Fastly (NYSE:FSLY) Reaches New 1-Year Low at $8.17

Shares of Fastly, Inc. (NYSE:FSLYGet Rating) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $8.17 and last traded at $8.21, with a volume of 21842 shares traded. The stock had previously closed at $8.44.

Wall Street Analyst Weigh In

FSLY has been the subject of a number of research analyst reports. Craig Hallum lowered their price objective on shares of Fastly from $19.00 to $13.00 in a research report on Thursday, August 4th. Royal Bank of Canada cut shares of Fastly from a “sector perform” rating to an “underperform” rating and lowered their price objective for the stock from $17.50 to $9.00 in a research report on Tuesday, July 19th. DA Davidson lowered their price objective on shares of Fastly to $12.00 in a research report on Tuesday, August 9th. Morgan Stanley cut shares of Fastly from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $18.00 to $12.00 in a research report on Monday, July 11th. Finally, Piper Sandler lowered their price objective on shares of Fastly from $19.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, July 6th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.25.

Fastly Stock Performance

The company has a current ratio of 4.11, a quick ratio of 4.11 and a debt-to-equity ratio of 0.73. The company’s 50-day simple moving average is $10.52 and its 200-day simple moving average is $13.03. The stock has a market capitalization of $995.52 million, a price-to-earnings ratio of -4.94 and a beta of 1.43.

Insider Transactions at Fastly

In other news, CEO Joshua Bixby sold 18,652 shares of the stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $11.97, for a total transaction of $223,264.44. Following the completion of the sale, the chief executive officer now directly owns 591,630 shares in the company, valued at $7,081,811.10. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Joshua Bixby sold 18,652 shares of the stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $11.97, for a total transaction of $223,264.44. Following the transaction, the chief executive officer now directly owns 591,630 shares of the company’s stock, valued at $7,081,811.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Brett Shirk sold 3,979 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $11.97, for a total transaction of $47,628.63. Following the transaction, the executive vice president now directly owns 300,244 shares in the company, valued at $3,593,920.68. The disclosure for this sale can be found here. Insiders sold a total of 72,622 shares of company stock worth $858,196 over the last three months. 8.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. bought a new position in shares of Fastly in the fourth quarter valued at $248,000. JPMorgan Chase & Co. lifted its stake in shares of Fastly by 73.8% in the fourth quarter. JPMorgan Chase & Co. now owns 280,224 shares of the company’s stock valued at $9,934,000 after buying an additional 118,996 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Fastly by 2.4% in the fourth quarter. Rhumbline Advisers now owns 94,190 shares of the company’s stock valued at $3,339,000 after buying an additional 2,198 shares in the last quarter. Ensign Peak Advisors Inc bought a new position in shares of Fastly in the fourth quarter valued at $927,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Fastly by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 825,626 shares of the company’s stock valued at $29,269,000 after buying an additional 20,766 shares in the last quarter. 65.42% of the stock is owned by institutional investors.

About Fastly

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Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.

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