Fastly, Inc. (NYSE:FSLY), a $1.6 billion market cap company, saw its Chief Technology Officer Artur Bergman recently execute a significant sale of company stock. The timing is notable as the stock has surged over 10% in the past week, with InvestingPro data indicating overbought conditions. According to a filing with the Securities and Exchange Commission, Bergman sold a total of 120,142 shares of Fastly's Class A Common Stock over two days, December 5 and 6, 2024. The shares were sold at prices ranging from $10.02 to $10.62, amounting to a total transaction value of approximately $1.26 million.
Following these transactions, Bergman retains direct ownership of 5,968,094 shares. Additionally, he holds indirect interests in several trusts, including The Artur Bergman Remainder Trust One and Three, as well as The Per Artur Bergman Grantor Retained Annuity Trusts No. 2 and 3. These sales were conducted under a Rule 10b5-1 trading plan, which Bergman adopted on June 3, 2024.
In other recent news, Fastly has been making significant strides in its operations and financial performance. Piper Sandler has raised Fastly's stock target to $10, citing progress in refinancing and platform unification. Additionally, Oppenheimer upgraded Fastly from Perform to Outperform, setting a new price target of $12. This upgrade is based on the potential for Fastly to capture an additional $40 million in revenue following the bankruptcy of competitor Edgio.
Fastly's recent revenue growth of nearly 11% to $541 million over the past twelve months demonstrates its ability to seize market opportunities. Furthermore, the company's third-quarter earnings for 2024 were recently announced, with CEO Todd Nightingale and CFO Ron Kisling expressing optimism about the company's strategy and long-term growth. Fastly is expected to see strong demand for its edge compute and security products, driven by emerging artificial intelligence applications.
These developments have been met with a neutral response from analysts, maintaining their Neutral rating despite higher interest rates impacting EPS. Analysts from InvestingPro suggest that the stock is currently undervalued, with healthy financial indicators including a current ratio of 3.97 and moderate debt levels. These recent developments reflect Fastly's ongoing efforts to improve its operations and financial performance.
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