technology officer directly owned 2,185,135 shares in the company, valued at $37,322,105.80. The trade was a 1.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Charles Lacey Compton III sold 14,797 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $18.88, for a total transaction of $279,367.36. Following the completion of the transaction, the chief executive officer owned 584,519 shares in the company, valued at $11,035,718.72. This trade represents a 2.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 919,242 shares of company stock worth $12,797,852. 6.70% of the stock is owned by insiders.

Institutional Trading of Fastly

Several large investors have recently added to or reduced their stakes in the business. Kestra Advisory Services LLC boosted its stake in shares of Fastly by 8.4% during the 4th quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company’s stock worth $122,000 after acquiring an additional 930 shares during the last quarter. Arizona State Retirement System raised its holdings in Fastly by 3.2% in the 3rd quarter. Arizona State Retirement System now owns 40,705 shares of the company’s stock worth $348,000 after purchasing an additional 1,253 shares during the period. Parallax Volatility Advisers L.P. lifted its position 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 purchasing an additional 1,465 shares in the last quarter. ProShare Advisors LLC grew its holdings 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 purchasing an additional 2,435 shares during the period. Finally, 180 Wealth Advisors LLC grew its holdings in Fastly by 3.7% during the fourth quarter. 180 Wealth Advisors LLC now owns 79,221 shares of the company’s stock valued at $806,000 after purchasing an additional 2,860 shares during the period. 79.71% of the stock is currently owned by institutional investors.

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.