Raymond James Financial Services Advisors Inc. grew its stake in shares of Fastly, Inc. (NYSE:FSLY – Get Rating) by 44.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 71,394 shares of the company’s stock after acquiring an additional 21,894 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Fastly were worth $654,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the company. Legal & General Group Plc increased its stake in shares of Fastly by 114.8% during the second quarter. Legal & General Group Plc now owns 7,466,124 shares of the company’s stock worth $86,682,000 after purchasing an additional 3,989,496 shares during the period. First Trust Advisors LP increased its position in Fastly by 65.3% during the 1st quarter. First Trust Advisors LP now owns 7,846,587 shares of the company’s stock worth $136,374,000 after buying an additional 3,099,852 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Fastly during the first quarter worth $21,322,000. Northern Trust Corp boosted its position in shares of Fastly by 108.2% in the second quarter. Northern Trust Corp now owns 1,042,888 shares of the company’s stock valued at $12,108,000 after acquiring an additional 542,055 shares during the period. Finally, Occudo Quantitative Strategies LP increased its position in Fastly by 212.3% during the second quarter. Occudo Quantitative Strategies LP now owns 515,008 shares of the company’s stock worth $5,979,000 after acquiring an additional 350,085 shares during the period. Institutional investors own 60.74% of the company’s stock.
Wall Street Analyst Weigh In
FSLY has been the subject of a number of recent research reports. Credit Suisse Group assumed coverage on shares of Fastly in a report on Monday, November 21st. They issued a “neutral” rating and a $9.50 price objective for the company. Citigroup reduced their price target on Fastly from $10.00 to $8.00 and set a “sell” rating on the stock in a research report on Tuesday, November 8th. Piper Sandler lowered their price objective on Fastly from $13.00 to $10.00 in a research note on Thursday, November 3rd. Finally, Morgan Stanley cut their target price on Fastly from $12.00 to $9.00 and set an “underweight” rating for the company in a research report on Thursday, October 20th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fastly has an average rating of “Hold” and an average price target of $12.39.
Fastly Stock Up 3.7 %
Fastly (NYSE:FSLY – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.03. Fastly had a negative return on equity of 22.82% and a negative net margin of 49.05%. The company had revenue of $108.50 million for the quarter, compared to analyst estimates of $103.26 million. Research analysts forecast that Fastly, Inc. will post -1.89 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, EVP Brett Shirk sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $8.80, for a total value of $61,600.00. Following the sale, the executive vice president now directly owns 228,040 shares in the company, valued at approximately $2,006,752. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director David Hornik sold 396,542 shares of the business’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $9.92, for a total transaction of $3,933,696.64. Following the sale, the director now owns 197,178 shares in the company, valued at approximately $1,956,005.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Brett Shirk sold 7,000 shares of the company’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $8.80, for a total value of $61,600.00. Following the completion of the transaction, the executive vice president now directly owns 228,040 shares of the company’s stock, valued at approximately $2,006,752. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 511,393 shares of company stock valued at $5,113,437. 8.90% of the stock is currently owned by corporate insiders.
Fastly Company Profile
Fastly, Inc provides real-time content delivery network services. It offers edge compute, edge delivery, edge security, edge applications like load balancing and image optimization, video on demand, and managed edge delivery. The company was founded by Artur Bergman, Tyler McMullen, Simon Wistow, and Gil Penchina in March 2011 and is headquartered in San Francisco, CA.
- Get a free copy of the StockNews.com research report on Fastly (FSLY)
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