State Board of Administration of Florida Retirement System cut its holdings in Fastly, Inc. (NYSE:FSLY – Get Rating) by 72.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 36,464 shares of the company’s stock after selling 96,137 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Fastly were worth $423,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. MetLife Investment Management LLC acquired a new position in Fastly during the 1st quarter worth $37,000. Penserra Capital Management LLC raised its position in shares of Fastly by 50.0% during the first quarter. Penserra Capital Management LLC now owns 3,072 shares of the company’s stock worth $53,000 after acquiring an additional 1,024 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of Fastly by 32.2% during the first quarter. Captrust Financial Advisors now owns 3,859 shares of the company’s stock valued at $67,000 after acquiring an additional 941 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Fastly by 122.3% in the first quarter. Geneos Wealth Management Inc. now owns 5,835 shares of the company’s stock valued at $101,000 after acquiring an additional 3,210 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management acquired a new stake in Fastly in the second quarter worth about $123,000. 65.42% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, CFO Ronald W. Kisling sold 10,243 shares of the firm’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $10.44, for a total transaction of $106,936.92. Following the sale, the chief financial officer now owns 377,582 shares of the company’s stock, valued at $3,941,956.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Todd Nightingale sold 66,317 shares of the business’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $10.44, for a total value of $692,349.48. Following the sale, the chief executive officer now directly owns 1,238,030 shares in the company, valued at $12,925,033.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Ronald W. Kisling sold 10,243 shares of the company’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $10.44, for a total value of $106,936.92. Following the transaction, the chief financial officer now directly owns 377,582 shares of the company’s stock, valued at $3,941,956.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 515,081 shares of company stock worth $5,136,875. Corporate insiders own 8.90% of the company’s stock.
Fastly Price Performance
Analyst Ratings Changes
FSLY has been the topic of a number of research reports. Raymond James cut their target price on shares of Fastly from $35.00 to $25.00 and set a “strong-buy” rating on the stock in a research report on Friday, August 12th. DA Davidson cut their price objective on shares of Fastly to $12.00 in a report on Tuesday, August 9th. Craig Hallum lowered their target price on shares of Fastly from $19.00 to $13.00 in a report on Thursday, August 4th. Piper Sandler cut their price target on Fastly from $13.00 to $10.00 in a research note on Thursday, November 3rd. Finally, Citigroup decreased their price objective on Fastly from $10.00 to $8.00 and set a “sell” rating for the company in a research note on Tuesday, November 8th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fastly has a consensus rating of “Hold” and an average price target of $12.75.
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.
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