The Manufacturers Life Insurance Company Acquires 3,575 Shares of Fastly, Inc. (NYSE:FSLY)

The Manufacturers Life Insurance Company grew its holdings in Fastly, Inc. (NYSE:FSLY) by 5.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,876 shares of the company’s stock after purchasing an additional 3,575 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.05% of Fastly worth $544,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of Montreal Can boosted its stake in Fastly by 11,140.2% in the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after purchasing an additional 1,293,490 shares during the period. Penserra Capital Management LLC lifted its holdings in shares of Fastly by 18.8% in the third quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company’s stock worth $38,418,000 after buying an additional 801,968 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Fastly by 461.5% in the second quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after acquiring an additional 621,680 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Fastly during the second quarter valued at approximately $1,233,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Fastly by 18.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,642 shares of the company’s stock worth $8,006,000 after acquiring an additional 161,070 shares during the period. Institutional investors own 79.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price target for the company in a report on Monday, December 2nd. Piper Sandler lifted their price objective on Fastly from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada boosted their target price on Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 7th. Craig Hallum raised their price target on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Finally, DA Davidson lifted their price target on Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.55.

Insider Buying and Selling

In other news, CEO Todd Nightingale sold 12,163 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.12, for a total transaction of $98,763.56. Following the completion of the sale, the chief executive officer now owns 1,588,810 shares of the company’s stock, valued at approximately $12,901,137.20. This represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Artur Bergman sold 16,922 shares of Fastly stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.25, for a total transaction of $105,762.50. Following the completion of the transaction, the chief technology officer now directly owns 6,138,900 shares in the company, valued at approximately $38,368,125. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 215,241 shares of company stock worth $1,699,684 in the last 90 days. 6.70% of the stock is owned by company insiders.

Fastly Price Performance

Shares of Fastly stock opened at $10.48 on Friday. The firm has a market capitalization of $1.47 billion, a PE ratio of -9.61 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. Fastly, Inc. has a 12 month low of $5.52 and a 12 month high of $25.87. The business’s 50-day moving average price is $7.96 and its 200-day moving average price is $7.38.

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

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.