450,223 Shares in Fastly, Inc. (NYSE:FSLY) Bought by Norges Bank

Norges Bank bought a new position in shares of Fastly, Inc. (NYSE:FSLYFree Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 450,223 shares of the company’s stock, valued at approximately $8,014,000. Norges Bank owned approximately 0.34% of Fastly at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hanseatic Management Services Inc. acquired a new position in shares of Fastly during the third quarter worth $33,000. Allworth Financial LP boosted its stake in Fastly by 1,420.9% in the fourth quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock valued at $38,000 after acquiring an additional 1,975 shares in the last quarter. Hollencrest Capital Management acquired a new position in Fastly in the third quarter valued at $58,000. International Assets Investment Management LLC acquired a new position in Fastly in the fourth quarter valued at $61,000. Finally, Neo Ivy Capital Management boosted its stake in Fastly by 231.6% in the third quarter. Neo Ivy Capital Management now owns 6,028 shares of the company’s stock valued at $116,000 after acquiring an additional 4,210 shares in the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

Insider Buying and Selling

In related news, CFO Ronald W. Kisling sold 2,919 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $8.92, for a total transaction of $26,037.48. Following the completion of the transaction, the chief financial officer now directly owns 606,712 shares of the company’s stock, valued at $5,411,871.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fastly news, CFO Ronald W. Kisling sold 2,919 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $8.92, for a total value of $26,037.48. Following the completion of the transaction, the chief financial officer now directly owns 606,712 shares of the company’s stock, valued at $5,411,871.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard Devon Daniels sold 7,766 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.66, for a total transaction of $98,317.56. Following the completion of the transaction, the director now directly owns 34,328 shares of the company’s stock, valued at $434,592.48. The disclosure for this sale can be found here. Insiders sold 143,020 shares of company stock valued at $1,374,439 over the last ninety days. Corporate insiders own 6.70% of the company’s stock.

Fastly Trading Down 0.9 %

NYSE FSLY opened at $7.72 on Friday. The stock has a market capitalization of $1.05 billion, a P/E ratio of -7.72 and a beta of 1.11. Fastly, Inc. has a 52-week low of $7.47 and a 52-week high of $25.87. The firm has a 50-day moving average price of $10.58 and a 200 day moving average price of $14.94. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.35.

Fastly (NYSE:FSLYGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.02. The firm had revenue of $133.52 million during the quarter, compared to analysts’ expectations of $133.01 million. Fastly had a negative net margin of 25.26% and a negative return on equity of 15.82%. Equities research analysts expect that Fastly, Inc. will post -1.08 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FSLY. Citigroup decreased their price objective on shares of Fastly from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Piper Sandler upgraded shares of Fastly from a “neutral” rating to an “overweight” rating and decreased their price objective for the company from $19.00 to $16.00 in a research note on Monday, April 8th. Craig Hallum downgraded shares of Fastly from a “buy” rating to a “hold” rating and set a $20.00 price objective for the company. in a research note on Thursday, February 15th. Royal Bank of Canada decreased their target price on shares of Fastly from $18.00 to $9.00 and set a “sector perform” rating for the company in a research note on Thursday, May 2nd. Finally, Bank of America downgraded shares of Fastly from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $18.00 to $8.00 in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $14.61.

Get Our Latest Analysis on Fastly

Fastly Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Fastly (NYSE:FSLY)

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