Fastly, Inc. (NYSE:FSLY) Chief Technology Officer Artur Bergman recently sold shares of the company, as detailed in a Form 4 filing with the Securities and Exchange Commission. On December 18, Bergman sold 3,400 shares of Fastly's Class A common stock at a weighted average price of $12.01 per share, totaling approximately $40,834. The transaction comes as Fastly, currently valued at $1.4 billion, shows strong momentum with a 43% price return over the past six months. InvestingPro analysis indicates the stock is trading below its Fair Value, with 8 additional exclusive insights available to subscribers.
Following this transaction, Bergman now directly owns 3,444,136 shares of Fastly. The shares were sold under a Rule 10b5-1 trading plan, which was adopted on June 3, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks, providing an opportunity to avoid potential conflicts of interest. Despite recent market volatility, Fastly maintains a healthy liquidity position with a current ratio of 3.97x and operates with a moderate debt level, according to detailed financial metrics available in the InvestingPro Research Report.
In addition to his direct holdings, Bergman has indirect ownership interests in several trusts, including The Per Artur Bergman Revocable Trust and The Artur Bergman Remainder Trusts, among others. These trusts collectively hold significant shares of Fastly, further aligning Bergman's interests with those of the company, which has demonstrated revenue growth of 11% in the last twelve months.
In other recent news, Fastly has been the subject of several analyst reports. Piper Sandler raised Fastly's stock target to $10, citing progress in refinancing and platform unification. Meanwhile, Oppenheimer upgraded the company's shares from Perform to Outperform, setting a new price target of $12. This upgrade comes on the heels of the bankruptcy of Edgio, a competitor in the content delivery network industry, which could potentially allow Fastly to capture an additional $40 million in revenue.
In the company's third-quarter earnings call for 2024, CEO Todd Nightingale and CFO Ron Kisling expressed optimism about Fastly's strategy and long-term growth. They also noted strong demand for the company's edge compute and security products, driven by emerging artificial intelligence applications. InvestingPro data showed a 10.94% revenue growth in the last twelve months for Fastly, suggesting the company's strategic moves and potential market dynamics are yielding results.
These recent developments reflect Fastly's ongoing efforts to improve its operational efficiency and financial health, despite the cautious investor sentiment due to industry volatility and the company's past performance. However, analysts from firms like Piper Sandler and Oppenheimer seem to see a promising future for the company, as evidenced by their recent ratings and price target adjustments.
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