Cinctive Capital Management LP Purchases New Shares in Fastly, Inc. (NYSE:FSLY)

Cinctive Capital Management LP acquired a new stake in Fastly, Inc. (NYSE:FSLY - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 50,000 shares of the company's stock, valued at approximately $472,000.

Other hedge funds also recently added to or reduced their stakes in the company. Trexquant Investment LP purchased a new position in Fastly in the 4th quarter valued at $558,000. Alliancebernstein L.P. raised its stake in Fastly by 402.8% during the fourth quarter. Alliancebernstein L.P. now owns 844,349 shares of the company's stock worth $7,971,000 after purchasing an additional 676,408 shares during the period. Vanguard Group Inc. boosted its holdings in Fastly by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 15,289,861 shares of the company's stock valued at $144,336,000 after purchasing an additional 103,440 shares during the last quarter. LPL Financial LLC grew its position in Fastly by 45.3% in the fourth quarter. LPL Financial LLC now owns 55,596 shares of the company's stock worth $525,000 after acquiring an additional 17,338 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Fastly during the 4th quarter worth $269,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastly

In other Fastly news, CTO Artur Bergman sold 10,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $10.58, for a total value of $105,800.00. Following the transaction, the chief technology officer now directly owns 3,364,136 shares in the company, valued at $35,592,558.88. This represents a 0.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Ronald W. Kisling sold 12,000 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $6.32, for a total transaction of $75,840.00. Following the sale, the chief financial officer now directly owns 671,035 shares in the company, valued at approximately $4,240,941.20. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 155,150 shares of company stock valued at $1,356,178 over the last quarter. 6.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FSLY. Piper Sandler lowered their target price on shares of Fastly from $9.00 to $6.00 and set a "neutral" rating for the company in a research note on Tuesday. Royal Bank of Canada cut their target price on Fastly from $10.00 to $8.00 and set a "sector perform" rating on the stock in a research report on Thursday, February 13th. Citigroup raised their price target on Fastly from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Finally, Oppenheimer assumed coverage on Fastly in a research note on Thursday, March 20th. They issued a "market perform" rating for the company. One analyst has rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $8.25.

Fastly Stock Up 15.7 %

NYSE FSLY traded up $0.78 during trading hours on Wednesday, hitting $5.78. 4,448,005 shares of the company were exchanged, compared to its average volume of 3,352,389. The company has a 50 day moving average of $7.30 and a two-hundred day moving average of $8.16. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36. The firm has a market cap of $823.06 million, a price-to-earnings ratio of -5.07 and a beta of 1.43. Fastly, Inc. has a 52-week low of $4.65 and a 52-week high of $14.12.

Fastly (NYSE:FSLY - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative net margin of 29.07% and a negative return on equity of 12.75%. Equities research analysts anticipate that Fastly, Inc. will post -0.78 earnings per share for the current year.

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.