Artur Bergman, Chief Technology Officer at Fastly, Inc. (NYSE:FSLY), recently sold 29,858 shares of the company's Class A common stock. The shares were sold at a weighted average price of $10.07, amounting to a total transaction value of approximately $300,670. The transaction comes as Fastly, currently valued at $1.37 billion, has shown strong momentum with a 24% return over the past week. According to InvestingPro analysis, the stock appears to be trading below its Fair Value. This sale was conducted under a pre-established Rule 10b5-1 trading plan, which Bergman adopted earlier this year on June 3, 2024.
Following this transaction, Bergman directly owns 6,088,236 shares of Fastly. Additionally, he holds shares indirectly through various trusts where he serves as an investment advisor or trustee. These trusts include The Artur Bergman Remainder Trust One and Three, and The Per Artur Bergman Grantor Retained Annuity Trusts No. 2 and 3.
In other recent news, Fastly has been the subject of numerous recent analyst reports. Piper Sandler increased the company's stock target to $10, citing progress in refinancing and platform unification. Meanwhile, Oppenheimer upgraded Fastly from Perform to Outperform and set a new price target of $12. This upgrade is based on the expectation that Fastly will benefit from the bankruptcy of Edgio, a competitor in the content delivery network (CDN) industry.
These developments come as Fastly announced its third-quarter earnings for 2024, led by CEO Todd Nightingale and CFO Ron Kisling. The executives expressed optimism about the company's strategy and long-term growth while acknowledging potential risks. Fastly's recent revenue growth of nearly 11% to $541 million over the past twelve months demonstrates its ability to seize market opportunities.
Fastly is also expected to see strong demand for its edge compute and security products, driven by emerging artificial intelligence applications. 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. Despite the industry's volatility and Fastly's history of not meeting expectations, analysts see promising signs in the company's strategic moves and potential market dynamics.
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