Commonwealth Equity Services LLC Boosts Stake in Fastly, Inc. (NYSE:FSLY)

Commonwealth Equity Services LLC increased its position in Fastly, Inc. (NYSE:FSLY) by 59.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 48,987 shares of the company’s stock after purchasing an additional 18,258 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Fastly were worth $361,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in FSLY. Allspring Global Investments Holdings LLC raised its holdings in Fastly by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,242 shares of the company’s stock worth $133,000 after purchasing an additional 863 shares in the last quarter. EntryPoint Capital LLC increased its stake in shares of Fastly by 41.1% in the 1st quarter. EntryPoint Capital LLC now owns 5,644 shares of the company’s stock worth $73,000 after acquiring an additional 1,643 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Fastly by 13.4% in the 1st quarter. Principal Financial Group Inc. now owns 16,063 shares of the company’s stock worth $208,000 after acquiring an additional 1,897 shares in the last quarter. CWM LLC lifted its position in Fastly by 10.5% during the 2nd quarter. CWM LLC now owns 22,266 shares of the company’s stock valued at $164,000 after acquiring an additional 2,121 shares during the period. Finally, ProShare Advisors LLC boosted its stake in Fastly by 10.2% during the first quarter. ProShare Advisors LLC now owns 25,556 shares of the company’s stock worth $331,000 after acquiring an additional 2,367 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. 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 note on Tuesday, August 27th. Piper Sandler cut Fastly from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $10.00 to $6.00 in a research note on Thursday, August 8th. Raymond James dropped their target price on Fastly from $13.00 to $8.00 and set a “strong-buy” rating on the stock in a report on Thursday, August 8th. Finally, Craig Hallum reduced their price target on Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.81.

Insider Activity at Fastly

In other Fastly news, CEO Todd Nightingale sold 66,066 shares of Fastly stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CTO Artur Bergman sold 16,748 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total value of $103,502.64. Following the transaction, the chief technology officer now owns 6,225,980 shares in the company, valued at approximately $38,476,556.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Nightingale sold 66,066 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.18, for a total transaction of $408,287.88. Following the sale, the chief executive officer now owns 1,662,952 shares of the company’s stock, valued at $10,277,043.36. The disclosure for this sale can be found here. Insiders have sold a total of 155,450 shares of company stock worth $990,251 over the last quarter. Company insiders own 6.70% of the company’s stock.

Fastly Stock Up 1.1 %

FSLY stock opened at $7.23 on Monday. The stock has a market capitalization of $987.89 million, a P/E ratio of -7.23 and a beta of 1.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.13 and a quick ratio of 4.13. Fastly, Inc. has a 1-year low of $5.52 and a 1-year high of $25.87. The business has a fifty day moving average price of $6.79 and a 200-day moving average price of $8.92.

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