PDT Partners LLC Trims Stock Position in Fastly, Inc. (NYSE:FSLY)

PDT Partners LLC decreased its holdings in shares of Fastly, Inc. (NYSE:FSLY - Free Report) by 56.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 73,424 shares of the company's stock after selling 95,520 shares during the period. PDT Partners LLC owned 0.05% of Fastly worth $556,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Fastly by 17.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,524 shares of the company's stock worth $269,000 after acquiring an additional 5,394 shares during the last quarter. FMR LLC raised its holdings in Fastly by 124.2% in the third quarter. FMR LLC now owns 6,357 shares of the company's stock worth $48,000 after buying an additional 3,522 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Fastly by 5.2% in the third quarter. The Manufacturers Life Insurance Company now owns 71,876 shares of the company's stock worth $544,000 after buying an additional 3,575 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Fastly by 11,140.2% during the third quarter. Bank of Montreal Can now owns 1,305,101 shares of the company's stock valued at $9,867,000 after buying an additional 1,293,490 shares during the last quarter. Finally, Penserra Capital Management LLC grew its holdings in shares of Fastly by 18.8% during the third quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company's stock valued at $38,418,000 after buying an additional 801,968 shares during the last quarter. 79.71% of the stock is owned by institutional investors.

Insider Activity at Fastly

In other Fastly news, CEO Todd Nightingale sold 49,816 shares of the company's stock in a transaction on Monday, November 18th. The stock was 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 of the company's stock, valued at $10,006,081.25. This represents a 3.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Ronald W. Kisling sold 7,449 shares of the firm's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total transaction of $53,930.76. Following the completion of the transaction, the chief financial officer now directly owns 558,564 shares in the company, valued at $4,044,003.36. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 154,550 shares of company stock worth $1,091,021. Company insiders own 6.70% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Morgan Stanley decreased their target price on Fastly from $12.00 to $7.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 27th. Oppenheimer upgraded shares of Fastly from a "market perform" rating to an "outperform" rating and set a $12.00 price objective on the stock in a research report on Monday. Craig Hallum boosted their target price on shares of Fastly from $6.00 to $8.00 and gave the company a "hold" rating in a research note on Thursday, November 7th. Raymond James downgraded Fastly from a "strong-buy" rating to a "market perform" rating in a research note on Tuesday, October 1st. Finally, Robert W. Baird upped their price objective on Fastly from $7.00 to $8.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Fastly currently has a consensus rating of "Hold" and a consensus price target of $8.55.

Fastly Price Performance

Shares of NYSE FSLY traded down $0.48 during midday trading on Tuesday, reaching $9.39. The stock had a trading volume of 6,979,890 shares, compared to its average volume of 3,560,929. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97. Fastly, Inc. has a 12-month low of $5.52 and a 12-month high of $25.87. The stock has a 50-day moving average of $7.48 and a 200-day moving average of $7.27. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -8.61 and a beta of 1.27.

Fastly (NYSE:FSLY - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.08. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The company had revenue of $137.21 million during the quarter, compared to analysts' expectations of $131.86 million. During the same period last year, the company posted ($0.33) earnings per share. Fastly's quarterly revenue was up 7.3% on a year-over-year basis. As a group, research analysts anticipate that Fastly, Inc. will post -0.87 EPS for the current fiscal 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.