Fastly, Inc.'s (NYSE:FSLY) Chief Technology Officer, Artur Bergman, has recently sold a total of $108,887 worth of Class A Common Stock in two separate transactions. The sales occurred on May 16 and May 17, with shares sold at an average price between $8.75 and $8.87.
On May 16, Bergman sold 10,928 shares at $8.84 each, totaling $96,603. The following day, he sold an additional 1,396 shares for an average price of $8.80, amounting to $12,284. These transactions were disclosed in a regulatory filing with the Securities and Exchange Commission.
It is noted in the footnotes of the filing that the sales on May 16 were made to satisfy tax obligations related to the vesting of restricted stock units. Additionally, the sales reported on May 17 were executed in accordance with a Rule 10b5-1 trading plan, which was adopted on June 6, 2023. This plan allows company insiders to sell shares at predetermined times to avoid accusations of insider trading.
The footnotes also provide details about indirect holdings by Bergman, with shares held in trusts where he serves as the investment advisor or trustee. These holdings were not part of the recent sale transactions.
Investors and followers of Fastly, Inc. can view the full details of the transactions upon request, as Bergman has committed to providing full information regarding the number of shares sold at each separate price within the specified ranges.
Following these transactions, Bergman still holds a significant number of shares in Fastly, reflecting his ongoing investment in the company's future. Fastly, Inc. is known for its cloud computing services, specializing in an edge cloud platform, which processes, serves, and secures its customer's applications very close to end-users.
For those interested in the company's stock performance and insider transactions, Fastly trades under the ticker FSLY on the New York Stock Exchange.
InvestingPro Insights
As Fastly Inc .'s (NYSE:FSLY) CTO Artur Bergman makes notable stock sales, potential investors and current shareholders might be interested in the broader financial health and performance trends of the company. According to InvestingPro data, Fastly's market capitalization stands at approximately $1.2 billion, reflecting its position in the competitive tech sector.
Despite some of the challenges indicated by the recent insider stock sale, Fastly has demonstrated a revenue growth of 16.53% over the last twelve months as of Q1 2024. This suggests that while the company may not be profitable at the moment, as noted by one of the InvestingPro Tips, it is still expanding its revenue base. However, with a negative P/E ratio of -6.99, it's clear that profitability is an area that requires attention.
InvestingPro Tips also highlight that Fastly's stock has experienced significant declines over various timeframes, with a six-month price total return showing a decrease of 53.6%. This could be indicative of broader market sentiment and specific challenges facing the company. Moreover, the fact that Fastly does not pay a dividend could influence investor decisions, particularly for those seeking regular income from their investments.
Nevertheless, it's worth noting that Fastly operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, as per another InvestingPro Tip. This could provide some assurance to investors about the company's ability to manage its finances in the short term.
For a more detailed analysis and additional insights, including 6 more InvestingPro Tips for Fastly, interested parties can visit Investing.com. Moreover, using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to valuable investment information and guidance.
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