Fastly, Inc. (NYSE:FSLY) Chief Technology Officer Artur Bergman recently sold 10,000 shares of the company's Class A Common Stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a weighted average price of $10.84, with the transactions occurring within a price range of $10.35 to $11.15, generating a total of $108,400. The sale comes amid a strong performance period for Fastly, which has seen its stock surge over 62% in the past six months, according to InvestingPro data.
Following this sale, Bergman retains ownership of 3,447,536 shares directly and additional shares through various trusts. The sales were executed as part of a pre-established trading plan under Rule 10b5-1, which allows company insiders to set up a predetermined schedule for selling stocks. With a current market capitalization of $1.48 billion and an overall Fair Value assessment showing the stock as undervalued, InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of Fastly's market position.
In other recent news, Fastly's financial developments have caught the attention of investors and analysts alike. The company's third-quarter earnings for 2024 were recently announced, with CEO Todd Nightingale and CFO Ron Kisling leading the earnings call. They expressed optimism about Fastly's strategy and long-term growth, while also acknowledging potential risks.
Fastly has also been the subject of analyst upgrades. Oppenheimer upgraded Fastly from Perform to Outperform, setting a new price target of $12. This followed 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. Piper Sandler also raised Fastly's stock target to $10, citing refinancing and platform unification progress.
These are recent developments that highlight the company's steady progress despite cautious investor sentiment due to industry volatility and Fastly's history of not meeting expectations. However, the company's strategic moves and potential market dynamics, supported by data showing 10.94% revenue growth in the last twelve months, suggest promising prospects. Analysts from InvestingPro and Piper Sandler have noted Fastly's potential upside with new sales leadership and platform unification tailwinds.
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