Geode Capital Management LLC Increases Stock Position in Fastly, Inc. (NYSE:FSLY)

Geode Capital Management LLC boosted its stake in Fastly, Inc. (NYSE:FSLY) by 1.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,015,455 shares of the company’s stock after purchasing an additional 46,951 shares during the quarter. Geode Capital Management LLC owned about 2.15% of Fastly worth $22,831,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of Montreal Can raised its stake in shares of Fastly by 11,140.2% during the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company’s stock worth $9,867,000 after acquiring an additional 1,293,490 shares in the last quarter. Penserra Capital Management LLC raised its stake 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 worth $38,418,000 after acquiring an additional 801,968 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Fastly by 461.5% during the second quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock worth $5,575,000 after acquiring an additional 621,680 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Fastly during the second quarter worth approximately $1,233,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Fastly by 18.0% during the third 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 in the last quarter. 79.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastly

In other news, CEO Todd Nightingale sold 49,816 shares of the business’s stock in a transaction 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 approximately $10,006,081.25. The trade was a 3.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the chief financial officer now owns 558,564 shares in the company, valued at approximately $4,044,003.36. This trade represents a 1.32 % 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 quarter. Corporate insiders own 6.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Robert W. Baird lifted their price target on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Oppenheimer raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price target on the stock in a research note on Monday, December 2nd. Royal Bank of Canada lifted their price target on shares of Fastly from $6.00 to $7.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 7th. Craig Hallum raised their target price on shares of Fastly from $6.00 to $8.00 and gave the stock a “hold” rating in a report on Thursday, November 7th. Finally, Raymond James cut shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Fastly has a consensus rating of “Hold” and a consensus price target of $8.55.

Fastly Stock Performance

NYSE:FSLY opened at $9.60 on Friday. The stock has a market cap of $1.35 billion, a P/E ratio of -8.81 and a beta of 1.27. The firm’s fifty day simple moving average is $8.56 and its 200 day simple moving average is $7.56. Fastly, Inc. has a twelve month low of $5.52 and a twelve month high of $25.87. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36.

Fastly (NYSE:FSLY) last released 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 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 firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.33) earnings per share. As a group, research analysts predict that Fastly, Inc. will post -0.86 EPS for the current year.

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.