Principal Financial Group Inc. Has $88,000 Stock Holdings in Fastly, Inc. (NYSE:FSLY)

Principal Financial Group Inc. reduced its stake in Fastly, Inc. (NYSE:FSLY) by 29.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 11,574 shares of the company’s stock after selling 4,857 shares during the quarter. Principal Financial Group Inc.’s holdings in Fastly were worth $88,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Bank of Montreal Can raised its stake in Fastly by 11,140.2% during the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after buying an additional 1,293,490 shares during the period. Quadrature Capital Ltd grew its stake in Fastly by 84.2% in the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock valued at $848,000 after acquiring an additional 51,224 shares during the period. Penserra Capital Management LLC increased its holdings in shares of Fastly by 18.8% during the third quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock valued at $38,418,000 after acquiring an additional 801,968 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Fastly during the third quarter worth approximately $400,000. Finally, Zacks Investment Management bought a new position in shares of Fastly in the 3rd quarter worth $914,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

Insider Buying and Selling

In other news, CTO Artur Bergman sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $10.09, for a total value of $100,900.00. Following the sale, the chief technology officer now owns 3,434,136 shares of the company’s stock, valued at $34,650,432.24. The trade was a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Todd Nightingale sold 49,816 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $6.25, for a total transaction of $311,350.00. Following the sale, the chief executive officer now owns 1,600,973 shares in the company, valued at $10,006,081.25. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 228,641 shares of company stock valued at $1,841,418. 6.70% of the stock is owned by company insiders.

Fastly Stock Down 0.6 %

FSLY stock opened at $9.73 on Wednesday. The stock has a market cap of $1.37 billion, a P/E ratio of -8.93 and a beta of 1.27. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.36. The stock’s fifty day simple moving average is $8.88 and its two-hundred day simple moving average is $7.68. Fastly, Inc. has a 1-year low of $5.52 and a 1-year high of $25.87.

Fastly (NYSE:FSLY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.08. The company had revenue of $137.21 million during the quarter, compared to analyst estimates of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.33) earnings per share. Analysts expect that Fastly, Inc. will post -0.86 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Craig Hallum upped their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Piper Sandler upped their target price on shares of Fastly from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. DA Davidson lifted their price target on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Raymond James downgraded Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Finally, Oppenheimer raised Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 target price on the stock in a research report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastly presently has an average rating of “Hold” and an average price target of $8.85.

About Fastly

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.