SAN FRANCISCO—Artur Bergman, Chief Technology Officer of Fastly, Inc. (NYSE:), recently sold 10,000 shares of the company’s Class A common stock. The shares were sold at a weighted average price of $10.09 per share, amounting to a total transaction value of $100,900. The transaction comes as Fastly’s stock has shown strong momentum, with InvestingPro data showing a notable 43% gain over the past six months.
The sales were executed on December 23, 2024, under a pre-established Rule 10b5-1 trading plan adopted by Bergman earlier this year. Following this transaction, Bergman retains direct ownership of 3,434,136 shares. Additionally, he holds indirect ownership of shares through various trusts, including The Per Artur Bergman Revocable Trust and several Grantor Retained Annuity Trusts. With a market capitalization of $1.4 billion, Fastly maintains a healthy balance sheet, with InvestingPro analysis indicating liquid assets exceed short-term obligations.
Fastly, a provider of cloud computing services, remains a key player in the prepackaged software industry. The company is scheduled to report its next earnings on February 12, 2025. Investors will be keeping an eye on any further developments regarding insider transactions. For deeper insights into Fastly’s financial health and growth prospects, including 8 additional ProTips and comprehensive analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Fastly has been making notable strides in its operational performance. The company’s revenue has grown by 10.94% in the last twelve months, according to data from InvestingPro. Fastly’s recent refinancing efforts and platform unification initiatives have been recognized by Piper Sandler, which raised the stock target to $10.
Analysts maintain a neutral stance on Fastly, acknowledging the company’s decelerating growth, but also noting promising strategic shifts. The appointment of new sales leadership and the potential benefits from platform unification are seen as potential upside factors for Fastly.
Oppenheimer upgraded Fastly from Perform to Outperform, setting a new price target of $12. The upgrade comes in light of the bankruptcy of Edgio, a competitor in the content delivery network industry. This development could potentially allow Fastly to capture an additional $40 million in revenue.
Fastly’s Q3 2024 earnings call, led by CEO Todd Nightingale and CFO Ron Kisling, expressed optimism about the company’s strategy and long-term growth. The executives also acknowledged potential risks and uncertainties that could impact the company’s performance. Analysts from InvestingPro suggest that Fastly’s stock is currently undervalued, with healthy financial indicators including a current ratio of 3.97 and moderate debt levels. These are recent developments in Fastly’s operational and financial journey.
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