Fastly (NYSE:FSLY) Trading Down 5% – What’s Next?

Fastly, Inc. (NYSE:FSLY) dropped 5% during mid-day trading on Monday . The stock traded as low as $23.36 and last traded at $23.3410. Approximately 5,288,946 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 11,237,254 shares. The stock had previously closed at $24.58.

Analysts Set New Price Targets

FSLY has been the subject of a number of recent research reports. Oppenheimer initiated coverage on Fastly in a research note on Monday, November 17th. They set a “market perform” rating for the company. Citigroup raised their target price on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, February 13th. Piper Sandler reissued a “neutral” rating and set a $14.00 price target (up from $11.00) on shares of Fastly in a report on Thursday, February 12th. DA Davidson set a $13.00 price target on shares of Fastly in a research report on Thursday, February 12th. Finally, 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 report on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.14.

Fastly Stock Down 5.3%

The firm’s fifty day moving average is $13.91 and its two-hundred day moving average is $11.01. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of -24.18 and a beta of 0.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46.

Insider Transactions at Fastly

In related news, CTO Artur Bergman sold 265,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $22.79, for a total transaction of $6,039,350.00. Following the sale, the chief technology officer owned 1,604,901 shares of the company’s stock, valued at $36,575,693.79. The trade was a 14.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott R. Lovett sold 73,715 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the insider owned 1,580,513 shares of the company’s stock, valued at $33,285,603.78. This trade represents a 4.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,618,702 shares of company stock valued at $29,076,652. Company insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Fastly

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Fastly by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock valued at $172,825,000 after buying an additional 310,234 shares during the period. Legal & General Group Plc grew its holdings in Fastly by 3.4% during the second quarter. Legal & General Group Plc now owns 8,943,224 shares of the company’s stock worth $63,139,000 after acquiring an additional 291,617 shares during the period. Morgan Stanley raised its position in Fastly by 14.7% in the fourth quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock worth $84,893,000 after acquiring an additional 1,071,222 shares in the last quarter. Penserra Capital Management LLC bought a new stake in Fastly in the third quarter worth about $61,864,000. Finally, Alyeska Investment Group L.P. lifted its holdings in Fastly by 2,795.2% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock valued at $48,754,000 after acquiring an additional 4,623,767 shares during the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.

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.