HighTower Advisors LLC Cuts Position in Fastly, Inc. (NYSE:FSLY)

HighTower Advisors LLC decreased its position in shares of Fastly, Inc. (NYSE:FSLY) by 40.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,093 shares of the company’s stock after selling 9,766 shares during the period. HighTower Advisors LLC’s holdings in Fastly were worth $107,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Firsthand Capital Management Inc. boosted its stake in Fastly by 150.0% in the third quarter. Firsthand Capital Management Inc. now owns 50,000 shares of the company’s stock worth $378,000 after buying an additional 30,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Fastly by 17.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,524 shares of the company’s stock worth $269,000 after acquiring an additional 5,394 shares during the last quarter. FMR LLC lifted its holdings in shares of Fastly by 124.2% in the 3rd quarter. FMR LLC now owns 6,357 shares of the company’s stock worth $48,000 after acquiring an additional 3,522 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Fastly by 5.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 71,876 shares of the company’s stock valued at $544,000 after purchasing an additional 3,575 shares in the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of Fastly by 11,140.2% during the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock valued at $9,867,000 after purchasing an additional 1,293,490 shares during the last quarter. Institutional investors own 79.71% of the company’s stock.

Fastly Price Performance

Shares of Fastly stock opened at $10.13 on Friday. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average of $8.52 and a 200 day moving average of $7.55. The company has a market cap of $1.42 billion, a PE ratio of -9.29 and a beta of 1.27. Fastly, Inc. has a 52 week low of $5.52 and a 52 week high of $25.87.

Fastly (NYSE:FSLY) last posted its quarterly earnings data 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. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The business had revenue of $137.21 million for the quarter, compared to analysts’ expectations of $131.86 million. During the same period in the previous year, the firm posted ($0.33) EPS. The business’s revenue was up 7.3% on a year-over-year basis. As a group, equities research analysts forecast that Fastly, Inc. will post -0.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

FSLY has been the subject of several recent research reports. 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 research note on Monday, December 2nd. Craig Hallum boosted their target price on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a research note on Thursday, November 7th. Robert W. Baird raised their price target on Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Raymond James cut Fastly from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler raised 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $8.55.

Insider Activity

In other news, CTO Artur Bergman sold 10,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $10.09, for a total value of $100,900.00. Following the transaction, the chief technology officer now directly owns 3,434,136 shares in the company, valued at $34,650,432.24. This trade represents a 0.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Todd Nightingale sold 49,816 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $311,350.00. Following the completion of the transaction, the chief executive officer now directly owns 1,600,973 shares in the company, valued at approximately $10,006,081.25. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 228,641 shares of company stock worth $1,841,418 over the last 90 days. 6.70% of the stock is currently owned by insiders.

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.