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

Principal Financial Group Inc. reduced its stake in shares of Fastly, Inc. (NYSE:FSLY) by 29.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Point72 DIFC Ltd acquired a new stake in Fastly in the second quarter worth $38,000. Cambridge Trust Co. acquired a new stake in Fastly during the 1st quarter worth $39,000. EMC Capital Management lifted its holdings in Fastly by 400.0% during the second quarter. EMC Capital Management now owns 7,500 shares of the company’s stock worth $54,000 after acquiring an additional 6,000 shares in the last quarter. Cape Investment Advisory Inc. lifted its holdings in Fastly by 27,666.7% during the first quarter. Cape Investment Advisory Inc. now owns 4,165 shares of the company’s stock worth $54,000 after acquiring an additional 4,150 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in Fastly by 95.3% in the second quarter. Daiwa Securities Group Inc. now owns 8,849 shares of the company’s stock valued at $65,000 after acquiring an additional 4,318 shares during the period. 79.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Craig Hallum lifted their price objective on Fastly from $6.00 to $8.00 and gave the company a “hold” rating in a report on Thursday, November 7th. Royal Bank of Canada upped their price target on shares of Fastly from $6.00 to $7.00 and gave the company a “sector perform” rating in a report on Thursday, November 7th. Robert W. Baird raised their price objective on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley cut their price objective on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Finally, DA Davidson increased their target price on Fastly from $5.50 to $7.50 and gave the stock a “neutral” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.94.

Fastly Price Performance

NYSE:FSLY opened at $7.96 on Wednesday. The company has a market cap of $1.12 billion, a P/E ratio of -7.30 and a beta of 1.24. Fastly, Inc. has a 52-week low of $5.52 and a 52-week high of $25.87. The stock’s 50-day simple moving average is $7.33 and its 200 day simple moving average is $7.27. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97.

Fastly (NYSE:FSLY) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $137.21 million for the quarter, compared to the consensus estimate of $131.86 million. During the same quarter in the previous year, the business earned ($0.33) earnings per share. The business’s revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Fastly, Inc. will post -0.87 EPS for the current fiscal year.

Insider Buying and Selling at Fastly

In other news, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total transaction of $53,930.76. Following the completion of the transaction, the chief financial officer now owns 558,564 shares of the company’s stock, valued at approximately $4,044,003.36. The trade was a 1.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Nightingale sold 49,816 shares of the firm’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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 160,548 shares of company stock valued at $1,094,142 in the last three months. 6.70% of the stock is currently owned by company insiders.

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.