Fastly, Inc. (NYSE:FSLY) Position Raised by Rhumbline Advisers

Rhumbline Advisers raised its holdings in shares of Fastly, Inc. (NYSE:FSLY) by 8.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 189,832 shares of the company’s stock after purchasing an additional 14,813 shares during the period. Rhumbline Advisers’ holdings in Fastly were worth $1,399,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC acquired a new position in Fastly in the 1st quarter valued at $13,724,000. First Trust Advisors LP increased its stake in Fastly by 21.8% in the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock valued at $99,443,000 after purchasing an additional 998,749 shares in the last quarter. Vanguard Group Inc. increased its stake in Fastly by 5.1% in the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock valued at $176,152,000 after purchasing an additional 657,334 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Fastly by 94.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock worth $12,453,000 after acquiring an additional 466,560 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Fastly during the fourth quarter worth $8,014,000. 79.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FSLY shares. Morgan Stanley decreased their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 27th. Piper Sandler cut shares of Fastly from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $10.00 to $6.00 in a research note on Thursday, August 8th. Raymond James lowered their price target on shares of Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a research report on Thursday, August 8th. Finally, Craig Hallum decreased their target price on shares of Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $7.81.

Fastly Trading Up 1.1 %

Shares of Fastly stock opened at $7.23 on Friday. The firm’s 50 day moving average is $6.79 and its 200 day moving average is $8.95. The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.35. Fastly, Inc. has a 1 year low of $5.52 and a 1 year high of $25.87. The firm has a market capitalization of $987.89 million, a PE ratio of -7.23 and a beta of 1.20.

Fastly (NYSE:FSLY) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. The business had revenue of $132.37 million for the quarter, compared to the consensus estimate of $131.62 million. Fastly had a negative net margin of 31.02% and a negative return on equity of 15.22%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company earned ($0.32) EPS. Equities research analysts forecast that Fastly, Inc. will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at Fastly

In related news, CFO Ronald W. Kisling sold 12,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the transaction, the chief financial officer now owns 593,506 shares in the company, valued at approximately $4,314,788.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fastly news, CFO Ronald W. Kisling sold 12,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $7.27, for a total transaction of $87,240.00. Following the completion of the sale, the chief financial officer now owns 593,506 shares in the company, valued at approximately $4,314,788.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Nightingale sold 66,066 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.18, for a total transaction of $408,287.88. Following the completion of the sale, the chief executive officer now owns 1,662,952 shares of the company’s stock, valued at approximately $10,277,043.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 155,450 shares of company stock worth $990,251. Company insiders own 6.70% of the company’s stock.

Fastly Profile

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.