Principal Financial Group Inc. Sells 4,857 Shares of Fastly, Inc. (NYSE:FSLY)

Principal Financial Group Inc. trimmed its holdings in Fastly, Inc. (NYSE:FSLY) by 29.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,574 shares of the company’s stock after selling 4,857 shares during the period. Principal Financial Group Inc.’s holdings in Fastly were worth $88,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of Montreal Can lifted its holdings in 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. Quadrature Capital Ltd raised its position in shares of Fastly by 84.2% in the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company’s stock valued at $848,000 after purchasing an additional 51,224 shares during the period. Penserra Capital Management LLC lifted its stake in shares of Fastly by 18.8% during the 3rd 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 during the last quarter. XTX Topco Ltd bought a new stake in shares of Fastly during the 3rd quarter worth about $400,000. Finally, Zacks Investment Management acquired a new position in Fastly in the 3rd quarter valued at about $914,000. 79.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on FSLY. Oppenheimer upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research report on Monday, December 2nd. Robert W. Baird lifted their price target on Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Royal Bank of Canada upped their price objective on Fastly from $7.00 to $10.00 and gave the company a “sector perform” rating in a report on Friday, January 3rd. Craig Hallum lifted their target price on 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 research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.85.

Fastly Stock Down 0.6 %

Shares of NYSE FSLY opened at $9.73 on Wednesday. The company has a 50 day simple moving average of $8.88 and a 200 day simple moving average of $7.68. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. Fastly, Inc. has a 1 year low of $5.52 and a 1 year high of $25.87. The firm has a market cap of $1.37 billion, a PE ratio of -8.93 and a beta of 1.27.

Fastly (NYSE:FSLY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.08. The company 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%. Fastly’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.33) earnings per share. On average, research analysts forecast that Fastly, Inc. will post -0.86 EPS for the current year.

Insider Transactions at Fastly

In related 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 value of $311,350.00. Following the transaction, the chief executive officer now owns 1,600,973 shares in the company, valued at $10,006,081.25. The trade was a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 7,449 shares of the company’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 directly owns 558,564 shares in the company, valued at $4,044,003.36. This trade represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 228,641 shares of company stock worth $1,841,418 over the last ninety days. 6.70% of the stock is owned by insiders.

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.