Wealth Effects LLC Increases Stake in Fastly, Inc. (NYSE:FSLY)

Wealth Effects LLC raised its stake in shares of Fastly, Inc. (NYSE:FSLY) by 86.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 23,651 shares of the company’s stock after purchasing an additional 11,000 shares during the period. Wealth Effects LLC’s holdings in Fastly were worth $179,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new position in shares of Fastly in the 2nd quarter worth about $38,000. Cambridge Trust Co. purchased a new position in Fastly in the first quarter valued at approximately $39,000. Cape Investment Advisory Inc. lifted its position in Fastly by 27,666.7% during the first quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock valued at $54,000 after buying an additional 4,150 shares in the last quarter. EMC Capital Management grew its stake in Fastly by 400.0% during the second quarter. EMC Capital Management now owns 7,500 shares of the company’s stock worth $54,000 after buying an additional 6,000 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in shares of Fastly by 95.3% in the second quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock worth $65,000 after acquiring an additional 4,318 shares in the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Wall Street Analyst Weigh In

FSLY has been the subject of a number of research reports. Piper Sandler cut shares of Fastly from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $10.00 to $6.00 in a research report on Thursday, August 8th. Raymond James lowered Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Craig Hallum reduced their price target on Fastly from $10.00 to $6.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, Morgan Stanley lowered their price objective 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. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.81.

Insider Buying and Selling

In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total transaction of $53,930.76. Following the sale, the chief financial officer now owns 558,564 shares in the company, valued at $4,044,003.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Fastly news, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total transaction of $53,930.76. Following the completion of the sale, the chief financial officer now owns 558,564 shares in the company, valued at $4,044,003.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.25, for a total transaction of $76,018.75. Following the sale, the chief executive officer now directly owns 1,650,789 shares in the company, valued at $10,317,431.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 143,450 shares of company stock worth $891,093. Corporate insiders own 6.70% of the company’s stock.

Fastly Price Performance

FSLY stock opened at $7.41 on Tuesday. The stock’s 50 day moving average is $6.75 and its two-hundred day moving average is $8.09. Fastly, Inc. has a 52-week low of $5.52 and a 52-week high of $25.87. The company has a market capitalization of $1.01 billion, a PE ratio of -7.41 and a beta of 1.22. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 0.35.

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

Fastly Company 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.