How did FAST's Q4 earnings surprise impact investor sentiment?

**Fastenal's (FAST) Q4 earnings surprise had a negative impact on investor sentiment**, as evidenced by the following points:

1. **Revenue Surprise**: The reported revenue for Q4 was $1.91 billion, which represented a year-over-year increase of 3.5%. However, this fell short of the Zacks Consensus Estimate of $1.92 billion, resulting in a surprise of -0.26%. This discrepancy likely contributed to investor disappointment, as the company's performance was perceived as slightly below expectations.
2. **Earnings Estimate Adjustments**: Following the release of Q4 earnings, William Blair, a stock analyst, reduced his FY2024 earnings per share estimates for Fastenal. This adjustment likely reflected a more cautious outlook on the company's future performance, further dampening investor sentiment.
3. **Insider Trading Activity**: There was a notable insider transaction where Quest Partners LLC decreased its stake in Fastenal, selling 286,018 shares valued at approximately $19,929,734.24. Such actions by insiders can be interpreted as a lack of confidence in the company's short-term prospects, potentially influencing investor sentiment negatively.

In conclusion, the combination of Fastenal's Q4 earnings falling slightly short of expectations, adjustments in earnings estimates by analysts, and insider selling contributed to a negative sentiment among investors.