Wells Fargo & Company MN Trims Stake in Fastly, Inc. (NYSE:FSLY)

Wells Fargo & Company MN reduced its holdings in shares of Fastly, Inc. (NYSE:FSLY - Free Report) by 37.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 144,223 shares of the company's stock after selling 87,855 shares during the period. Wells Fargo & Company MN owned about 0.10% of Fastly worth $1,361,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Swiss National Bank increased its holdings in Fastly by 2.2% during the fourth quarter. Swiss National Bank now owns 259,000 shares of the company's stock valued at $2,445,000 after buying an additional 5,500 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Fastly during the fourth quarter valued at approximately $269,000. SG Americas Securities LLC increased its stake in shares of Fastly by 56.6% in the fourth quarter. SG Americas Securities LLC now owns 346,632 shares of the company's stock worth $3,272,000 after purchasing an additional 125,275 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Fastly in the fourth quarter worth $3,717,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Fastly in the fourth quarter worth $149,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CTO Artur Bergman sold 5,304 shares of Fastly stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $6.88, for a total transaction of $36,491.52. Following the completion of the transaction, the chief technology officer now directly owns 3,669,058 shares of the company's stock, valued at approximately $25,243,119.04. The trade was a 0.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ronald W. Kisling sold 5,342 shares of Fastly stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $5.26, for a total transaction of $28,098.92. Following the sale, the chief financial officer now owns 665,693 shares of the company's stock, valued at $3,501,545.18. The trade was a 0.80 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,903 shares of company stock valued at $900,727. Company insiders own 6.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FSLY shares. Citigroup increased their price objective on shares of Fastly from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Piper Sandler reduced their price objective on shares of Fastly from $9.00 to $6.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley reduced their price objective on shares of Fastly from $8.00 to $7.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Royal Bank of Canada dropped their target price on shares of Fastly from $10.00 to $8.00 and set a "sector perform" rating for the company in a research report on Thursday, February 13th. Finally, Oppenheimer started coverage on shares of Fastly in a research report on Thursday, March 20th. They set a "market perform" rating for the company. One equities research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company's stock. According to MarketBeat, Fastly has an average rating of "Hold" and an average price target of $8.25.

Fastly Stock Performance

Shares of NYSE:FSLY opened at $5.87 on Monday. Fastly, Inc. has a 52 week low of $4.65 and a 52 week high of $13.36. The stock has a market capitalization of $835.30 million, a P/E ratio of -5.15 and a beta of 1.43. The firm has a fifty day simple moving average of $6.33 and a two-hundred day simple moving average of $8.00. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.36.

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

Fastly Company Profile

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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